Market research on consumer financial planning and personal finances - National Consumer Agency, January 2012

1. National Consumer Agency
Market Research Findings:
Financial Planning and Money Resolutions for 2012
January 2012
Research Conducted by

2. Table of Contents
2
 Key Findings
 Financial Planning and Money Resolutions for 2012
Making Complaints
 Research Background and Methodology
 Profile of Sample
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3. 3
Key Findings
Making Complaints
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4. Key Findings
4
• Personal Finance Review:
• A fifth (21%) of consumers never review their personal finances
• Nearly 3 in 10 (27%) review finances monthly, with a further 11%
reviewing weekly
• 3 in 4 (75%) plan on carrying out a review of personal finances in the
new year Making Complaints
• The number one money resolution for 2012 is “to budget better” as cited
by 35%, followed by “to save more”, at 23%
• Biggest financial worries for 2012:
• “not having enough money to meet day to day expenses” (28%)
• “not being able to meet unexpected expenses” (20%)
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5. 5
Financial Planning and Money
Resolutions for 2012
Making Complaints
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6. Financial Planning
6
(Base: All aged 15-74 – 1,000)
Frequency of Reviewing
Personal Finances
%
Every week 11
Every month 27
Making Complaints
12
Every 3 months
Every 6 months 10
Once a year – at the start 7
1
Once a year – at another time 11
Less often
Never 21
1 in 5 (21%) never review their personal finances. Over 1 in 4 (27%) claim to review their personal
finances every month while 1 in 10 (11%) claim to do so every week.
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7. Plans for the Year Ahead
(Base: All aged 15-74 – 1,000)
7
Not at all Not very Fairly Very
Important Important Important Important Neither/ Mean
% Nor Score
Leading a healthier lifestyle 36 42 35 (77) 14 4.0
Carrying out a review of my (75)
46 36 39 15 4.0
personal finances
Having a better work/life balance Making 5Complaints
4 37 32 (69) 22 3.9
Getting fit/losing weight 7 9 34 30 (64) 20 3.7
Giving more time to community
8 11 35 15 (50) 31 3.4
activities/work
Over 3 in 4 (77%) plan to lead a healthier lifestyle in 2012. A similar proportion (75%) indicated that they
will carry out a review of their personal finances.
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8. Money Resolutions for 2012
(Base: All aged 15-74 – 1,000)
8
No. 1 money resolution for 2012
Nov 2011
% Nov/Dec 2010
To budget better 35
33
To save more 23
22 The number one money
Reduce my debts
Making 17
Complaints resolution for 2012
remains to budget better –
17
as mentioned by over 1 in
15 3 (35%).
Shop around for everything
19
Keep up to date with my repayments 3
on my mortgage –
9
Other #
6
#All other mentions 1% or less
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9. Money Concerns for 2012
(Base: All aged 15-74 – 1,000)
9
Biggest financial worry for 2012
% Nov 2011
28 Nov/Dec 2010
Not having enough money to meet
32
my day to day expenses
20
Not being able to meet
23
unexpected expenses
17 Consistent with the same
Not being able to save money for
future needs Making Complaints
13
17 period last year, the biggest
financial worry for 2012 is
I feel financially secure and have not having enough money
10 to meet day to day
no worries
expenses (28%).
11
Losing my job 10
4
Getting deeper into debt 5
7
Other # 3
# All other mentions 1% or less
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10. 10
Research Background
Making Complaints
and Methodology
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11. Research Background and Methodology
11
Nov/Dec Nov/Dec May/June
Aug 2008
2007 2008 2009
Benchmark Wave 1 Wave 2 Wave 3
Nov/December
Nov/Dec 2009 June 2010 May/June 2011
2010
Wave 4 Making Complaints
Wave 5 Wave 6 Wave 7
Nov 2011 Current Wave
Wave 8
 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 November 2011.
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12. Profile of Sample
(Base: All aged 15-74 – 1,000)
12
SEX AGE REGION SOCIAL CLASS MAIN GROCERY
% % % % SHOPPER
15-24 17
Dublin 28
Male 49 ABC1 48 47%
25-34 22 F50+ Yes 53% No
Making Complaints
Rest of
26
Leinster
35-44 19
45-54 16 Munster 28
Female 51 C2DE 52
F50-
55+ 26
Conn/ 18
Ulster
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