Savings Metrics：英国の貯蓄市場に対する消費者の意識と行動

Abstract

What is the research?

Finaccord' s report titled Savings Metrics: Consumer Attitudes towards and Behaviour in the UK Savings Market is a publication offering a detailed and timely overview of a major tranche of the UK' s consumer financial services market, delivering in a single volume insight and analysis covering a broad range of savings products. These range from no notice interest-bearing deposit and savings accounts, cash ISAs and National Savings & Investments bonds and certificates to less commonly held short-term and medium-term savings options such as investment trusts and venture capital trusts, guaranteed equity or property bonds and tax-free friendly society savings plans. In addition, the study also examines consumer approaches to a variety of pension and retirement savings products.

Moreover, not only does it consider consumer usage of conventional retirement savings products, such as individual pensions and company or occupational pension schemes, but it also analyses the likely importance that they attach to other potential sources of retirement income, such as the property that they own, including second or holiday homes and property acquired for rental, or even, continuing part-time work following retirement. In addition, the report also investigates the opinions of consumers towards key issues such as the concept of compulsory retirement savings and government plans for a National Pension Savings Scheme. Finally, data is also provided for a range of at-retirement financial products including equity release schemes.

Table of Contents

0.0 EXECUTIVE SUMMARY

• No notice interest-bearing deposit and savings accounts are held by over 50% of consumers
• …. although a significant percentage have no short to medium-term savings whatsoever
• …. with the proportion lacking pension or retirement savings increasing to almost twice this level
• On average, a majority of the wealth of consumers in the UK is tied up in property ownership
• Penetration rates for different savings products vary radically by demographic and life stage
• Over a third of consumers claim to save in a disciplined manner and on a regular basis
• … although only a minority appear to take any external advice when it comes to savings decisions
• On-line financial aggregators and brokers are achieving an increasing profile among consumers
• A clear majority of cons. agree that providing for retirement is an important motive for saving
• … although many, especially those in younger age groups, face other more pressing priorities
• Cons. display high levels of insecurity with regards to the adequacy of their retirement saving
• … a degree of concern that diminishes only slightly among those aged between 55 and 64
• 7% of consumers believe that they will need savings in excess of £1 million in today' s money
• Most consumers are not necessarily averse to the concept of compulsory retirement savings
• … although many appear to be pinning too much on the future value of their state pension
• … and property ownership is beginning to rival conventional pensions as a retire. saving option
• Consumers display a relatively high willingness to continue part-time work following retirement
• The results of the research point to fast-changing consumer savings behaviour in the UK
• … with increasing prop. to invest in property throwing up both challenges and opportunities

1.0 INTRODUCTION

• Research rationale
• The study offers unique data concerning penetration rates for 23 different savings products
• … as well as analysing cons. propensity to acquire the products according to their life stage
• … and delivering a number of original insights into their approach to retire. saving, in particular
• Research sample
• Finaccord
• Savings Metrics and other consumer-focused studies
• UK affinity and partnership marketing publications
• IPT / Tpoll

2.0 SAVINGS OVERVIEW

• Introduction
• Consumer holdings of residential mortgages and non-mortgage debt
• Residential mortgages
• Over one quarter of survey respondents own property outright with no outstanding mortgage
• Among respondents with a mortgage, the average outstanding debit is in excess of £80,000
• Non-mortgage debt
• Just over a half of the 1,550 survey participants hold some form of non-mortgage debt
• … with almost 20% of these burdened with unpaid loans in excess of £20,000
• Consumer holdings of savings products
• Short-term and medium-term savings products
• Only three types of savings product are held by in excess of a quarter of consumers
• … with the figures varying only a little when calculated on an adjusted basis
• Over a quarter of respondents hold short-term and medium-term savings in excess of £20,000
• … with the average value of holdings growing in line with increasing age and household income
• Pension and retirement savings products
• Well over 40% of respondents belong either to a company or occupational pension scheme
• Individual and group SIPPs, on the other hand, remain very much a niche market
• 44% of respondents state that they hold no funds whatsoever in pension or retirement products
• … and a further significant percentage report savings of below £20,000 allocated to this category
• Average retirement savings held by respondents aged between 55 and 64 are just £40,980
• Number of relationships with companies offering savings products
• Over 10% of respondents maintain relationships with five or more providers of savings products
• Property ownership (including buy-to-let)
• A small percentage of respondents own either a second home or property acquired for rental
• 25% of respondents own property with a gross value in excess of £300,000
• Sources of information and advice influencing savings decisions
• Consumer awareness of on-line financial aggregators and brokers continues to rise
• Degree of self-direction when making savings decisions
• A high proportion of respondents claim to be totally self-directed when it comes to savings
• … although this percentage declines somewhat in line with increasing household income
• Importance of general motives for saving
• Well over a half of respondents agree on the importance of saving for retirement generally
• … although those aged under 45, in particular, often have other more pressing needs for saving
• Degree of discipline in consumer savings behaviour
• Slightly over one third of consumers can be characterised as disciplined savers
• … although this percentage rises sharply for those with a household income of £50,000 or more

