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Flight to Cash - Who are the Winners and Losers in the Retail Savings Market?
Retail Finance Intelligence (RFI), June 2009, Pages: 18
This report explores the changes in the savings market, and how the adverse economic conditions have affected consumer sentiment and behaviour. This report examines the RFI surveys to determine trends in consumer use of savings accounts and attitudes to savings during this period of time, focusing particularly on changes in attitudes toward different financial institutions as savings increase and security is an increased concern.
Scope and methodology
The report is focused on data collected in two surveys conducted online by RFI, one in June 2008 and one in June 2009.
These surveys:
- Are nationally representative
- Include 2,000 savings account 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
Highlights
- As consumers are concerned about their finances and the effects of the economic downturn, particularly as unemployment continues to increase, they have been building savings as an economic buffer. The proportion of consumers who have used savings to fund their lifestyle over the past year fell significantly, from 77% to 69% between June 2008 and June 2009.
- Net promoter scores show a shift in attitude. While the combined NPS for the mutuals decreased, as did that for the regional banks, the ‘big five’ saw the largest increase in NPS. Foreign banks saw a smaller increase.
- All respondents were less likely to consider switching savings accounts in the June 2009 survey than June 2008. Respondents with a foreign bank held primary account were most likely to be considering switching, followed by those with a regional bank primary account.
Reasons to read this report
- To understand how the savings market has changed over the past year
- To learn how changes in consumer behaviour and attitude will affect different financial institutions, and what they can do to meet these challenges
- Insight into the attitudes and behaviour of savings account holders, how they view their financial institutions and whether they are thinking of switching
Country covered: Australia
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