Each week we ask our trusted Insights panel of parents a key question. This week we were interested in finding out whether families are saving more or less than before lockdown. It turns out 72% are actively saving at the moment. Take a quick read of this week’s bite-sized insights to find out what else parents 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.
With the lockdown, shops and creches being closed, and people working from home, spending has naturally gone down, with the result that 72% of parents on our trusted panel telling us they are actively saving.
Recommended reading: What Parents Told Us About Staycations in Ireland
We asked our Insights panel of parents to answer this quick question:
Are you saving at the moment?
- I’m saving more money than last year this time 48%
- I’m saving about the same as before 24%
- I’m not saving (not able to at the moment) 22%
- I’m saving less money than last year this time 6%
Some additional comments from our panel members included:
“During this I’ve managed to save a substantial amount of money. It makes me wonder what I was spending my money on before all this!! We have always saved but have been able to increase the amount during Covid. With holidays cancelled & no family days out etc we had surplus money to save. It shows you just how easy it is to spend money on things like coffee, breakfast / lunch with friends etc”
“I’m not travelling so I’m saving loads on petrol.”
“No childcare costs for the past 3 months have allowed me to save for the first time in about 5 years!”
“While I have been saving a small bit since COVID-19 began, my food bill has shot up at the same time.”
Reflections for the Financial Sector
- How can institutions encourage these savers to save with them? Are you offering easy savings options to your customers?
- Are you having conversations with parents about why they save and where?
- Do you offer longer term investments that parents could use to invest those savings in to reap the rewards at a later date?
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.