3.0 RETIREMENT SAVINGS

• Introduction
• Consumer confidence with respect to provision for retirement savings
• Well over a half of consumers lack confidence that they will save enough for their retirement
• … and uncertainty remains high even among respondents aged between 55 and 64
• … although the outlook appears to be rosier for those with a household income above £40,000
• Consumer perceptions of savings sufficient to provide for retirement
• 7.0% of consumers believe that they will need to save £1 million in advance of their retirement
• … although the majority of consumers probably under-estimate the amount that they will need
• The expectations of retired respondents are more modest than those of individuals still working
• Attitudes of consumers towards idea of compulsory saving for retirement
• A clear majority of consumers are open to the concept of compulsory retirement saving
• Awareness of consumers of plans for a National Pension Savings Scheme
• … although awareness levels of the government' s plans for the NPSS remain low
• Importance of various income sources as a means of funding retirement
• In general, consumer expectations of the state pension appear to be out of line with reality
• Property owned ranks almost equally with financial products designed specifically for retirement
• Consumers who have retired already appear to be even more reliant on the state pension
• Younger consumers appear to be considering alternative means of retirement funding
• Expectations of consumers with respect to their likely age of retirement
• On average, the retirement age planned by consumers is not in line with government proposals
• Willingness of consumers to continue part-time work following retirement
• ' Work until you drop' - a possible scenario for old age in the UK?
• Consumer purchasing patterns for at-retirement products
• Traditional pension annuities seem destined to remain the most popular at-retirement choice
• Over two thirds of retired respondents are funding their retirement through a traditional annuity
• Consumer holdings of products designed to minimize inheritance tax
• A significant minority of respondents hold a product designed to minimize inheritance tax

4.0 SEGMENT ANALYSIS

• Introduction
• Short and medium-term savings products
• Interest-bearing deposits or savings accounts for which no notice is required
• Interest-bearing deposits or savings accounts for which notice is required
• National Savings & Investments bonds or certificates (including premium bonds)
• Cash ISAs
• Equity ISAs
• OEICs or unit trusts
• Investment trusts or venture capital trusts
• Direct stock market (equity) investment
• Direct investment in corporate or government bonds
• Bank and building society investment bonds
• Guaranteed equity and property bonds (excluding NS&I)
• Life company investment bonds
• Life company endowment policies
• Child Trust Funds
• Tax-free friendly society savings plans
• Pension and retirement savings products
• Individual personal pensions
• Individual stakeholder pensions
• Individual SIPPs (self-invested personal pensions)
• Group personal or executive pensions
• Group stakeholder pensions
• Group SIPPs (self-invested personal pensions)
• Company and occupational pension schemes
• Savings products designed to minimize inheritance tax

