Author: Mintel Group Ltd.
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Consumers and Saving - UK - January 2020
Overview
 
What you need to know
Despite interest rates remaining at historically low levels, improvements in other macroeconomic variables such as employment and wage growth have contributed to a recovery in the savings ratio. Amid a period of economic and political uncertainty, consumers are saving more but in many cases they are not getting the best returns for their savings.

The role of providers in helping customers make the most of their money is not straightforward, with the majority of people preferring financial institutions to play a passive role. However, while there are generational divides when it comes to saving attitudes and behaviours, the impact technology can have in money management is more widely appreciated across the population.

Report scope
This Report examines the savings market for retail consumers, including the size of the sector and the overall environment for UK savers in terms of macroeconomic trends and interest rates.

For detailed analysis of the savings market in the UK, please see the Mintel Report Deposit and Savings Accounts – UK, May 2019. For a closer look into specific savings products, please see the Mintel Reports ISAs – UK, November 2019 and Children's Attitudes towards Saving - UK - July 2019.

Mintel’s exclusive consumer research looks at the value of people’s savings and investments and whether they are presently contributing to their savings. It explores how consumers would describe their behaviours towards spending money and finding the best returns on their savings, and how these habits compare. The Report assesses current ownership of savings and investment products and consumer perceptions of different savings vehicles, as well as their preferences in terms of the channels they favour to complete common tasks related to their savings accounts. It also highlights consumers’ saving priorities, their general attitudes towards savings and the role financial services providers and technology can play in helping them meet their goals.

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