On the topic of family finances we asked parents to tell us their views and to give us feedback on what is important to them, how they approach managing the family money and their views on banking. Read on to find out more about Insights into Parents and Family Finance and to download our free report.
Would you like tailored insights for your brand? Use our trusted 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
[EDIT] This report is more than a year old, check out our 2021 insights report on family finance here!
This month’s Insights report gives feedback from parents and insights into their views on managing money for the family. To gather this, we carried out an online survey as well as an online focus group.
Key Insights from Parents on Family Finances
Online Survey carried out on Mykidstime.com in November 2020 with 372 responses from parents and an Online Focus Group carried out on MyInsightsOnTime private platform in November 2020 with 20 panel participants.
- 49% of parents don’t save regularly
- 88% of parents have opened a child savings account with the bank, post office or credit union
Three things that parents would like their bank to do:
- Give them regular prompts to add to savings
- Show them a breakdown of where spending is going
- Offer easy to set up savings accounts for kids
A Selection of the Feedback from Parents
What Banks/Financial Institutions Could Do Better to Help Families
“They could explain which savings account would be the better option for us.”
“Special offers for long term savings for education and good interest rates for kids accounts.”
Researching New Financial Products or Switching
“I look for a price comparison website online and talk to friends and family about what they have experience with to get the best deals.”
“I research on the Internet first, pick a couple of choices that would work for us and then ask those companies for more info.”
Areas of Family Finance Parents Find it Difficult to Get Information On
“What options I have with regard to savings, what is best and how do they work.”
“How my remaining mortgage is calculated and if I add more to my monthly payment how much sooner can I pay it off?”
Online Services or Apps They Use to Manage Family Finances
“Online banking and online facility with credit union. Very helpful to view balances and to transfer money, especially at this time when we are so restricted in our movements and wanting to keep safe.”
“I use online banking apps for the various institutions we have accounts with.”
Key Recommendations for Financial Brands
- Parents want to save. Is there anything you could do to help them organise their money and make saving easier? Many parents mentioned reminders to save, so this could be a simple ongoing communication exercise.
- The feedback from parents was that they had a hard time trying to access information on and to understand different savings accounts. Primers, comparison charts and easily accessible graphics that can be consumed quickly on mobile would be a good starting point here.
- Families have an appetite for linked accounts as well as savings/investment vehicles for longer term expenses such as college. Look at how you segment and manage those family entities and products, as that could be an opportunity and a market differentiation.
- Budgeting was something respondents mentioned throughout the feedback. And parents have key seasonal events such as Back to School, Communion and so on. Can you create content that helps parents with budgeting for those events?
Download Our Free Insights Report
For more recommendations, survey results and in-depth insights, download our free Insights report on Parents and Family Finances.
In the report you’ll get in depth stats, insights and recommendations to help your business.
Would you like insights from parents for your business? Talk to our panels of engaged mums and dads, using our dedicated private platform to gather critical insights to help influence and activate them. Contact us now to find how we can help.