The status quo of the UK savings market was irrevocably altered by the global financial crisis. Some consumers are now emerging from the recession with new awareness, drive and curiosity about saving. However, confusion and mistrust remain a hangover which must be dealt with, and income constraints and debt repayment are limiting savers' ambitions.
Scope of this research
- This report highlights the attitudes and behaviours of UK savers against a global backdrop.
- Primary data is used to analyse the saving behaviour of key consumer segments as they come out of the recession and into the recovery
Research and analysis highlights
Rational consumers are currently focusing on debt repayment rather than looking for interest in the savings markets. However, there could be opportunities to combine the two initiatives if FS institutions are innovative in their product design.
Affordability is hugely influential in determining how likely consumers are to be savings account holders: 74% of consumers currently without savings accounts claim that they are unable to hold money back from day-to-day activities in order to save.
The higher propensity to seek competitive rates within the UK market has translated into more UK consumers having switched their savings account provider, or intending do so, than the global average
Key reasons to purchase this research
- It utilizes attitudinal consumer segmentation to provide strategies for providers looking to boost engagement with consumers in the savings market.
- Primary data is used to profile key consumers in how their savings approaches differ
- The report provides best practice examples of FS providers already effectively appealing to consumer attitudes towards saving.