UK Financial Lifestages and Financial Priorities Market Report 2021
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Providing the most comprehensive and up-to-date information and analysis of the UK Financial Lifestages & Financial Priorities market, including the behaviours, preferences and habits of the consumer.
The COVID-19 outbreak has shown just how suddenly circumstances can change, and for many people has underlined the importance of being as financially prepared as possible. With the threat of further financial challenges and even returning social distancing measures, it is therefore perhaps little surprise to see that nearly half of all adults say that building an emergency savings pot is a priority now/within the next two years, while a further 28% say that this will be a priority in the future.
The impact of the COVID-19 outbreak – both societally and economically – has been seismic, and consumers have reacted by adopting something of a bunker mentality – with those able to save money doing so, helped by the reduced opportunity to spend. This refocused many people on the importance of saving with financial preparedness becoming a higher priority for consumers as they looked to be ready for further disruption.
However, the reality is that the economic downturn will have a lasting impact for many consumers and in particular the young. While arguably already disadvantaged by the searing cost of living in recent years, many young adults now face further setbacks in the journey to traditional financial lifestages, which will undermine their engagement with a number of important financial services products.
It is not all doom and gloom though, and with many people finding an opportunity to build their savings pots or even start saving for the first time over the last 18 months, there are now openings for financial services providers to offer greater advice with respect to financial planning. In particular, providers can focus on helping people to maintain and grow their savings, with more sophisticated monitoring tools likely to help keep them engaged.
Read on to discover more details or take a look at all of our UK Financial market research.
Brands: First Direct, Key (Key Retirement), Open Banking, Killik & Co.
This report, written by Jack Duckett, a leading analyst in the Financial sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
While the impacts of the COVID-19 outbreak – both societally and economically – have been seismic, the various government protection schemes mean that most households have been able to stay afloat. However, that is not to say that consumers have continued spending as normal, and a combination of inhibitive social distancing measures and a surge in fiscal prudence at a household level means that many people have been able to build up their savings.
As consumers of all ages realise the importance of being prepared for whatever the future might bring, there are significant opportunities for financial services providers to engage with consumers about how they can manage and grow their savings to meet their longer-term financial goals.
Jack Duckett
Category Director – Consumer Lifestyles Research
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.