lockdown: personal finance · 2020. 6. 11. · lose my job take a pay cut. not being able to pay...

LOCKDOWN: PERSONAL FINANCEThe impact of coronavirus on our personal finances and the role of

financial brands at this time

June 11th, 2020

WHAT WE’LL COVER…

WHAT ROLE CAN

FINANCIAL

BRANDS PLAY

AT THIS TIME?

2

THE IMPACT OF

CORONAVIRUS ON

OUR PERSONAL

FINANCES

1 3

OUR AWARD WINNING,

TRUSTED AND

POPULAR FINANCE

PORTFOLIO

A TURBULENT TIME FOR THE UNITED KINGDOM

SOURCES: STATISTA JUNE 2020, ONS 2020, DWP 2020 AND TRUSSEL TRUST APRIL 2020

8.7MNUMBER OF JOBS

FURLOUGHED UNDER THE

JOB RETENTION SCHEME£17BN ESTIMATED SPEND

ON SCHEME SO FAR

+3MNEW UNIVERSAL CREDIT

CLAIMS BETWEEN MARCH

16TH AND JUNE 2ND

1.1M ADVANCED PAYMENTS ACROSS THE PERIOD

UK ECONOMIC GROWTH

FIGURE FOR FIRST

QUARTER IN 2020ESTIMATED TO BE DOWN

-15% IN Q2 2020

-2%INCREASE IN NEED FOR

EMERGENCY FOOD PARCELS

DURING APRIL 2020+107% INCREASE IN PARCELS

GIVEN TO CHILDREN

+89%

With nearly 9 million workers put on furlough and millions more claiming Universal Credit

THE SUBSEQUENT UNCERTAINTY HAS RESULTED IN THE

MANAGEMENT OF PERSONAL FINANCES BECOMING

MORE IMPORTANT THAN EVER

Which, if any, of the following statements apply to you?

47%

I HAVE PAID MORE

ATTENTION TO NEWS ABOUT THE ECONOMY LATELY

38%

IT IS MORE IMPORTANT THAN EVER TO PLAN PERSONAL

FINANCES IN THE LONG TERM

SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259

37%

I HAVE BEEN TAKING A MORE

ACTIVE INTEREST IN MY PERSONAL FINANCES LATELY

THIS IS LEADING TO MORE CONVERSATIONS AND SEARCHES

AROUND FINANCE AND MORE TRAFFIC TO FINANCE SITES

HAVE TALKED TO OTHERS

ABOUT PERSONAL FINANCE

EITHER IN PERSON OR ONLINE(AVERAGE OF 2.9 CONVERSATIONS

PER PERSON)

4 I N 1 0

-10%

0%

10%

20%

30%

40%

50%

60%

70%

Money - % increase/decrease in Daily UBs vs Feb 2020 average

312kAVERAGE

DAILY UNIQUE

BROWSERS LW

+30%AVERAGE DAILY

UBs UPLIFT SINCE

LOCKDOWN

+73%INCREASE IN ‘HOW

TO’ CONTENT VS

LAST YEAR

SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259 Q: IN THE PAST MONTH OR SO, HOW MANY DIFFERENT PEOPLE WOULD YOU SAY

THAT YOU HAVE TALKED ABOUT PERSONAL FINANCE WITH OTHERS EITHER IN PERSON OR ONLINE? | ADOBE ANALYTICS 2019-2020

Impact of Coronavirus on traffic to This Is Money

HOW DO BRITS THINK

CORONAVIRUS WILL

IMPACT ON THEIR

FINANCES?

13% 35% 42%

What impact do you think that the Coronavirus pandemic in the UK will have on your household finances?


PLEASE INDICATE WHAT IMPACT YOU THINK THAT THE CORONAVIRUS PANDEMIC IN THE UK WILL, OR WILL NOT, HAVE ON THE FOLLOWING…?

P O S I T I VE N O C H A N G E N E G A T I VE

25-34 YR OLDS

28%

65+ YR OLDS

52%

LONDONERS

30%

15-24 YR OLDS

51%

S. WEST

47%

CORONAVIRUS TO HAVE HUGE IMPACT ON H/H FINANCES

2 in 5 expect coronavirus to negatively impact their household finances.

25-34s are the most optimistic and 65+ adults are more likely to say it will have no impact.

