NCA Market Research on Financial Planning, Jan 2012

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Market research on consumer financial planning and personal finances - National Consumer Agency, January 2012

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NCA Market Research on Financial Planning, Jan 2012

  1. 1. National Consumer Agency Market Research Findings:Financial Planning and Money Resolutions for 2012 January 2012 Research Conducted by
  2. 2. Table of Contents2  Key Findings  Financial Planning and Money Resolutions for 2012 Making Complaints  Research Background and Methodology  Profile of Samplewww.nca.ie
  3. 3. 3 Key Findings Making Complaintswww.nca.ie
  4. 4. Key Findings4• Personal Finance Review: • A fifth (21%) of consumers never review their personal finances • Nearly 3 in 10 (27%) review finances monthly, with a further 11% reviewing weekly • 3 in 4 (75%) plan on carrying out a review of personal finances in the new year Making Complaints• The number one money resolution for 2012 is “to budget better” as cited by 35%, followed by “to save more”, at 23%• Biggest financial worries for 2012: • “not having enough money to meet day to day expenses” (28%) • “not being able to meet unexpected expenses” (20%)www.nca.ie
  5. 5. 5 Financial Planning and Money Resolutions for 2012 Making Complaintswww.nca.ie
  6. 6. Financial Planning6 (Base: All aged 15-74 – 1,000) Frequency of Reviewing Personal Finances % Every week 11 Every month 27 Making Complaints 12 Every 3 months Every 6 months 10 Once a year – at the start 7 1 Once a year – at another time 11 Less often Never 21 1 in 5 (21%) never review their personal finances. Over 1 in 4 (27%) claim to review their personal finances every month while 1 in 10 (11%) claim to do so every week.www.nca.ie
  7. 7. Plans for the Year Ahead (Base: All aged 15-74 – 1,000) 7 Not at all Not very Fairly Very Important Important Important Important Neither/ Mean % Nor ScoreLeading a healthier lifestyle 36 42 35 (77) 14 4.0Carrying out a review of my (75) 46 36 39 15 4.0personal financesHaving a better work/life balance Making 5Complaints 4 37 32 (69) 22 3.9Getting fit/losing weight 7 9 34 30 (64) 20 3.7Giving more time to community 8 11 35 15 (50) 31 3.4activities/work Over 3 in 4 (77%) plan to lead a healthier lifestyle in 2012. A similar proportion (75%) indicated that they will carry out a review of their personal finances. www.nca.ie
  8. 8. Money Resolutions for 2012 (Base: All aged 15-74 – 1,000)8 No. 1 money resolution for 2012 Nov 2011 % Nov/Dec 2010 To budget better 35 33 To save more 23 22 The number one money Reduce my debts Making 17 Complaints resolution for 2012 remains to budget better – 17 as mentioned by over 1 in 15 3 (35%). Shop around for everything 19 Keep up to date with my repayments 3 on my mortgage – 9 Other # 6 #All other mentions 1% or lesswww.nca.ie
  9. 9. Money Concerns for 2012 (Base: All aged 15-74 – 1,000)9 Biggest financial worry for 2012 % Nov 2011 28 Nov/Dec 2010 Not having enough money to meet 32 my day to day expenses 20 Not being able to meet 23 unexpected expenses 17 Consistent with the same Not being able to save money for future needs Making Complaints 13 17 period last year, the biggest financial worry for 2012 is I feel financially secure and have not having enough money 10 to meet day to day no worries expenses (28%). 11 Losing my job 10 4 Getting deeper into debt 5 7 Other # 3 # All other mentions 1% or lesswww.nca.ie
  10. 10. 10 Research Background Making Complaints and Methodologywww.nca.ie
  11. 11. Research Background and Methodology 11 Nov/Dec Nov/Dec May/June Aug 2008 2007 2008 2009 Benchmark Wave 1 Wave 2 Wave 3 Nov/December Nov/Dec 2009 June 2010 May/June 2011 2010 Wave 4 Making Complaints Wave 5 Wave 6 Wave 7 Nov 2011 Current Wave Wave 8 The research was conducted by means of face-to-face interviewing with 1,000 people between the ages of 15-74. To ensure that the data is nationally representative, quotas were applied on the basis of age, gender and social class. Interviewing was conducted over a four week period in November 2011. www.nca.ie
  12. 12. Profile of Sample (Base: All aged 15-74 – 1,000) 12 SEX AGE REGION SOCIAL CLASS MAIN GROCERY % % % % SHOPPER 15-24 17 Dublin 28 Male 49 ABC1 48 47% 25-34 22 F50+ Yes 53% No Making Complaints Rest of 26 Leinster 35-44 19 45-54 16 Munster 28Female 51 C2DE 52 F50- 55+ 26 Conn/ 18 Ulster www.nca.ie

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