From Boring Money Bulletin September 2017
Money Tribes: Suspicious Savers
This month saw the launch of our Customer Acquisition Report in which we take a deep look into the attitudes, behaviours and barriers of savers and investors, as well as exploring the marketing strategies (and budgets!) providers are deploying in order to acquire new investors. One audience the report explores in great detail is the Suspicious Savers tribe – those who love putting their savings into cash but have no investments.
- Just over a third of the British population are Suspicious Savers (savers but not investors)
- Over 60% of Suspicious Savers like to have easy access to their money
- Over 25% of Suspicious Savers have more than £10k in cash savings
- But amongst those with over £10k in cash, 50% think that investments are either ‘too risky’ or that ‘holding cash is safer’
When it comes to investing, Suspicious Savers are exactly that – suspicious! The ghosts of the recession still hang around strongly for this audience and with some feeling they had their fingers burnt previously, they are highly untrusting of the financial industry, markets and advisors. The government offers no stability either – the ever-present uncertainty of Brexit does not encourage optimism. How can they be sure that any investments aren’t going to fall off a cliff once Theresa gets (or doesn’t get!) her deal? Better to keep it in the bank where they know they can keep it protected.
Unlike our younger Tribes, Suspicious Savers tend to be more aware of the basic investing principles – they know why they should be doing it, but they just lack the confidence to do it themselves or the faith in others to have their best interests at heart. Access is a major barrier and many Suspicious Savers don’t even listen because they assume any investments are locked away.
To understand more about this tribe, their barriers and how you might actually strike up a conversation, please contact Alex for further information. We are very good at adding our market knowledge to our consumer research and working with our clients to deliver a specific, tested and targeted comms campaign, focussed on your tribe of choice.