Bite-Sized Insights: Family Finances
Each week we ask our trusted Insights panel of parents a key question. This week we were interested in finding out what their thoughts are about their family finances. It turns out that 42% of families are stretched or struggling at the moment. Take a quick read of this week’s bite-sized insights to find out what else our trusted panel told us:
Would you like business-transforming insights for your brand? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help your decision making and activate customers. Contact us now to find how we can help.
Recommended reading: What Parents Told Us About Managing Family Finances
We asked our Insights panel of parents to answer these quick questions:
Which word best describes the current situation of managing your family finances?
- Managing 50%
- Stretched 29%
- Struggling 13%
- Thriving 8%
Is there anything that your bank or financial institution could do to help you more when it comes to managing your family finances?
Comments from our panel members included:
“Be more flexible with families requesting loans. Often they just stick with their formulas and don’t approve loans even though families have the realistic capacity to repay.”
“Make it easier to have the option to be fee free.”
“Advice about best savings accounts for families.”
“Reduce bank fees please.”
“Better saving accounts, better interest rates.”
“Cancel interest rates on mortgage when parents are struggling during Covid, we’re not looking to freeze our mortgage just the interest.”
“If they could be more helpful, instead of always machines, I wish it was more personal. A lot of places have lost the personal touch.”
“I would like more contact from my bank as they only really send me statements but little else. I only notice other products they offer like insurance etc. when I am physically in the bank which is very rare so I could potentially be missing out on a worthwhile offer.”
“I tried to set up an online saver recently so I could put some money into it from my bank account when I have a hundred or two left at the end of the month but they made it quite difficult and would only give me the option of a mortgage saver or a saver where I could only put in a specific amount each month and it even specified that it wouldn’t allow you to transfer a different amount – basically what they could do is be more flexible!”
“Reduce mortgage rates to European averages!”
“Reduce bank charges. Charged to put money in. Charged to take out. The want us to use contactless not cash but we are charged for using and the shop are charged for having the facility.”
Reflections for Banks
- Could you communicate better with your customers beyond a monthly statement? You could be losing out on business for your other products and services.
- Parents want help with savings from flexible accounts to better interest rates if they do decide to save with you.
- Linked family accounts were mentioned by some of our respondents. Is this something you currently offer or could look at offering in the future?
- Some respondents are struggling in the current COVID crisis. How could you best help them and retain their business?
Would you like business-transforming insights from parents for your business? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help influence consumers to deliver long term profitability. Contact us now to find how we can help.