GRAPHICS / TABLES

• Sample breakdown by age group, household income band and geographical location
• Sample breakdown by number of children, employment status and retirement status
• Home ownership and holdings of residential mortgage debt among consumers in the UK, 2007
• Consumer holdings of residential mortgage debt in the UK split by value of outstanding debt, 2007
• Holdings of non-mortgage debt among consumers in the UK, 2007
• Consumer holdings of non-mortgage debt in the UK split by value of outstanding debt, 2007
• Consumer holdings of short-term and medium-term savings products in the UK, 2007 (unadjusted)
• Consumer holdings of short-term and medium-term savings products in the UK, 2007 (adjusted)
• Consumer holdings of short-term and medium-term savings products in the UK split by value of savings, 2007
• Cons. holdings of short and med.-term savings prods. split by value of savings, 2007 (seg. by age group - data)
• Cons. holds. of short and med.-term savs. prods. split by value of savs., 2007 (seg. by house. inc. group - data)
• Overall consumer holdings of pension and retirement savings products in the UK, 2007 (unadjusted)
• Overall consumer holdings of pension and retirement savings products in the UK, 2007 (adjusted)
• Consumer holdings of pension and retirement savings products in the UK split by value of savings, 2007
• Cons. holdings of pens. and retirement savings prods. split by value of savings, 2007 (seg. by age group - data)
• Cons. holds. of pens. and retirement savs. prods. split by value of savs., 2007 (seg. by house. inc. group - data)
• Number of relationships with companies offering savings products held by consumers in the UK, 2007
• Ownership of homes and other residential property (including buy-to-let) of consumers in the UK, 2007
• Consumer ownership of property in the UK (including buy-to-let) segmented by value of property, 2007
• Importance of sources of information and advice in influencing the savings decisions of cons. in the UK, 2007
• Importance of sources of information and advice in influencing the savs. decs. of cons. in the UK, 2007 (data)
• Degree of self-direction shown by consumers making more complicated savings decisions in the UK, 2007
• Deg. of self-direction shown by cons. making savs. decs. in the UK, 2007 (segmentation by age group - data)
• Deg. of s-d. shown by cons. making savs. decs. in the UK, 2007 (segmentation by house. inc. group - data)
• Importance of general motives for saving of consumers in the UK, 2007
• Importance of general motives for saving of consumers in the UK, 2007 (data)
• Importance of general motives for saving of consumers in the UK, 2007 - answers for resps. aged under 45
• Importance of general motives for saving of cons. in the UK, 2007- answers for resps. aged under 45 (data)
• Degree of discipline shown in their savings behaviour by consumers in the UK, 2007
• Degree of discipline shown in their savings behaviour by cons. in the UK, 2007 (segment. by age group - data)
• Degree of disc. shown in their savs. behaviour by cons. in the UK, 2007 (segment. by house. inc. group - data)
• Confidence of having saved sufficient funds to provide for retirement of consumers in the UK, 2007
• Conf. of having saved suff. funds to provide for retire. of cons. in the UK, 2007 (segment. by age group - data)
• Conf. of having saved suff. funds to prov. for retire. of cons. in UK, 2007 (segment. by house. inc. group - data)
• Value of savs. perceived to be suff. by cons. to adequately fund retire., 2007 - answers for resps. not yet retired
• Value of savs. perceived to be suff. by cons. to adequately fund retire., 2007 - answers for retired resps
• Attitudes towards idea of compulsory saving for retirement of consumers in the UK, 2007
• Awareness of government plans for a National Pension Savings Scheme of consumers in the UK, 2007
• Perceptions of cons. of various inc. sources as means of funding retire., 2007 - answers for resps. not yet retired
• Perc. of cons. of various inc. sources as means of funding retire., 2007 - answers for resps. not yet retired (data)
• Perceptions of cons. of various inc. sources as means of funding retire., 2007 - answers for retired resps
• Perc. of cons. of various inc. sources as means of funding retire., 2007 - answers for retired resps. (data)
• Perceptions of cons. of various income sources as the most important means of funding retire. in the UK, 2007
• Perc. of cons. of various inc. sources as the most important means of funding retire. in the UK, 2007 (data)
• Expectations of consumers with respect to their likely age of retirement in the UK, 2007
• Willingness of consumers to continue part-time work following retirement in the UK, 2007
• Likelihood to purchase various at-retirement products of consumers in the UK, 2007
• Likelihood to purchase various at-retirement products of consumers in the UK, 2007 (data)
• Actual purchase of various at-retirement products of retired consumers in the UK, 2007
• Consumer holdings of savings products designed to minimize inheritance tax in the UK, 2007
• Interest-bearing deposit or savings accounts for which no notice is required: penetration by cust. segment, 2007
• Interest-bearing deposit or savings accounts for which notice is required: penetration by cust. segment, 2007
• National Savings & Investments bonds or certificates (inc. premium bonds): penetration by cust. seg. 2007
• Cash ISAs: penetration by customer segment, 2007
• Equity ISAs: penetration by customer segment, 2007
• OEICs or unit trusts: penetration by customer segment, 2007
• Investment trusts or venture capital trusts: penetration by customer segment, 2007
• Direct stock market (equity) investment: penetration by customer segment, 2007
• Direct investment in corporate or government bonds: penetration by customer segment, 2007
• Bank or building society investment bonds: penetration by customer segment, 2007
• Guaranteed equity or property bonds (excluding National Savings & Investments): pen. by cust. seg., 2007
• Life company investment bonds: penetration by customer segment, 2007
• Life company endowment policies: penetration by customer segment, 2007
• Child Trust Funds: penetration by customer segment, 2007
• Tax-free friendly society savings plans: penetration by customer segment, 2007
• Individual personal pensions: penetration by customer segment, 2007
• Individual stakeholder pensions: penetration by customer segment, 2007
• Individual SIPPs (self-invested personal pensions): penetration by customer segment, 2007
• Group personal or executive pensions: penetration by customer segment, 2007
• Group stakeholder pensions: penetration by customer segment, 2007
• Group SIPPs (self-invested personal pensions): penetration by customer segment, 2007
• Company or occupational pension schemes: penetration by customer segment, 2007
• Savings products designed to minimize inheritance tax: penetration by customer segment, 2007