Bite-Sized Insights: 7 out of 10 Parents Still Managing to Save
For this week’s bite-sized insights topic, we were interested to find out if parents are saving and where. Take a quick read of this week’s bite-sized insights to find out what parents are saying about saving.
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We asked our Insights panel of parents to tell us if they are managing to save, where are they doing that? Here’s how they answered:
We also asked “Any other thoughts on savings?” Comments from parents included:
“It’s a lot tougher to save lately with inflation I have to cut savings to add to my weekly spend.”
“I have too many bills coming in to be able to save. Even with spreading out payments on my bills I am still struggling with them.”
“The low or non existent interest rates make saving seem pointless when there is no return on savings.”
“Only managing to save a very small amount in current conditions.”
“Very hard to do so at the moment, I had to lower my monthly saving amount.”
“It is becoming increasingly more difficult to save with rising costs and also banks and other types of traditional savings are not paying enough interest to make it a viable option!
I did have a credit union account but have closed it with the changes in the banks in Ireland I have consolidated savings with my current account into one bank so I can easily move money around through the online banking.
Investments, stocks or shares are really the only way to grow savings, but they have their own risks and you have to have the money upfront and often have to tie it up for long periods of time to make it worthwhile investing.”
“In the last number of years I have also topped up a private pension as it is a cost effective way of saving for my future as I reach that age where retirement is in sight!”
“I have a direct debit set up so €10 goes out every week but unfortunately, I have to keep dipping into it when bills come in.”
“I save the loose coins all year and then count them for holidays or christmas, it takes the sting out of bigger bills at an expensive time of year.“
Actionable Insights for Financial Brands
- 73% of parents told us they are concerned about saving for their child’s education. This is a real opportunity for financial services brands to offer products at an early stage in their child’s journey to help parents.
- Recommendations consistently come top across all consumer categories as the key influence for trying a new brand or product. An average parent’s network is over 500 in size, so activating parents to become recommenders in their network should be a key part of your marketing plan.
- Working with publisher websites such as Mykidstime.com can help build brand trust with parents for your financial services brand.
- Want to find out exactly what it is parents want when it comes to savings products? We can help! Contact us to start your parents insights journey