-18%

-30%-32%

-39%

-45%

-61%

What impact do you think that the Coronavirus pandemic in the UK will have on…(net negative)

YOUR WAGES HH FINANCES HOUSE PRICES JOBS IN

THE UK

PRICES IN

THE SHOPSWAGES IN

GENERAL

What do you think you personally are likely to experience in the next 6 or 12 months?

7% 13%7% 12%


PLEASE INDICATE WHAT IMPACT YOU THINK THAT THE CORONAVIRUS PANDEMIC IN THE UK WILL, OR WILL NOT, HAVE ON THE FOLLOWING…?

IMPACT OF PANDEMIC TO BE FELT ACROSS MANY AREAS

Wages, the price of goods and house prices all expected to be negatively impacted.

1 in 8 are worried about the potential of losing their job in next 12 months.

6 MONTHS 12 MONTHS 6 MONTHS 12 MONTHS

LOSE MY JOB TAKE A PAY CUT

Not being able to pay bills, becoming a victim of fraud and not having enough money

to buy food are amongst the most pressing concerns amongst certain groups.

Below are a list of financial concerns. How would you personally classify this list of financial concerns? (short term concern)

NOT ABLE TOPAY BILLS

19%

NOT HAVING RAINY DAY FUND

18%

BEING VICTIM OF FRAUD

18%

NOT ABLE TOBUY FOOD

17%

NOT ABLE TOMAINTAIN LIFESTYLE

15%

NOT BEING ABLE TO PAY DEBTS

15%

NOT ENOUGH TO TAKE HOLIDAY

14%

65+ YR OLDS

20%#1 concern for

65+ audience

PARENTS

26%

+37% more

likely to be

concerned

LONDONERS

26%

+73% more

likely to be

concerned

25-34 YR OLDS

25%

+78% more

likely to be

concerned

15-24 YR OLDS

32%

+77% more

likely to be

concerned

PARENTS

21%+24% more

likely to be

concerned

PARENTS

22%

+47% more

likely to be

concerned

Source: Mail Finance Survey June 2020 N=1259

MANY HAVE PRESSING SHORT TERM CONCERNS

THIS DOESN’T MEAN CONSUMERS DON’T INTEND TO

SPEND, RATHER THAT ‘VALUE’ AND ‘REASSURANCE’ WILL

BECOME INCREASINGLY IMPORTANT TO THEM

22%

13%12%

8%

4%

TAKE A UK BREAK

SPEND £500 ON HOME

TAKE HOLIDAY /ABROAD

BUY A CAR MOVE HOME

Which, if any, do you think you personally are likely to do or experience in... a) the next 6 months?

80%

93%

I DEFINITELY NEED TO

BUY SOMETHING FROM

A NON-ESSENTIAL STORE

I DEFINITELY NEED TO

BUY SOMETHING

FROM/WOULD LIKE

TO BROWSE A

NON-ESSENTIAL STORE65%OF THOSE WHO HAVE BEEN REFUNDED FROM A CANCELLED TRIP PLAN TO PUT IT TOWARDS THEIR NEXT HOLIDAY/TRIP

SOURCE: MAIL FINANCE SURVEY JUNE 2020 N=1259 | SOURCE: MATTERS SURVEY MAY 2020. N=350 DO YOU NEED TO PURCHASE

ITEMS OR SERVICES FROM ANY OF THESE DIFFERENT TYPES OF STORES? A: I DEFINITELY NEED TO BUY SOMETHING FROM THESE STORES

Do you need to purchase items or services from any of these different types of stores? (all non-essential shops)

WHAT ROLE CAN

FINANCIAL BRANDS

PLAY AT THIS TIME?

Please indicate your level of agreement or disagreement with each of the following statements. Financial companies should be…

