英国における長期貯蓄・投資の市場

Abstract

The savings and investment market has been fairly buoyant over the past few years. More attractive interest rates on savings accounts and cash ISAs and, from mid-2004 to mid-2007, an improving stockmarket have led to strong inflows into deposits and equity investments. However, there are fears that the recent bull market is now over, as the past few months have witnessed increasing market volatility and sharp falls in share prices. Confidence has also been knocked by the sub-prime crisis and uncertainty surrounding future economic growth. The US housing market has collapsed, and there are fears that the trend could replicate in the UK. The commercial property sector looks particularly weak at the moment, and property funds are rapidly losing their appeal.

Mintel asks…

• What are the prevailing macro-economic and investment conditions?
• What is the size of the main sectors within the investment market, and how have they performed recently?
• Who are the leading investment bond providers and largest fund managers?
• How are products sold and marketed?
• What savings and investments do consumers have, and what is their level of investible assets?
• What sources of financial advice do people rely on? Have they had poor investment advice in the past?
• What do people think of the troubles at Northern Rock? Have they been affected by it? And has it changed their attitude towards saving and investing?
• What do people want from their savings and investments? Do they understand the effect inflation has on their savings? And what is their attitude to risk?
• What are people' s main financial priorities in 2008?

Table of Contents

• Issues in the Market
• Product definitions
• Abbreviations
• Market in Brief
• The key findings of Mintel' s consumer research -- financial priorities
• Product ownership and wealth
• Attitudes to risk
• Investor behaviour
• Popular advice sources
• Northern Rock reaction
• Investment bonds more popular than unit trusts or OEICs
• 2004-07 saw increased investment in all the main asset classes
• Storm clouds gather
• Market leaders
• Promotional activity
• Distribution trends
• Economic and Investment Climate
• Key points
• An economic overview
• Slower growth forecast for the domestic economy
  • Figure 1: GDP annual growth and proportion of workforce unemployed -- UK, 1999-2008
• Walking a tight rope: the art of controlling inflation
  • Figure 2: Average annual changes in the bank base rate, CPI and RPI -- UK, 1999-2007
• Increased stockmarket volatility
  • Figure 3: FTSE 100 and FTSE All Share -- daily index movements, January 2000-January 2008
• Is the bear back?
• Markets in turmoil
• Looking for a silver lining
• Consumer sentiment in the doldrums
  • Figure 4: Changes in headline consumer confidence -- Monthly and 12-month rolling average, January 2001-December 2007
• Consumers cut back on spending...
  • Figure 5: Intentions to save and spend in the next 12 months, January 2001-January 2008
• ...and put greater onus on saving
  • Figure 6: Total PDI, consumer expenditure and savings, 2003-12
• The Consumer -- Financial Priorities in 2008
• Key points
• About Mintel' s consumer survey
• ' Making ends meet' is most people' s main financial concern
  • Figure 7: Financial priorities over the next 12 months, by order of significance, January 2008
• Men and women are driven by different savings goals
  • Figure 8: Financial priorities over the next 12 months, by gender and age group, January 2008
• AB and C2 Internet users are most likely to save
  • Figure 9: Financial priorities over the next 12 months, by socio-economic group and presence of children, January 2008
• Regional variation
  • Figure 10: Financial priorities over the next 12 months, by region, January 2008
• More than two fifths of renters say debt repayment is a financial priority
  • Figure 11: Financial priorities over the next 12 months, by gross annual household income and tenure, January 2008
• Strong link between long-term savings products and protection products
  • Figure 12: Financial priorities over the next 12 months, by selected financial products, January 2008
• The Consumer -- Asset Ownership
• Key points
• Household sector was worth nearly £7 billion in 2006
  • Figure 13: Net worth of the household sector, 2001-06
• Cash favoured over equities
  • Figure 14: Ownership of savings and investment products, January 2008
• Buy-to-let investors are particularly keen on diversifying...
  • Figure 15: Cross analysis of ownership, by type of savings/investment product, January 2008
• ...and saving for retirement
