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Cocooning - Savings as Security in an Uncertain Market
Retail Finance Intelligence (RFI), June 2009, Pages: 18
This report aims to examine changes in saving behaviour among consumers since mid-2008, using economic data and the results of RFI’s savings surveys. The report aims to understand past and current consumer behaviour and suggest possible future outcomes. Specifically, it will focus on the idea that consumers are ‘cocooning’- increasing their savings and reducing their debt in order to protect themselves against the possibility of unemployment or other adverse financial circumstances.
Scope and methodology
The report uses data from surveys conducted online by RFI in 2007, June and November 2008 and June 2009. It focuses on the June 2008 and one in June 2009 surveys, as well as data available from the ABS and RBA.
The RFI surveys:
- Are nationally representative
- Contain results from 2,000 savings account holders (the November 2008 survey collected results from 1,000 term deposit holders)
- Address a number of issues affecting savings account holders, including consumer sentiment, market share, account balance and use of savings
- Contain consistent questions, allowing RFI to track consumer behaviour over time
Highlights
While a consistent proportion of share and property holders have been moving money into savings in the June 2008 and 2009 surveys, respondents in June 2009 were much less likely to intend to move funds back from savings into shares or property.
The ‘cocooning’ mentality and shift to savings has influenced the strong growth rate of term deposit aggregates over 2008 and 2009. When respondents to the November 2008 ASDC survey of term deposit holders were asked about the appeal of term deposits compared to other savings accounts, they strongly agreed that term deposits gave them peace of mind.
Reasons to read this report
- Understand how the Global Financial Crisis has impacted consumers’ behaviour and attitudes in regards to savings
- Gain insight into why consumers save, and what they are likely to do in the future
- Learn how to offer appealing savings accounts to consumers in the current economic climate
Country covered: Australia
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