lockdown: personal finance · 2020. 6. 11. · lose my job take a pay cut. not being able to pay...
TRANSCRIPT
LOCKDOWN: PERSONAL FINANCEThe impact of coronavirus on our personal finances and the role of
financial brands at this time
June 11th, 2020
WHAT WE’LL COVER…
WHAT ROLE CAN
FINANCIAL
BRANDS PLAY
AT THIS TIME?
2
THE IMPACT OF
CORONAVIRUS ON
OUR PERSONAL
FINANCES
1 3
OUR AWARD WINNING,
TRUSTED AND
POPULAR FINANCE
PORTFOLIO
A TURBULENT TIME FOR THE UNITED KINGDOM
SOURCES: STATISTA JUNE 2020, ONS 2020, DWP 2020 AND TRUSSEL TRUST APRIL 2020
8.7MNUMBER OF JOBS
FURLOUGHED UNDER THE
JOB RETENTION SCHEME£17BN ESTIMATED SPEND
ON SCHEME SO FAR
+3MNEW UNIVERSAL CREDIT
CLAIMS BETWEEN MARCH
16TH AND JUNE 2ND
1.1M ADVANCED PAYMENTS ACROSS THE PERIOD
UK ECONOMIC GROWTH
FIGURE FOR FIRST
QUARTER IN 2020ESTIMATED TO BE DOWN
-15% IN Q2 2020
-2%INCREASE IN NEED FOR
EMERGENCY FOOD PARCELS
DURING APRIL 2020+107% INCREASE IN PARCELS
GIVEN TO CHILDREN
+89%
With nearly 9 million workers put on furlough and millions more claiming Universal Credit
THE SUBSEQUENT UNCERTAINTY HAS RESULTED IN THE
MANAGEMENT OF PERSONAL FINANCES BECOMING
MORE IMPORTANT THAN EVER
Which, if any, of the following statements apply to you?
47%
I HAVE PAID MORE
ATTENTION TO NEWS ABOUT THE ECONOMY LATELY
38%
IT IS MORE IMPORTANT THAN EVER TO PLAN PERSONAL
FINANCES IN THE LONG TERM
SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259
37%
I HAVE BEEN TAKING A MORE
ACTIVE INTEREST IN MY PERSONAL FINANCES LATELY
THIS IS LEADING TO MORE CONVERSATIONS AND SEARCHES
AROUND FINANCE AND MORE TRAFFIC TO FINANCE SITES
HAVE TALKED TO OTHERS
ABOUT PERSONAL FINANCE
EITHER IN PERSON OR ONLINE(AVERAGE OF 2.9 CONVERSATIONS
PER PERSON)
4 I N 1 0
-10%
0%
10%
20%
30%
40%
50%
60%
70%
Money - % increase/decrease in Daily UBs vs Feb 2020 average
312kAVERAGE
DAILY UNIQUE
BROWSERS LW
+30%AVERAGE DAILY
UBs UPLIFT SINCE
LOCKDOWN
+73%INCREASE IN ‘HOW
TO’ CONTENT VS
LAST YEAR
SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259 Q: IN THE PAST MONTH OR SO, HOW MANY DIFFERENT PEOPLE WOULD YOU SAY
THAT YOU HAVE TALKED ABOUT PERSONAL FINANCE WITH OTHERS EITHER IN PERSON OR ONLINE? | ADOBE ANALYTICS 2019-2020
Impact of Coronavirus on traffic to This Is Money
HOW DO BRITS THINK
CORONAVIRUS WILL
IMPACT ON THEIR
FINANCES?
13% 35% 42%
What impact do you think that the Coronavirus pandemic in the UK will have on your household finances?
SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259
PLEASE INDICATE WHAT IMPACT YOU THINK THAT THE CORONAVIRUS PANDEMIC IN THE UK WILL, OR WILL NOT, HAVE ON THE FOLLOWING…?
P O S I T I VE N O C H A N G E N E G A T I VE
25-34 YR OLDS
28%
65+ YR OLDS
52%
LONDONERS
30%
15-24 YR OLDS
51%
S. WEST
47%
CORONAVIRUS TO HAVE HUGE IMPACT ON H/H FINANCES
2 in 5 expect coronavirus to negatively impact their household finances.
25-34s are the most optimistic and 65+ adults are more likely to say it will have no impact.
