Abstract
This report looks at the way our feelings of security and insecurity impact on our attitudes, the way we live our lives, and the products and services that we buy. It also considers some of the priorities that may override the security situation.
The role of trust in the decision-making process is also considered. There is a wide variety of (often conflicting) information and advice available to consumers from any number of sources - including government, business and commerce, and the media, as well as family and friends. Who do consumers trust to help and advise them - and does this vary according to the product or service being bought?
Table of Contents
- Issues in the MarketReport synopsis
- Mintel research
- Mintel-commissioned research
- Lifestage and Special Groups
- Related reports
- Abbreviations
- Insights and Opportunities
- All kinds of people
- Cautiously Optimistic
- Worriers
- Chancers
- Carefree
- Independent women
- House and home
- Lifestyle Sector in Brief
- Job security is the key to spending and financial well-being
- Figure 1: Factors needed for financial security, 2007
- A wealth of sources of help and advice
- Figure 2: Sources of help and advice, 2007
- Security and trust typologies
- Figure 3: Security and trust typology groups, 2006
- What does the future hold? -- it depends who you are...
- Figure 4: Factors affecting prospects for the next two years, 2007
- Looking forward to change
- Hoping for stability
- Preoccupied with property
- Work-related gloom
- Comfortably stable
- Health concerns
- Outlook bright
- Sector Environment
- Population trends
- Figure 5: UK population by broad age bands, 2004-12
- Trends in family life
- Coupledom declining
- Delaying parenthood
- Figure 6: Changes in the age at which women give birth, 2001-06
- Trends in employment
- Trends in housing
- Rises in interest rates
- Figure 7: Interest rates, July 2006-May 2007
- Who' s Innovating?
- Spending and saving
- Pre-paid debit cards
- Age-targeted financial products
- Let your bank keep an eye on the pennies -- ' Save the Change'
- Affordability is a key issue
- What Makes Us Secure, And Who Do We Trust?
- Key Points
- Marketing messages
- What makes us secure?
- Figure 8: Factors needed for financial security, 2007
- Who do we trust for help and advice?
- Figure 9: Sources of help and advice, 2007
- Security and trust typologies
- Figure 10: Security and Trust typology groups, 2006
- Demographic analysis
- Pre-/no family
- Figure 11: The effect of lifestage on security among pre-family adults,
by gender and marital status, 2006
- Family
- Figure 12: The effect of lifestage on security among family adults, by
gender and marital status, 2006
- Third age
- Figure 13: The effect of lifestage on security among third age adults,
by gender, 2006
- Retired
- Figure 14: The effect of lifestage on security among retired adults by
gender and marital status, 2006
- The impact of what' s happening in their lives
- Figure 15: Most common life events, by security and trust typologies,
2006
- Quantitative findings
- Gambling with life
- Figure 16: ' I like taking risks' , by gender and lifestage, 2006
- Giving and taking
- The effect of advertising
- Logging on for information
- Figure 17: ' When I need information the first place I look is the
Internet' , by socio-economic group and lifestage, by gender, 2006
- The Role of Employment
- Key Points
- Marketing messages
- Job security is key
- Figure 18: Factors affecting job security, 2007
- Job security and lifestage
- Being flexible is a fact of life
- But early retirement is a worry for many
- Earnings in couples
- Many women are still dependent
- Inhibited spenders
- Self-employment means self-reliant
- ' Make hay while the sun shines...'
- Changing horses
- The effects of a busy lifestyle
- Time for...
- Making life easier...
- ... and treating yourself
- Quantitative findings
- Security versus money
- Worrying about work
- Figure 19: ' I worry about work during my leisure time' , by gender and
working status, 2006
- Current security levels
- The Role of Family
- Key Points
- Marketing messages
- Single security
- The impact of divorce
- Secure relationships?
- The role of children in spending and financial security
- Pre-/no family are concerned about being parents
- Families have immediate demands
- Costs are a cause for concern
- Emotional insecurities...
- ...and gender variations
- Children are a priority
- Children stay children for longer
- Financial support for grown-up children
- Figure 20: Financial support provided for adult children, 2007
- Paying off university debt or supporting children past university age who
were mature students
- Giving financial support due to the family circumstances of grown-up
children
- Savings schemes for grandchildren
- Financial help with major purchases
- Spending on gifts and leisure activities for children and grandchildren
- Raiding the piggy bank
- Health, illness and bereavement
- You can' t take it with you
- Keeping the taxman away
- Health issues
- Figure 21: Those who are worried by their own health problems, June 2006
- Family celebrations are priorities
- Help and advice from family members
- Money Matters
- Key Points
- Marketing messages
- Financial stability
- Making ends meet
- Figure 22: Money worries, by gender, June 2006
- Consumer confidence
- Figure 23: Mean consumer confidence levels, 2001-07
- Figure 24: Consumer confidence levels, by lifestage, 2007
- A roof over their heads...
