Consumers, Saving and Investing - UK - January 2017

Consumers, Saving and Investing - UK - January 2017

  • Mintel
  • January 2017
  • Banking
  • 0 pages

Report Description

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The convenience of being able to easily access savings and investments online is now just as important as fees charged and rates paid, which means that providers who develop the most effective finance management apps and dashboards will be less vulnerable to competitor price moves.

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Table of Content

Overview
What you need to know
Scope of this Report

Executive Summary
The market
Retail deposits show steady growth
Figure 1: Total retail savings deposits, 2006-16*
Base rate cut to record low
Figure 2: UK’s consumer price index and base rate, January 2006 – November 2016
EU referendum vote caused mass investment exodus
Lifetime ISAs: the pension alternative?
The consumer
Consumers seek familiarity in turbulent times
Figure 3: Consumer ownership of savings products, October 2015 and October 2016
Almost 1 in 3 people look for better returns
Figure 4: Consumer ownership of investment products, October 2015 and October 2016
Majority of consumers have a buffer
Figure 5: Value of savings and investments, October 2015 and October 2016
Size and timing of contributions tends to be spontaneous
Figure 6: Methods of contributing towards savings or investments, October 2016
Low interest rates polarise consumers
Figure 7: Attitudes towards saving and investing, October 2016
Online management tools now crucial to savers and investors
Figure 8: Important factors when choosing a savings or investment provider, October 2016
What we think

Issues and Insights
Brexit uncertainty adds an extra sense of caution
The facts
The implications
Balancing physical and digital demands
The facts
The implications
Investing: a rich man’s game?
The facts
The implications

The Market – What You Need to Know
Retail deposits show steady growth
EU referendum vote caused mass investment exodus
Base rate cut to record low
Saving ratio still lags behind pre-recession levels
Lifetime ISAs: the pension alternative?
Government announces Help to Save scheme
FAMR seeks to bridge the advice gap

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