-18%
-30%-32%
-39%
-45%
-61%
What impact do you think that the Coronavirus pandemic in the UK will have on…(net negative)
YOUR WAGES HH FINANCES HOUSE PRICES JOBS IN
THE UK
PRICES IN
THE SHOPSWAGES IN
GENERAL
What do you think you personally are likely to experience in the next 6 or 12 months?
7% 13%7% 12%
SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259
PLEASE INDICATE WHAT IMPACT YOU THINK THAT THE CORONAVIRUS PANDEMIC IN THE UK WILL, OR WILL NOT, HAVE ON THE FOLLOWING…?
IMPACT OF PANDEMIC TO BE FELT ACROSS MANY AREAS
Wages, the price of goods and house prices all expected to be negatively impacted.
1 in 8 are worried about the potential of losing their job in next 12 months.
6 MONTHS 12 MONTHS 6 MONTHS 12 MONTHS
LOSE MY JOB TAKE A PAY CUT
Not being able to pay bills, becoming a victim of fraud and not having enough money
to buy food are amongst the most pressing concerns amongst certain groups.
Below are a list of financial concerns. How would you personally classify this list of financial concerns? (short term concern)
NOT ABLE TOPAY BILLS
19%
NOT HAVING RAINY DAY FUND
18%
BEING VICTIM OF FRAUD
18%
NOT ABLE TOBUY FOOD
17%
NOT ABLE TOMAINTAIN LIFESTYLE
15%
NOT BEING ABLE TO PAY DEBTS
15%
NOT ENOUGH TO TAKE HOLIDAY
14%
65+ YR OLDS
20%#1 concern for
65+ audience
PARENTS
26%
+37% more
likely to be
concerned
LONDONERS
26%
+73% more
likely to be
concerned
25-34 YR OLDS
25%
+78% more
likely to be
concerned
15-24 YR OLDS
32%
+77% more
likely to be
concerned
PARENTS
21%+24% more
likely to be
concerned
PARENTS
22%
+47% more
likely to be
concerned
Source: Mail Finance Survey June 2020 N=1259
MANY HAVE PRESSING SHORT TERM CONCERNS
THIS DOESN’T MEAN CONSUMERS DON’T INTEND TO
SPEND, RATHER THAT ‘VALUE’ AND ‘REASSURANCE’ WILL
BECOME INCREASINGLY IMPORTANT TO THEM
22%
13%12%
8%
4%
TAKE A UK BREAK
SPEND £500 ON HOME
TAKE HOLIDAY /ABROAD
BUY A CAR MOVE HOME
Which, if any, do you think you personally are likely to do or experience in... a) the next 6 months?
80%
93%
I DEFINITELY NEED TO
BUY SOMETHING FROM
A NON-ESSENTIAL STORE
I DEFINITELY NEED TO
BUY SOMETHING
FROM/WOULD LIKE
TO BROWSE A
NON-ESSENTIAL STORE65%OF THOSE WHO HAVE BEEN REFUNDED FROM A CANCELLED TRIP PLAN TO PUT IT TOWARDS THEIR NEXT HOLIDAY/TRIP
SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259 | SOURCE: MATTERS SURVEY MAY 2020. N=350 DO YOU NEED TO PURCHASE
ITEMS OR SERVICES FROM ANY OF THESE DIFFERENT TYPES OF STORES? A: I DEFINITELY NEED TO BUY SOMETHING FROM THESE STORES
Do you need to purchase items or services from any of these different types of stores? (all non-essential shops)
WHAT ROLE CAN
FINANCIAL BRANDS
PLAY AT THIS TIME?