- Problems caused by interest rates
- Looking to the longer term
- Lessons from the past
- The positive aspects of getting older
- Non-mortgage debt
- Younger consumers are living on a precipice
- Figure 25: Those who are worried about the amount of money they owe,
June 2006
- Calling a halt
- Quantitative results
- Figure 26: ' I spend money more carefully than I used to' , by recent life
events, 2006
- But credit is not all bad
- It' s a younger issue
- Pensions
- Most younger people don' t worry about pensions ...
- ... but there are a few who do
- A pension is often part of ' settling down'
- Becoming a priority
- Figure 27: Those who are worried about not having sufficient pension to
maintain a reasonable standard of living in retirement, June 2006
- The reputation of the pensions industry
- The lucky ones
- Insurance
- Covering themselves
- Figure 28: ' It' s important to be well-insured for everything' , by
lifestage, 2006
- Private health
- Worrying about being ill
- Inheritance
- Just over half of consumers feel confident about handling their financial
affairs
- Figure 29: Balance of agreement between those who agree and disagree ' I
am very good at managing money' , by socio-economic group and lifestage, 2006
- Marriage is the driver of financial prudence
- Getting help and advice
- Financial advisors...
- ...and the importance of recommendations
- Taking a chance on life
- Security and Home
- Key Points
- Marketing messages
- Time to move on?
- Improving not moving
- Buying furniture
- Who do they trust for help and advice?
- A wife' s prerogative
- Women ask other women
- It' s another world
- Retailers and brands are important
- Other sources of information
- Quantitative findings
- A Sense of Self
- Key Points
- Marketing messages
- Secure about their looks?
- Changing standards can be unsettling, especially for men
- The effects of ageing
- Figure 30: Those who are worried about beginning to show their age in
their appearance, June 2006
- The impact of ageing on spending habits
- It is not just cosmetics that are affected
- Positive aspects of growing older
- Who do they trust to help and advise?
- Youngsters, the font of technology know-how...
- Worrying about themselves
- Figure 31: ' I worry a lot about myself' - by gender and lifestage, 2006
- The main worriers...
- Divorce hits men harder
- Holidays and Cars
- Key Points
- Marketing messages
- Holiday spending
- Links with typology groups
- Figure 32: Those who have taken holidays in the last 12 months -- by
security and trust typology groups, 2006
- Choosing holidays
- Spending on cars
- A considered purchase
- Personal choices
- The financial aspect
- New for reassurance
- Figure 33: Status of intention to purchase car in next 12 months, by
typology group, 2006
- Who do they trust to help and advise them?
- Looking Ahead
- Figure 34: Factors affecting prospects for the next two years, 2007
- Looking forward to change
- Hoping for stability
- Preoccupied with property
- Work-related gloom
- Comfortably stable
- Health concerns
- Outlook bright
- Quantitative findings
- Forecasting a frugal future...?
- Security and trust typologies
- Figure 35: Security and Trust typologies, by demographic sub-group, 2006
- The demographic scenario
- Figure 36: Security and trust typologies forecast -- assuming a static
scenario, 2007 and 2012
- The rise and fall of consumer confidence?
- The less likely scenario
- Figure 37: Green security and trust typologies forecast -- assuming a
positive scenario, 2007 and 2012
- The most likely scenario
- Figure 38: Green security and trust typologies forecast -- assuming a
negative scenario, 2007 and 2012
- Spending Priorities
- Figure 39: Top five spending priorities for the next 12 months, 2007
- Lifestage variants
- Figure 40: Top five spending priorities for the next 12 months, by
lifestage, 2007
- How consumer confidence affects spending priorities
- Figure 41: Mean consumer confidence levels of spending priorities, 2007
- Appendix
- Sector environment
- Figure 42: UK Population by age group, 2004-12
- Figure 43: Mean age at first marriage, England and Wales, 1994-2004
- Figure 44: Marriage and divorce trends in the UK, 1996-2011
- Figure 45: Number of births in England and Wales, by age of mother,
2001-06
- Figure 46: Trends in employment and unemployment, 1991-2011
- Figure 47: Trends in male and female employment, 1991-2011
- Figure 48: The rise of owner-occupation, 1991-2011
- Figure 49: Bank of England base rate, 1990-2007
- What makes them secure and who do they trust?
