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National Consumer Agency Market Research Findings: Household Budgeting and Financial Planning

This market research report presents key findings on household budgeting and financial planning. It includes information on income and expenditure trends, financial difficulties, shopping habits, and insurance preferences.

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National Consumer Agency Market Research Findings: Household Budgeting and Financial Planning

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  1. National Consumer Agency Market Research Findings: Household Budgeting and Financial Planning October 2011 Research Conducted by

  2. Key Findings Household Budgeting and Financial Planning Research Background and Methodology Profile of Sample Table of Contents

  3. Key Findings

  4. Key Findings - I • 64% of consumers indicated that “household income decreased since the same period in the previous year”: • Of these: • 50% = expenditure increased in the period • 25% = expenditure remained the same • There has been a slight lift, up 5 percentage points to 16%, in the proportion of consumers who believe that Ireland will be through the worst of the recession in 12 months time • 1 in 2 (50%) Irish Consumers budget for household expenses; higher amongst 35-44 year olds and those responsible for the main grocery shop. • Those who operate a budget are most likely to do so on a weekly basis

  5. Key Findings - II • Almost 1 in 4 (23%) have found themselves in financial difficulty within the past 12 months • Those who have found themselves in financial difficulty; • 3 in 5 have cut back on spending, • 3 in 10 borrowed money from friends/family • while 1 in 4 took money out of savings while a similar proportion missed a payment • Over 7 in 10 (71%) consumers indicated that they shop around when purchasing car insurance, with over 6 in 10 (62%) doing so in relation to house insurance, and the corresponding figure for health insurance was just over 1 in 2 (52%)

  6. Household Budgeting and Financial Planning

  7. Household Income & Expenditure - Overview (Base: All aged 15-74 – 1,000) INCOME EXPENDITURE % % Increased a lot (5) (1) (3) Increased a little (4) (6) 77% (66%) Remained the same (3) (31) (19) Decreased a little (2) (37) 64% (61%) (41) Decreased a lot (1) (18) (24) (9) (7) (4) Don’t know () = Nov/Dec 2010

  8. Household Income & Expenditure - I (Base: All aged 15-74 – 1,000) Don't know = 7% (7%) EXPENDITURE: (27) (41) (25) Decreased (%1/2) Stayed the same (%3) Increased (%4/5) INCOME: % % % (1) (-) (2) Increased a lot (5) (1) (5) (4) Increased a little (4) (12) Remained the same (3) (19) (54) (46) Decreased a little (2) (42) 89% (88%) 79% (74%) (32) (42) 44% (42%) Decreased a lot (1) (32) (10) () = Nov/Dec 2010

  9. Household Income & Expenditure - II (Base: All aged 15-74 – 1,000) Don't know = 5% (4%) INCOME: (61) (31) (4) %4/5 Increased: Base is too Small to Analyse Decreased (%1/2) Stayed the same (%3) EXPENDITURE: % % (2) 25% (16%) Increased a lot (5) (9) 50% (31%) (14) Increased a little (4) (22) (73) (29) Remained the same (3) 23% (39%) (24) Decreased a little (2) Decreased a lot (1) (15) (10) Don’t know (1) (1) () = June 2010

  10. One Word to Describe: Ireland Right Now (Base: All aged 15-74 – 1,000) June 2010 Nov/Dec 2010 May/June 2011

  11. One Word to Describe: Your Current Financial Situation (Base: All aged 15-74 – 1,000) May/June 2011

  12. One Word to Describe:How You Yourself Feel Right Now (Base: All aged 15-74 – 1,000) June 2010 Nov/Dec 2010 May/June 2011

  13. One Word to Describe: Your Job (Base: All aged 15-74 – 1,000) The predominant word used to describe how consumers currently feel about their job is ‘None’ – driven by those who are currently unemployed. However, when ‘none’ is removed – most describe their job as ‘Good’.

