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Follow on Google News | New Market Research Report: Capturing UK Savings in 2010New Financial Services research report from Datamonitor is now available from Fast Market Research
Scope * 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 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 Reasons to Purchase * 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. Partial Table of Contents: Overview 1 Catalyst 1 Summary 1 Methodology 1 Executive Summary 2 The UK saving market remains in flux 2 Consumers appear to be reverting to poor savings habits with significant portions of UK consumers currently failing to save 2 Affordability is the major driver behind a failure to save, for both account holders and those currently disengaged from the market 2 A minority of consumers have remembered the lessons they learned during the economic slowdown 2 The UK savings market must cater to a more savvy consumer than elsewhere 2 Consumers are interested in looking outside of the savings market but find themselves uncertain as to the specifics 2 Consumers retain an appreciation for the financial stability of their savings institutions but the low-return environment has meant that any differences in rate are significant 2 Consumers are focusing on paying off expensive debt while the saving alternative remains unattractive 3 Five consumer segments have emerged during the recession 3 Diverse motivations are behind the different consumer segments acting together in ceasing to save 3 Rational consumers are more comfortable making active decisions concerning their finances 3 Table of Contents 4 Table of figures 5 Table of tables 6 Capturing Consumer Saving 7 Introduction 7 TREND: UK saving has historically been worse than the global average 7 Consumers appear to be reverting to previous poor savings habits 7 Savings institutions face a challenge to rekindle the fires of UK saving ambitions 8 The Uk Savings Market 9 The Recovery from Recession dataset provides in-depth insight into the UK savings terrain 9 TREND: Significant portions of UK consumers are currently not saving 9 INSIGHT: Affordability is the major driver behind a failure to save, for both account holders and those currently disengaged from the market 10 Affordability is a driving factor behind the stalling UK saving market 11 Three quarters of consumers without a savings account report that they are unable to afford to save 11 A worryingly large segment of consumers have no savings at all to fall back on 12 Reductions in real income plus high levels of unemployment make issues with affordability unsurprising 13 INSIGHT: A minority of consumers have remembered the lessons they learned during the economic slowdown 15 The global slowdown saw consumers begin to appreciate the importance of saving but income constraints have seen a return to poor savings levels 15 INSIGHT: The UK savings market must cater to a more savvy consumer than elsewhere 17 30% of consumers holding savings accounts are looking around to find the best rate 17 UK consumers are much more likely to switch their savings account than the global average 17 Damaged brands could expose the savings institutions to more switching behavior 17 INSIGHT: Some UK consumers are looking to utilize their money outside of the savings market 18 Nearly one in five UK consumers are looking for alternatives to the saving market 18 Consumers remain confused as to what alternatives there are to saving accounts 21 Poor general financial awareness is reflected through a very inaccurate estimation of national interest rates 22 Consumers will soon have a source of free financial advice to consult before comparing savings offerings 23 INSIGHT: Consumers retain an appreciation for the financial stability of their savings institutions but the low-return environment has meant that any differences in rate are significant 24 UK savers were shaken following high-profile bank defaults 24 UK consumers are dubious over the security of government-backed savings 24 The financial market has stabilized but the wider ramifications on consumer incomes may be placing rate of return back at the forefront of consumer decision-making 26 Consumers are focusing on paying off expensive debt while the saving alternative remains unattractive 27 The UK emerges from the recession with a weighty debt burden 27 Consumer Segmentation 29 Five consumer segments have emerged during the recession and remained present throughout the recovery 29 The segments 29 The segments vary in size, from 13% of consumers to 30% 30 Full Table of Contents is available at: -- http://www.fastmr.com/ About Datamonitor The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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