New index measures how people are doing and how people talk about
their work, home and play lives
MINNEAPOLIS--(BUSINESS WIRE)--Oct. 26, 2017--
Life at home is outpacing that at work and play for Americans, and the
way they talk about each aspect on social media is often more positive
than real-life data suggests. This is according to results of the 2017
U.S. Bank Possibility Index, a comprehensive measure of how people
are doing in the areas of work, home and play – and how they talk about
their lives online.
The overall Index score (49) is a culmination of data representing work
(38), home (51), play (40) and conversation (67). The bank created the
Index, which sets a baseline for future years, by analyzing how 20
quantitative variables across work, home and play – from retirement
saving to home value to entertainment spending – stack up across the
country and how they have changed from the previous year. The bank then
looked at qualitative data to gauge the sentiment of social media
conversation about each topic.
“We created the Possibility Index to better understand the factors
impacting our customers’ financial lives,” said Bill Hoffman, chief
analytics officer at U.S. Bank, who is partnering with global inclusion
and diversity head Greg Cunningham to help bankers bring this data to
life for customers’ benefit. “Whether it’s a frustrated commuter with
her sights set on a house closer to the office or a family starting to
budget for next year’s spring break trip, there’s an opportunity for us
to support.”
The nation’s high score in home was driven by factors such as lower
crime rates, increased insurance coverage and manageable credit card
debt, but limited savings and uneven home value growth lag behind as
significant areas for improvement in the year ahead. Work, meanwhile,
presents the greatest opportunity as low 401(k) contributions and
stagnant household income growth held the score lower despite relatively
high scores in labor force participation and education levels. In the
middle, play was the nation’s most well-rounded area as factors such as
dining out, travel and exercise time all scored nearly the same.
“These findings are very helpful to us as we get insights into where
people are spending their time and money, which ultimately tells us what
is important to them,” said Cunningham. “It serves as another set of
data we will review as we choose where to spend our time and resources
in the communities we serve across the nation. We also hope this
translates to individual action. Invest in yourself, your family and
your community and watch the ripple effect.”
Unlike the other components of the Index, the conversation score was
based on qualitative data, measuring the sentiment and passion of online
posts and comments. This insight gave color to the findings and showed
that chatter around family, love and neighbors were among the most
popular.
“The high conversation score can be interpreted in a couple of ways: it
may signal a bit of puffery in how we present ourselves on social media
or, perhaps, it speaks to Americans’ optimistic spirit,” said Scott
Barry Kaufman, professor of Positive Psychology at the University of
Pennsylvania, author and spokesperson for the Index. “In either case, in
today’s increasingly digital age, it’s important that we don’t judge
ourselves based on the Instagram feeds of others. Improving our
collective Index score starts with each one of us taking action to
improve our life.”
The 2017 U.S. Bank Possibility Index site includes interactive elements
to help Americans think about their opportunities and see how work,
home, play and conversation interact with each other.
About the 2017 U.S. Bank Possibility Index
The 2017
U.S. Bank Possibility Index is made up of four pillars – work, home,
play and conversation – in an effort to represent all the different
possibilities in our lives. The first three pillars were created using
socioeconomic data from ESRI, a third-party data source, and the fourth
was created by analyzing digital and social conversation from
social-listening tool Netbase. Overall, 20
data points were selected to represent work, home and play. To
create a common scale of measurement across all data points, U.S. Bank
normalized the data, and then for each variable analyzed how each region
of the country performed vs. other regions, as well as compared to last
year. Once all data points were normalized, they were summed and
averaged to calculate the 2017 U.S. Bank Possibility Index.
About U.S. Bank
U.S. Bancorp, with 73,000 employees and $459 billion in assets as of
September 30, 2017, is the parent company of U.S. Bank, the
fifth-largest bank in the United States. The Minneapolis-based bank
blends its branch and ATM network with mobile and online tools that
allow customers to bank how, when and where they prefer. U.S. Bank is
committed to serving its millions of retail, small business, wealth
management, payment, wholesale and securities services customers across
the country and around the world as a trusted financial partner, a
commitment recognized by the Ethisphere Institute naming the bank a 2017
World’s Most Ethical Company. In 2016, U.S. Bank contributed $54.2
million to nonprofit organizations across the country through the U.S.
Bank Foundation and corporate contributions. Additionally, employees
donated more than 219,000 volunteer hours creating opportunities at
work, home and play across the country. Visit U.S. Bankonline
or follow on social
media to stay up to date with company news.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005787/en/
Source: U.S. Bank
U.S. Bank Public Affairs and Communications
Susan
Beatty, 612-303-9229
susan.beatty@usbank.com