- Figure 50: Cluster groups, by demographic sub-group, 2006
- Figure 51: Cluster groups -- men, by demographic sub-group, 2006
- Figure 52: Cluster groups -- women, by demographic sub-group, 2006
- Figure 53: Cluster groups, by agreement with lifestyle statements, 2006
- Figure 54: Those agreeing that ' I like taking risks' , by gender,
demographic sub-group and recent life events, 2006
- Figure 55: Agreement/disagreement that ' I ask people for advice before
buying new things' , by demographic sub-group and recent life events, 2006
- Figure 56: Agreement/disagreement that ' People come to me for advice
before buying new things' , by demographic sub-group and recent life events,
2006
- Figure 57: Agreement/disagreement that ' advertising helps me decide what
to buy' , by demographic sub-group and recent life events, 2006
- Figure 58: Agreement/disagreement that ' I think quite a lot of TV
advertising is devious' , by demographic sub-group and recent life events,
2006
- Figure 59: Those agreeing that ' When I need information the first place
I look is the Internet' , by gender, demographic sub-group and recent life
events, 2006
- Figure 60: Those agreeing that ' I often refer to the Internet before
making a purchase' , by gender and demographic sub-group and recent life
events, 2006
- Figure 61: Agreement/disagreement that ' You have to be careful about the
quality of the things you buy on the Internet' , by demographic sub-group and
recent life events, 2006
- Figure 62: Agreement/disagreement that ' It is important that a company
acts ethically' , 2006
- The role of employment
- Figure 63: Those agreeing that ' In a job, security is more important
than money' , by gender, demographic sub-group and recent life events, 2006
- Figure 64: Those agreeing that ' I worry about work during my leisure
time' , by gender, demographic sub-group and recent life events, 2006
- Figure 65: Those who are worried about the security of their current
job, june 2006
- The role of family
- Figure 66: Those who are worried about the cost of their children' s
education, June 2006
- Figure 67: Those who are worried about their own health problems, June
2006
- Figure 68: Those who are worried about the serious illness of someone
close to them, June 2006
- Figure 69: Those who are worried about coping with bereavement, June 2006
- Figure 70: Those who are worried about feeling lonely, June 2006
- Money matters
- Figure 71: Those who are worried that they don' t have enough money for
the kind of lifestyle they would like to lead, June 2006
- Figure 72: Those who are worried about not being able to pay the bills,
June 2006
- Figure 73: Consumer confidence, by lifestage, January 2007
- Figure 74: Consumer confidence, by lifestage* (mean scores), 2001-07
- Figure 76: Agreement/disagreement that ' If there' s something I want I
save up for it' , by demographic sub-group and recent life events, 2006
- Figure 77: Agreement/disagreement that ' I spend money more carefully
than I used to' , by demographic sub-group and recent life events, 2006
- Figure 78: Agreement/disagreement that ' I tend to spend money without
thinking' , by demographic sub-group and recent life events, 2006
- Figure 79: Agreement/disagreement that ' With a credit card I can buy
things I can' t normally afford' , by demographic sub-group and recent life
events, 2006
- Figure 80: Agreement/disagreement that ' It is important to be
well-insured for everything' , by demographic sub-group and recent life
events, 2006
- Figure 81: Those who are worried about not having sufficient pension to
maintain a reasonable standard of living in retirement, June 2006
- Figure 82: Agreement/disagreement that ' I am very good at managing
money' , by demographic sub-group and recent life events, 2006
- Figure 83: Agreement/disagreement that ' I usually consult a financial
advisor before deciding on financial matters' , by demographic sub-group and
recent life events, 2006
- Figure 84: Ownership of financial products, by security and trust
typology, 2006
- Security and home
- Figure 85: Those agreeing that ' Once I find a brand I like I tend to
stick to it' , by gender, demographic sub-group and recent life events, 2006
- Figure 86: Those who agree that ' I like changing brands' , by gender,
demographic sub-group and recent life events, 2006
- A sense of self
- Figure 87: Those agreeing that ' I worry a lot about myself' , by gender,
demographic sub-group and recent life events, 2006
- Figure 88: Those who are worried about beginning to show their age in
their appearance, June 2006
- Holidays and travel
- Figure 89: Agreement/disagreement that ' Newspaper and magazine articles
on holiday travel influence my choice of holiday' , by demographic sub-group
and recent life events, 2006
- Figure 90: Holiday habits in last 12 months, by security and trust
typology, 2006
- Looking ahead
- Figure 91: Agreement/disagreement that ' I am very happy with my life as
it is' , by demographic sub-group and recent life events, 2006
- Figure 92: Those agreeing that ' I am very happy with my life as it is' ,
by gender, demographic sub-group and recent life events, 2006
- Figure 93: Agreement/disagreement that ' I am an optimist' , by
demographic sub-group and recent life events, 2006
- Figure 94: Those agreeing that ' I am an optimist' , by gender,
demographic sub-group and recent life events, 2006
- Figure 95: Agreement/disagreement that ' I like to enjoy life and don' t
worry about the future' , by demographic sub-group and recent life events,
2006
- Figure 96: Those agreeing that ' I like to enjoy life and don' t worry
about the future' , by gender, demographic sub-group and recent life events,
2006
- Figure 97: Spending priorities for 2007, by lifestage, 2006
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