Capturing UK Savings in 2010 Now Available at ReportsandReports

Dallas, TX -- (SBWire) -- 08/13/2010 -- ReportsandReports announce it will carry Capturing UK Savings in 2010 Market Research Report in its Store.

Browse complete Report on: http://www.reportsandreports.com/market-reports/capturing-uk-savings-in-2010/

Introduction

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

• 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.

Table of Content

Overview
Catalyst
Summary
Methodology
Executive Summary
The UK saving market remains in flux
Consumers appear to be reverting to poor savings habits with significant portions of UK consumers currently failing to save
Affordability is the major driver behind a failure to save,for both account holders and those currently disengaged from the market
A minority of consumers have remembered the lessons they learned during the economic slowdown
The UK savings market must cater to a more savvy consumer than elsewhere
Consumers are interested in looking outside of the savings market but find themselves uncertain as to the specifics
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
Consumers are focusing on paying off expensive debt while the saving alternative remains unattractive
Five consumer segments have emerged during the recession
Diverse motivations are behind the different consumer segments acting together in ceasing to save
Rational consumers are more comfortable making active decisions concerning their finances
Table of Contents
Table of figures
Table of tables
Capturing Consumer Saving
Introduction

TREND: UK saving has historically been worse than the global average
Consumers appear to be reverting to previous poor savings habits
Savings institutions face a challenge to rekindle the fires of UK saving ambitions
The Uk Savings Market
The Recovery from Recession dataset provides in-depth insight into the UK savings terrain

TREND: Significant portions of UK consumers are currently not saving

INSIGHT: Affordability is the major driver behind a failure to save,for both account holders and those currently disengaged from the market
Affordability is a driving factor behind the stalling UK saving market
Three quarters of consumers without a savings account report that they are unable to afford to save
A worryingly large segment of consumers have no savings at all to fall back on
Reductions in real income plus high levels of unemployment make issues with affordability unsurprising

INSIGHT: A minority of consumers have remembered the lessons they learned during the economic slowdown
The global slowdown saw consumers begin to appreciate the importance of saving but income constraints have seen a return to poor savings levels

INSIGHT: The UK savings market must cater to a more savvy consumer than elsewhere
30% of consumers holding savings accounts are looking around to find the best rate
UK consumers are much more likely to switch their savings account than the global average
Damaged brands could expose the savings institutions to more switching behavior

INSIGHT: Some UK consumers are looking to utilize their money outside of the savings market
Nearly one in five UK consumers are looking for alternatives to the saving market
Consumers remain confused as to what alternatives there are to saving accounts
Poor general financial awareness is reflected through a very inaccurate estimation of national interest rates
Consumers will soon have a source of free financial advice to consult before comparing savings offerings

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
UK savers were shaken following high-profile bank defaults
UK consumers are dubious over the security of government-backed savings
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
Consumers are focusing on paying off expensive debt while the saving alternative remains unattractive
The UK emerges from the recession with a weighty debt burden
Consumer Segmentation
Five consumer segments have emerged during the recession and remained present throughout the recovery
The segments
The segments vary in size,from 13% of consumers to 30%
The consumer segments have been fairly static throughout the recession through to the recovery

INSIGHT: Diverse motivations are behind the different consumer segments acting together in ceasing to save
The confused and panicked segments have abandoned accumulating savings
The confused segment's inability to save is driven by issues of affordability
An above-average number of rational consumers have stopped adding to their savings accounts
Instead of being constrained by affordability,rational consumers are paying off expensive debt rather than seeking the paltry market saving return
Rational consumers are more comfortable making active decisions concerning their finances
Rational consumers are more likely to exhibit switching behavior than consumers in other segments
Hedonists are also more likely to switch their accounts but amount to only 15% of switching consumers
Emotional and panicked consumers are much less likely to exhibit switching behavior
Action Points
Balanced positioning: savings institutions need to effectively target their services if they wish to maintain a stable deposit base
The financial services Megatrends framework can be used to target these customer segments
Messages that appeal to the Megatrend of Individualism will appeal to the rational consumer

ACTION POINT: Product innovation to incorporate debt repayment with savings opportunities may attract the rational consumer

ACTION POINT: Rational consumers like to be in close control of their finances and should be approached with solutions that increase how they effectively manage their money
Rational consumers may be more willing to lock away their money given fewer issues with affordability and a pragmatic outlook
A broader savings strategy that allows consumers to utilize a number of products with different time horizons may appeal strongly to the rational consumer
Messages that appeal to the Megatrend of Convenience will appeal to hedonistic consumers

ACTION POINT: Convenience and flexibility of withdrawals will greatly appeal to this pleasure-seeking consumer segment

ACTION POINT: Goal-based advertising focusing on the product of saving will help keep the hedonistic consumer focused on the value of saving
Messages that appeal to the Megatrends of Comfort and Connectivity will attract the emotional consumer

ACTION POINT: Comfort,Connectivity and Authenticity are vastly important for providing reassurance to this concerned but valuable consumer group
Banks need to anticipate consumers' concerns given their emotional situation,and facilitate a closer,more meaningful relationship with consumers
Messages that appeal to the Megatrend of Authenticity will reassure panicked consumers

ACTION POINT: Savings providers need to focus the information they deliver on being clear and straight to the point
Going forward into the recovery and beyond

APPENDIX
Methodology
The financial services Megatrends framework
Datamonitor has identified 10 Megatrends in consumer behavior
Megatrends are a tool for capturing the drivers of consumer behavior
A Megatrend framework is a vital tool for analyzing and structuring consumer attitudes and behaviors
A trend framework is used for generating and selecting ideas
A Megatrend framework is vital for financial services
Customer retention as well as customer acquisition must be considered
There are inherent obstacles in financial services that limit innovation in customer targeting
Greater customer understanding can help to overcome the obstacles found in targeting and communicating to customers
The Megatrend framework enhances an analysis of the deposit market
There are 10 Megatrends that impact on the actions and attitudes of financial services customers
The six behavior trends identify the benefits that consumers wish to gain from a product or service
The four complexities are areas within which traditional assumptions or measures of behavior no longer apply
Further reading
Ask the analyst
Datamonitor consulting

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