Please indicate your level of agreement or disagreement with each of the following statements. Financial companies should be…
73%
…SHOWING CONSUMERS HOW
THEY CAN PROTECT THEMSELVES FROM FRAUD AT THIS TIME
71%
…RE-ASSURING CONSUMERS THAT THEY CAN HELP PEOPLE AT THIS TIME
70%
…SHOWING CONSUMERS
HOW THEY CAN ACCESS SERVICES/ADVICE AT THIS TIME
They are looking for reassurance, protection and advice from them
CONSUMERS WANT TO HEAR FROM FINANCIAL COMPANIES
SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259
WAYS TO REDUCE H/H BILLS
37% 36%
HOW TO BEST SAVE & INVEST
29%
ITEMS SELLING CHEAP NOW
28% 26%
CONSUMER RIGHTS ONLINE
23%
HOLIDAYCANCELLATIONS
23%
MAKING HOMEWORKING WORK
19%
FURLOUGHING:THE RULES
18%
JOB SEARCHINGTOP TIPS
18%
COPING WITHCASHLESS SOCIETY
15%
KEY WORKERDISCOUNTS
14%
RESOURCES TOENTERTAIN KIDS
14%
ADVICE FORSELF EMPLOYED
14%
MORTGAGEHOLIDAYS
12%
REDUNDANCY:WHAT TO EXPECT
9%
CUTTING THE COST OF FOOD BILL
DO YOUR HOMEUP FOR LESS
Please indicate which, if any, of the following topics you would like to see at this present time.
Source: Mail Finance Survey June 2020 N=1259
Tips on reducing cost of living are the most popular but there is also interest in
consumer rights and guidance around the workplace.
THEY WANT TO READ ABOUT A BROAD RANGE OF TOPICS
WHY ADVERTISE
WITH MAIL
METRO MEDIA?
NEWSPAPERS AND NEWS WEBSITES ARE CREDIBLE SOURCES
THAT ADD TO UNDERSTANDING OF FINANCIAL COMPANIES
Which, if any, of the following words would you tend to associate with financial brands who advertise in
the following media…Credible
23%
23%
32%
33%
37%
38%
39%
39%
Social Media
Direct Mail
TV
Magaizines
Newpaper websites
Newspapers
Specialist Sites
Radio
Source: Mail Finance Survey June 2020 N=1259
50%
35%
ARTICLES IN NEWSPAPERS / NEWSPAPERS WEBSITES ADD TO MY UNDERSTANDING OF FINANCE COMPANIES
ADVERTISING IN NEWSPAPERS / NEWSPAPERS WEBSITES ADD TO MY UNDERSTANDING OF FINANCE COMPANIES
MAIL METRO MEDIA REACHES 2 IN 3 ADULTS EVERY MONTH
AND OUR PRINT AND DIGITAL PORTFOLIO OFFERS TRUSTED
ENVIRONMENTS TO ENGAGE ALL AUDIENCES
60%
65%
56%
57%
75%
72%
55+
35-54
15-34
MMM monthly reach of age groups
Women Men
#1daily finance
section in national press
#1award winningFinancial site
TWICEas many 15-34s daily vs. other
print titles
+30%increase in traffic sinceCOVID-19
+68%more likely to sayfinances better
In next year
+43%more likely to be
interested infinance
1 in 2personal finance
coverage inMail relevant
+60%more likely to
change bank in next 6 months
TWICEas likely to
change bank in next 6 moths
Source: Mail Finance Survey June 2020 N=1259 | PAMCO 1 2020
Mail Metro Media: Valuable audiences, credible content
IN SUMMARY…
Coronavirus has had a monumental impact on the economy with nearly 9m on
furlough and a huge increase in benefit claimants. 4 in 10 think their finances will be negatively impacted but some groups appear to be more resilient than others.
With wages, house prices and prices in shops expected to be negatively impacted by
coronavirus. Brits top short term financial concerns are primarily focussed on ensuring they can cope with the cost of living and being protected from financial fraud.
Consumers want to and expect to hear from financial brands at this time. 71% say
financial companies should be reassuring consumers that they can help at this time.
Finance content is proving extremely popular and Brits are interested in a broad range of content ranging from cost of living to workers rights.
Newspapers and news websites provide a trusted and credible environment for
financial brands to advertise and consumers say that advertising in them adds to
their understanding of financial brands. Mail Metro Media has award winning and trusted financial sections and our cross media portfolio reaches all audiences.
LOCKDOWN: PERSONAL FINANCE
Methodology
S U R V E Y :
15 min online survey
Readers recruited through access panel
F I E L D W O R K D A T E S :
20th May – 7th June (1,271 respondents)
S A M P L E :
Data weighted to be representative by age
and gender of Great Britain
LOCKDOWN: PERSONAL FINANCEThe outbreak of coronavirus and the subsequent
implementation of lockdown measures have had
an unprecedented impact on both personal
finances and the wider economy.
Using a nationally representative sample, we
explore how Brits expect coronavirus to impact
their personal finances, what their top financial
concerns are and also what they expect from
brands at this this time.