  • Figure 16: Financial priorities over the next 12 months, by type of savings and investment products owned, January 2008
• Asset ownership is greater among men than women
  • Figure 17: Ownership of savings and investment products, by gender, age, socio-economic group, working status, tenure and household income, January 2008
• Broadsheets and mid-market tabloids offer ad opportunities
  • Figure 18: Ownership of savings and investment products, by newspaper readership, Internet usage, TV reception, mobile phone provider and supermarket regularly visited, January 2008
• One in seven Internet users have five or more product types
  • Figure 19: Number of savings and investment product types owned, January 2008
  • Figure 20: Ownership of savings and investment products, by number of types owned, January 2008
• Among those with savings, a third have over £10,000
  • Figure 21: Value of investible assets, by number of product types owned, January 2008
• Wealth increases with age
  • Figure 22: Value of investible assets, by gender and age group, January 2008
• Long-term savings goals are more prevalent among the rich
  • Figure 23: Financial priorities over the next 12 months, by amount of investible assets, January 2008
• Market Size -- An Overview
• Key points
• Regulated retail investment sales
  • Figure 24: Number of new regulated retail investment product sales, by sector, April 2005-March 2007
• Investment bonds accounted for nearly three fifths of investment sales
  • Figure 25: Number of new regulated investment sales, by product type, April 2005-March 2007
• Sector Performance
• Key points
• Amounts invested in NS&I boosted by ' flight to quality'
  • Figure 26: Total amounts invested in NS&I products, 2001-07
• Gilts benefit from a doveish stance on interest rates
  • Figure 27: Size of the gilts market (nominal amounts outstanding), 2000-07
• UK corporate bonds fall out of favour
  • Figure 28: Total assets held in UK corporate bond sector and all bond sector, 2000-07
• Demand for investment bonds picks up
  • Figure 29: Total number of new single-premium investment bond contacts and value of new premiums, 2000-07
• Unit-linked bonds have fared well over the 2003-07 period
  • Figure 30: Proportional distribution of investment bond sales by main product type, based on new premiums, 2001, 2004 and 2007
• Typical purchasers are retirees and higher rate taxpayers
• Proposed tax changes threaten their appeal
• Offshore may be off the menu
• Healthy demand for unit trusts and OEICs
  • Figure 31: Retail sales of unit trusts and OEICs -- UK domiciled, 2000-07
• Property funds -- a recent success story...
• ...although their performance is now on the slide
• The arrival of REITs
• Investors plough more into stocks and shares ISAs
  • Figure 32: New ISA business, by asset class, 2000/01-2006/07
• The value of funds held in ISAs grew by 15% in 2007
  • Figure 33: Value of funds held in each of the three ISA components, 2002-07
• Around 13% of UK equity is owned by private individuals
  • Figure 34: Value of ordinary shares owned by individuals, 2000-06
• The Consumer -- Understanding Risk
• Key points
• Investment risk
  • Figure 35: Risk profile of selected savings and investments
• Past mistakes undermine confidence
• Education, education, education
• Adventurous men, cautious women
  • Figure 36: Attitudes towards saving and investing, by gender, January 2008
• Segmenting savers into five typology groups
  • Figure 37: Savings clusters, January 2008
  • Figure 38: Attitudes towards saving and investing, by cluster, January 2008
• Confident Investors
• Cautious Savers
• Risk-averse
• Disinterested
• The Disinterested are more focused on ' making ends meet' than saving
  • Figure 39: Financial priorities over the next 12 months, by type of savings and investment products owned, January 2008
• Confident Investors have the most diversified portfolios...
  • Figure 40: Ownership of savings and investment products, by cluster, January 2008
• ...and have the greatest wealth
  • Figure 41: Value of investible assets, by cluster, January 2008
• The Consumer -- Reaction to Northern Rock
• Key points
• How the crisis unfolded
• Uncertain future
• The fallout
• More than half of savers say that they' ll think more carefully about where to save or invest in future
  • Figure 42: Agreement with statements relating to Northern Rock, by gender, January 2008
• The under-35s have been most affected by the crisis
  • Figure 43: Agreement with statements relating to Northern Rock, by age group, January 2008