  14. Economic Outlook – I (Base: All aged 15-74 – 1,000) May/June ‘11 Nov/Dec ‘10 June ‘10 Disagree strongly (1) Disagree (2) Agree (4) Agree Strongly (5) 73% 72% 73% 64% 64% 65% 65% * New Statement

  15. Economic Outlook – II (Base: All aged 15-74 – 1,000) May/June ‘11 Nov/Dec ‘10 June ‘10 Disagree strongly (1) Agree Strongly (5) Disagree (2) Agree (4) 53% 48% 68% 16% 77% 11% 31% 38% 67% 12% 79% 9% 51% 12%

  16. One Word to Describe: Ireland in 12 Months Time (Base: All aged 15-74 – 1,000) June 2010 Nov/Dec 2010 May/June 2011

  17. One Word to Describe: Your Future (Base: All aged 15-74 – 1,000) Nov/Dec 2010 June 2010 May/June 2011

  18. Factors Which Influence Choice of Institution For.... Current Account Savings Accounts (Base: All with a current a/c - 852) (Base: All with a savings a/c - 848) % % Most Influence Any Influence Most Influence Any Influence

  19. Budgeting for Household Expenses (Base: All aged 15-74 – 1,000) Incidence of Budgeting for Household Expenses Timeframe Budget Operated Within % % Daily Weekly Yes Fortnightly • Higher amongst: • 35-44 year olds 68% • Responsible for main grocery shop 64% • Living in Connaught/Ulster 60% • Females 57% Monthly Quarterly Annually

  20. Experience Any Financial Difficulty (Base: All aged 15-74 – 1,000) % % Yes • Higher amongst • Unemployed 41% • 25-34 year olds 32% • C2DE/F50- 31% • Part time workers 31%

  21. Insurance Products Held & Incidence of Shopping Around for Quotes (Base: All aged 15-74 – 1,000) Incidence of Shopping Around for Quote Method of Shopping Around Currently Held % % • Telephone 47% • Online 40% • Broker 27% • Telephone 43% • Online 37% • Broker 30% • Telephone 45% • Online 45% • Broker 14%

  22. Downgrade and Renewal of Policies Have you Downgraded your Policy in the last 12 Months due to Cost? Likelihood to Renew Health Insurance Policy at Renewal Date (Base: All who currently have each insurance Policy) (Base: All with health insurance - 482) % % Don’t know (Base: 736) No (Base: 624) Yes (Base: 482)

  23. Research Background and Methodology

  24. The research was conducted by means of face-to-face interviewing with 1,000 people between the ages of 15-74. To ensure that the data is nationally representative, quotas were applied on the basis of age, gender and social class. Interviewing was conducted over a four week period in May/June 2011. A. Research Background and Methodology Nov/Dec 2007 Aug 2008 Nov/Dec 2008 May/June 2009 Benchmark Wave 1 Wave 2 Wave 3 Nov/Dec 2009 June 2010 Nov/December 2010 May/June 2011 Wave 4 Wave 5 Wave 6 Wave 7 Current Wave

  25. B. Profile of Sample – I (Base: All aged 15-74 – 1,000) MAIN GROCERY SHOPPER % % % % 15-24 Dublin Male ABC1 F50+ Yes No 25-34 Rest of Leinster 35-44 45-54 Munster Female C2DE F50- 55+ Conn/ Ulster

  26. B. Profile of Sample – II – Main Grocery Shoppers (Base: All Mainly Responsible for Grocery Shopping in Home – 504) % % % % 15-24 (17) ( ) = Total Sample Male (49) Dublin (28) 25-34 (22) ABC1 F50+ (48) Rest of Leinster (26) 35-44 (19) 45-54 (16) Female (51) Munster (28) C2DE F50- (52) Conn/ Ulster (18) 55+ (26)

  27. B. Profile of Sample – III – Internet Use (Base: All aged 15-74 – 1,000) EVER PURCHASED ONLINE BANKING ONLINE USE INTERNET (Base: All Internet Users - 750) (Base: All Internet Users - 750) (28%) Yes Yes Yes No No No (48%) (30%) (70%) (52%) (72%) % Yes % Yes % Yes () = figures from Nov/Dec 2010

  28. B. Profile of Sample – IV – Social Media (Base: All aged 15-74 – 1,000) Regular users of ....... Higher Amongst Type of phone % % • 15-24’s (86%) • 25-34’s (71%) • 35-44’s (55%) • ABC1/F50+ (52%) Have a ‘Smart phone’ • 15-24’s (25%) • 15-24’s (18%) • 55’s (90%) • 45-54’s (71%)

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