IntroductionEuropean consumer confidence has been more seriously damaged by the global economic downturn than elsewhere, and the accompanying dampened expectations must be acknowledged when meeting customers' financial needs.Scope*Detailed analysis documenting European consumers' 'recessionary mindset' and how this influences perceptions about current and future prospects*Insights highlight how the economic downturn has affected emotional wellbeing and financial security in Europe compared to the global average *Detail discussion of what the downturn means for saving and investment products and what must be done to once again engage consumers*In-depth analysis into Europe's growing online banking market's highlighting important opportunities for FS providersHighlightsRecessionary pressures have caused the European consumer to stand still, uncertain of what move to make. European financial service providers need to take this on board when trying to market their products, reassuring the consumer enough to entice them to make positive changes.Stress and happiness indictors are important to note as they reveal the state of mind of the European consumer. Faced with the uncertainty of the economic and financial landscape there exists an opportunity for financial services to supply products that provide peace of mind.Reasons to Purchase*Gain a detailed understanding of changing consumer attitudes amid the global downturn in order to build appropriate recessionary strategies*Assist consumer segmentation and targeting efforts by accessing data from Datamonitor's Global FS Consumer Insight survey

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The Global Economic Crisis: The Impact On European Consumer
Attitudes Towards Financial Services
Published on August 2009
Report Summary
Introduction
European consumer confidence has been more seriously damaged by the global economic downturn than elsewhere, and the
accompanying dampened expectations must be acknowledged when meeting customers' financial needs.
Scope
*Detailed analysis documenting European consumers' 'recessionary mindset' and how this influences perceptions about current and
future prospects
*Insights highlight how the economic downturn has affected emotional wellbeing and financial security in Europe compared to the
global average
*Detail discussion of what the downturn means for saving and investment products and what must be done to once again engage
consumers
*In-depth analysis into Europe's growing online banking market's highlighting important opportunities for FS providers
Highlights
Recessionary pressures have caused the European consumer to stand still, uncertain of what move to make. European financial
service providers need to take this on board when trying to market their products, reassuring the consumer enough to entice them to
make positive changes.
Stress and happiness indictors are important to note as they reveal the state of mind of the European consumer. Faced with the
uncertainty of the economic and financial landscape there exists an opportunity for financial services to supply products that provide
peace of mind.
Reasons to Purchase
*Gain a detailed understanding of changing consumer attitudes amid the global downturn in order to build appropriate recessionary
strategies
*Assist consumer segmentation and targeting efforts by accessing data from Datamonitor's Global FS Consumer Insight survey
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Table of Content
OVERVIEW 1
Catalyst 1
Summary 1
THE FUTURE DECODED 2
INTRODUCTION: Understanding how recessionary mindsets influence attitudes towards and actual consumption is vital 2
The recessionary mindset of European consumers has intensified with consumers' widespread belief that they are living in a
recession 2
TREND: Lower consumer confidence is reflected by a generally negative outlook amongst European consumers 3
Perceptions about the economy, job security and household financial status in Europe have all worsened and there is limited
optimism for the six months ahead 4
European consumers' downbeat forecasts appear to be negatively impacting perceptions of quality of life, with stress levels up and
personal happiness down 9
Stress levels have risen during the financial downturn, and this should be reflected in the financial services offered 9
INSIGHT: Faced with high uncertainty and low optimism for the future, European consumers embrace the status quo 10
European consumers experience increased concerns over their financial products yet remain below the global average 10
ACTION POINT: Financial services providers must meet the anxiety of European consumers for the long term with products and
advice geared to alleviate this concern, and target providing support with a personal touch 11
Europeans do not translate their more pessimistic general outlook into higher concerns around specifics 13
Increased concerns fail to elicit a significant response from European consumers 13
ACTION POINT: Financial services providers have a role to play in reassuring consumers and boosting confidence in their wider
financial situation 15
TREND: Confidence concerning one's future personal financial situation influences consumers' financial services decisions 15
Confidence concerning future household financial security impacts short-term savings 15
Long-term savings plans are also impacted upon by household financial confidence 16
INSIGHT: There exists a not inconsiderable segment of consumers that have the means and yet are still reluctant to save, both now
and in the long run 17
Financial services institutions must encourage these key consumer segments to ask themselves: "Can I afford not to save'" 18
Key consumer segment 1: apathetic consumers 18
Key consumer segment 2: struggling consumers 19
INSIGHT: European online banking market reveals untapped potential 20
Europeans check balances online but fail to make the move to some of the other banking activities 20
Heavy online use by price-driven consumers and those who are more optimistic about their household finances 22
ACTION POINT: Online banking interfaces must be improved to provide service and security to rival in-house arrangements 24
APPENDIX 25
Additional data 25
Methodology 26
Ask the analyst 27
Datamonitor consulting 27
Disclaimer 27
List of Tables
Table 1: Percent likely or unlikely to reduce credit card debt given level of confidence in personal finances 25
Table 2: Percent likely or unlikely to remortgage given level of confidence in personal finances 25
Table 3: Average level of response to "I trust my primary bank" given registered/unregistered online 25
Table 4: Frequency of online banking use by price-driven consumers 25
Table 5: Frequency of online banking use by consumers who expect to be better off financially 25
List of Figures
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Figure 1: Datamonitor's Recession and Recovery portal will allow industry players to continually identify emerging opportunities and
track what is happening in the UK economy as it develops 2
Figure 2: More than half of European consumers strongly believe that their country is in a recession, which is indicative of a deeper
recessionary mindset. 3
Figure 3: Both Europeans and the rest of the world are revealing heightened economic concerns, but Europeans appear particularly
hard-hit. 4
Figure 4: Europeans reveal their financial situation has worsened more than the global average 5
Figure 5: Job security has worsened, with Europeans hit harder than the global average 6
Figure 6: The unemployment rate is expected to peak in 2010 for most European countries 7
Figure 7: Consumer expectations for the next 12 months reveal mixed results 8
Figure 8: Stress levels have increased in consumers' daily lives, with Europeans seeing fewer improvements 9
Figure 9: Levels of concern before downturn reveal Europeans show less concern across the board 10
Figure 10: Level of concerns have increased post-downturn, but Europeans remain less troubled than the global average 11
Figure 11: Some financial services providers have already made marketing promotions focused around rebuilding confidence. 12
Figure 12: European consumers are less likely to undertake all proposed activities over the next six months 14
Figure 13: Consumers likely to save are more likely to be optimistic about their personal finances 16
Figure 14: Consumers likely to invest in their pensions are more likely to be optimistic about their personal finances 17
Figure 15: Four distinct consumer segments have emerged within the savings market 18
Figure 16: Globally consumers regularly check their online bank balance, but Europeans do so with higher frequency 20
Figure 17: Consumer interest in other online banking activities reveals some weaknesses in the online banking sector 21
Figure 18: Consumers highlight branch and security issues as the two main reasons for not using online banking 22
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