Diversions March 4, 2010

Are You a Dog Person or Cat Person?

There might really be a difference between “dog people” and “cat people,” new research suggests.
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Research by a psychologist at the University of Texas at Austin found that those who define themselves as “dog people” are more extroverted, agreeable, and conscientious than self-described “cat people.” On the other hand “cat people” tend to be more open and neurotic.

“This research suggests there are significant differences on major personality traits between dog people and cat people,” said Sam Gosling, who conducted the study with graduate student Carson Sandy, in a release of the study. “Given the tight psychological connections between people and their pets, it is likely that the differences between dogs and cats may be suited to different human personalities.”

As part of the research, 4,565 volunteers were asked whether they were dog people, cat people, neither, or both. The same group was given a 44-item assessment that measured them on the so-called Big Five personality dimensions psychologists often use to study personalities.

The study found that 46% of respondents described themselves as dog people, while 12% said they were cat people. Almost 28% said they were both and 15% said they were neither.

Dog people were about 15% more extroverted, 13% more agreeable, 11% more conscientious than cat people. Cat people were generally about 12% more neurotic and 11% more open than dog people.
Products March 3, 2010

BofA Merrill Introduces Financial Wellness Tool

Bank of America Merrill Lynch is introducing a tool to its 401(k) plan sponsor clients designed to monitor and score the "financial wellness" of employees enrolled in their plans.
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The tool, Financial Wellness Monitor, is being offered free to clients using the firm’s Advice Access service. It calculates an overall “Financial Wellness Score” indicating to employers whether their employees are exhibiting behaviors within their retirement plan that may lead to successful long-term savings. The monitoring can also pinpoint “at-risk” saving and investing behaviors among individuals or segments of plan participants or identify specific audiences that may benefit from targeted communications and financial education programs, often in partnership with a Merrill Lynch financial adviser overseeing the plan.

A positive score is based on metrics such as how much employees are saving within the plan, whether their assets are appropriately diversified or if they using target date funds improperly, and whether they are they fully benefiting from the company match, among others. Scoring for each participant is weighted as follows: 40% savings, 40% investing, 10% monitoring and setting goals, and 10% preserving retirement assets. The average of all employees’ scores produces a plan’s “Financial Wellness Score.”

The Financial Wellness Monitor was designed in 2009 and initially tested among four of Bank of America Merrill Lynch’s largest 401(k) plan sponsor clients, along with a handful of other mid- to large-sized retirement benefit plan clients. From February through April 2010, the tool is being introduced to more than 300 plan sponsor clients who use the Merrill Lynch Advice Access service. Then, later this year, Bank of America Merrill Lynch plans to further refine the tool’s scoring methodology in order to make it broadly available to all of its plan sponsor clients.

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