Bite-Sized Insights: The Rise in Cost of Living is Changing Parents' Saving Habits

Each week we ask our trusted Insights panel of parents a key question. This week we were interested in finding out how parents have been treating their savings since the pandemic began in March 2020. Take a quick read of this week’s bite-sized insights to find out what parents are saying about savings.

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.

We asked our Insights panel of parents to tell us how they treated their savings during the pandemic and here’s how they answered:

Comments from our panel members included:

“Not able to save with the cost of gas, electricity and groceries constantly rising. I have to cut down on grocery shopping in order to afford to pay my bills, so I cannot afford to save.”

“Costs have risen, income has dropped.”

“Prices went up even though not paying for kids activities. Now paying for both and more broke than ever.”

“I am a nurse who worked hard throughout pandemic. I have three kids, so I didn’t manage to save but money was a bit easier as less going out etc.”

“I was able to save more during the big lockdown when we had 5k limit and everything was closed but back to normal a good while now.”

“With the increase in electricity and diesel bills, it will be hard to save now.”

“There’s no incentive to save due to the lack of interest rates and when the cost of living has gone up but the wages do not reflect same.”

“I thought I would save more but ended up spending just as much as I normally do.”

“Trying to save although massive decrease in earnings as the pandemic is far from over in my opinion.”

“Always good to save, no matter what happens.”

“We saved more than we normally would have been able to during the pandemic as crèches were closed and also there were no functions to attend.”

“It seems that a lot of people who kept their jobs during the pandemic were able to save during that period and are now spending that money on things like refurbishments, extensions and foreign holidays. People who saved money during this period rather than spending it have given themselves a nice comfortable cushion going forward.”

“Too hard for most people, due to a lot not working and earning a lot less.”

Reflections for the Financial Sector:

Parents are feeling hard hit, as many report a hit to their earnings post-COVID and are finding it difficult to save. Can your institution offer help or additional information to encourage a savings positive mind set?
Do you offer longer term investments that parents could use to invest even small amounts of savings to reap the rewards at a later date?
It is important to build trust with parents for them to consider you for financial services. Understanding how to build that trust by drilling into what will resonate with parents is a critical step.

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.