• Over a third of bond and shareholders have reviewed their portfolios since the crisis
  • Figure 44: Agreement with statements relating to Northern Rock, by product type owned, January 2008
• Northern Rock' s savings customers tend to be on the wealthier end of the spectrum
  • Figure 45: Agreement with statements relating to Northern Rock, by amount of investible assets, January 2008
• Clusters conform to type
  • Figure 46: Agreement with statements relating to Northern Rock, by savings cluster, January 2008
• Largest Investment Bond Providers
• Key points
• Halifax Life retains its leader position in the single-premium life sector
  • Figure 47: New premium income from single-premium life policies, by selected providers, 2004-06
• Largest Fund Managers
• Key points
• Invesco Perpetual is the largest unit trust/OEIC fund manager...
  • Figure 48: Top 20 unit trust and OEIC fund managers, by retail & private client funds under management, December 2007
• ...while Halifax claims top spot in the ISA fund sector
  • Figure 49: Top ten ISA fund managers, by funds under management, December 2007
• Brand Communication and Advertising
• Key points
• Adspend on savings and investment products up slightly in 2006/07
  • Figure 50: Total advertising expenditure on savings and investment products, by product category, 2002/3-06/07
• ING Direct continues to be the highest-spending advertiser
  • Figure 51: Top 20 advertisers of savings and investment products, 2004/5-06/07
• TV advertising is suitable for simple savings accounts, while the trade press is relied upon to promote more complex products
  • Figure 52: Proportional distribution of adspend on savings and investment products, by media type, 2005/06 and 2006/07
• Selling Channels
• Key points
• Intermediaries reign supreme in the investment market
  • Figure 53: Number of new regulated investment sales, by product type and selling channel, April 2005-March 2007
• IFAs are responsible for the lion' s share of investment bond sales
  • Figure 54: Investment bond distribution mix based on new premiums, 2003-05
• Unit trusts and OEICs: the main routes to market
• Intermediaries generate the lion' s share of unit trusts and OEIC sales...
  • Figure 55: Gross retail sales of unit trust and OEICs, by distribution channel, 2003-06
• ...while fund supermarkets are stealing a march in the ISA fund market
  • Figure 56: Gross retail sales of ISA funds, by distribution channel, 2003-06
• The ascent of the fund supermarkets
• The Consumer -- Sources Used for Advice
• Key points
• Most savers rely on bank staff to give them investment advice
  • Figure 57: Sources of savings and investment advice used in the past and most likely to use in the future, January 2008
• Reliance on different advice sources alters with age
  • Figure 58: Sources of financial advice used in the past, by gender and age group, January 2008
• Buy-to-let investors are more likely to use a wealth management company or private bank
  • Figure 59: Sources of financial advice used in the past, by product type owned, January 2008
• The greater the wealth, the greater the need for expert advice
  • Figure 60: Sources of financial advice used in the past, by amount of investible assets, January 2008
• Cautious Savers tend to rely on bank and building society staff, while Confident Investors are prone to using an IFA
  • Figure 61: Sources of financial advice used in the past, by savings cluster, January 2008
• The Consumer -- Experiences of Saving and Investing
• Key points
• Savvy savers?
  • Figure 62: Agreement with statements about saving and investing, January 2008
• Knowledge comes with age...
  • Figure 63: Agreement with statements about saving and investing, by gender and age group, January 2008
• ...and experience
  • Figure 64: Agreement with statements about saving and investing, by product type owned, January 2008
• The better off are the most independent
  • Figure 65: Agreement with statements about saving and investing, by amount of investible assets, January 2008
• Confident Investors and Cautious Savers are more prone to taking expert advice
  • Figure 66: Agreement with statements about saving and investing, by savings cluster, January 2008
• Further analysis
• Appendix -- Profile of Savings Clusters (Part 1)
  • Figure 67: Profile of savings clusters, by gender, age, socio-economic group, working status, tenure and household income, January 2008
• Appendix -- Profile of Savings Clusters (Part 2)
  • Figure 68: Profile of savings clusters, by newspaper readership, Internet usage, TV reception, mobile phone provider and supermarket regularly visited, January 2008