73%

…SHOWING CONSUMERS HOW

THEY CAN PROTECT THEMSELVES FROM FRAUD AT THIS TIME

71%

…RE-ASSURING CONSUMERS THAT THEY CAN HELP PEOPLE AT THIS TIME

70%

…SHOWING CONSUMERS

HOW THEY CAN ACCESS SERVICES/ADVICE AT THIS TIME

They are looking for reassurance, protection and advice from them

CONSUMERS WANT TO HEAR FROM FINANCIAL COMPANIES


WAYS TO REDUCE H/H BILLS

37% 36%

HOW TO BEST SAVE & INVEST

29%

ITEMS SELLING CHEAP NOW

28% 26%

CONSUMER RIGHTS ONLINE

23%

HOLIDAYCANCELLATIONS

23%

MAKING HOMEWORKING WORK

19%

FURLOUGHING:THE RULES

18%

JOB SEARCHINGTOP TIPS

18%

COPING WITHCASHLESS SOCIETY

15%

KEY WORKERDISCOUNTS

14%

RESOURCES TOENTERTAIN KIDS

14%

ADVICE FORSELF EMPLOYED

14%

MORTGAGEHOLIDAYS

12%

REDUNDANCY:WHAT TO EXPECT

9%

CUTTING THE COST OF FOOD BILL

DO YOUR HOMEUP FOR LESS

Please indicate which, if any, of the following topics you would like to see at this present time.


Tips on reducing cost of living are the most popular but there is also interest in

consumer rights and guidance around the workplace.

THEY WANT TO READ ABOUT A BROAD RANGE OF TOPICS

WHY ADVERTISE

WITH MAIL

METRO MEDIA?

NEWSPAPERS AND NEWS WEBSITES ARE CREDIBLE SOURCES

THAT ADD TO UNDERSTANDING OF FINANCIAL COMPANIES

Which, if any, of the following words would you tend to associate with financial brands who advertise in

the following media…Credible

23%

23%

32%

33%

37%

38%

39%

39%

Social Media

Direct Mail

TV

Magaizines

Newpaper websites

Newspapers

Specialist Sites

Radio


50%

35%

ARTICLES IN NEWSPAPERS / NEWSPAPERS WEBSITES ADD TO MY UNDERSTANDING OF FINANCE COMPANIES

ADVERTISING IN NEWSPAPERS / NEWSPAPERS WEBSITES ADD TO MY UNDERSTANDING OF FINANCE COMPANIES

MAIL METRO MEDIA REACHES 2 IN 3 ADULTS EVERY MONTH

AND OUR PRINT AND DIGITAL PORTFOLIO OFFERS TRUSTED

ENVIRONMENTS TO ENGAGE ALL AUDIENCES

60%

65%

56%

57%

75%

72%

55+

35-54

15-34

MMM monthly reach of age groups

Women Men

#1daily finance

section in national press

#1award winningFinancial site

TWICEas many 15-34s daily vs. other

print titles

+30%increase in traffic sinceCOVID-19

+68%more likely to sayfinances better

In next year

+43%more likely to be

interested infinance

1 in 2personal finance

coverage inMail relevant

+60%more likely to

change bank in next 6 months

TWICEas likely to

change bank in next 6 moths

Source: Mail Finance Survey June 2020 N=1259 | PAMCO 1 2020

Mail Metro Media: Valuable audiences, credible content

IN SUMMARY…

Coronavirus has had a monumental impact on the economy with nearly 9m on

furlough and a huge increase in benefit claimants. 4 in 10 think their finances will be negatively impacted but some groups appear to be more resilient than others.

With wages, house prices and prices in shops expected to be negatively impacted by

coronavirus. Brits top short term financial concerns are primarily focussed on ensuring they can cope with the cost of living and being protected from financial fraud.

Consumers want to and expect to hear from financial brands at this time. 71% say

financial companies should be reassuring consumers that they can help at this time.

Finance content is proving extremely popular and Brits are interested in a broad range of content ranging from cost of living to workers rights.

Newspapers and news websites provide a trusted and credible environment for

financial brands to advertise and consumers say that advertising in them adds to

their understanding of financial brands. Mail Metro Media has award winning and trusted financial sections and our cross media portfolio reaches all audiences.

LOCKDOWN: PERSONAL FINANCE

Methodology

S U R V E Y :

15 min online survey

Readers recruited through access panel

F I E L D W O R K D A T E S :

20th May – 7th June (1,271 respondents)

S A M P L E :

Data weighted to be representative by age

and gender of Great Britain

LOCKDOWN: PERSONAL FINANCEThe outbreak of coronavirus and the subsequent

implementation of lockdown measures have had

an unprecedented impact on both personal

finances and the wider economy.

Using a nationally representative sample, we

explore how Brits expect coronavirus to impact

their personal finances, what their top financial

concerns are and also what they expect from

brands at this this time.

lockdown: personal finance · 2020. 6. 11. · lose my job take a pay cut. not being able to pay...

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