UK consumer attitudes to saving and investing
Are providers meeting their needs?
UK financial services has witnessed a wave of innovation across all aspects of personal finance, including the savings and investment market.
This report explores consumers' motivations and their satisfaction with current providers. It also examines whether a new type of firm could emerge to meet their needs and whether they're willing to switch.
Key insights
61% select their providers based on interest rate
A majority of the consumers surveyed rated interest rates as the most important factor when choosing a savings provider. Access to funds is also viewed as essential for the 64% of consumers setting money aside for unexpected expenses. Overall, 40% of consumers rated accessibility and ease of use as one of their three most important factors when choosing a savings provider.
58% of consumers use multiple providers
While loyalty to existing providers remains strong – with 54% having used their main savings provider and 42% having used their main investment provider for over five years – consumers are increasingly shopping around. With 57% of savers now using multiple providers and 31% of those surveyed planning to open a new savings account this year, there are signs the tide is starting to turn.
32% are looking to open a new savings account
There is a clear opportunity for firms to show the value they can deliver. One in three (31%) are planning to open a new savings or investment account in the next twelve months. In addition, 30% of those surveyed said they'd also consider using a savings provider for their current accounts.
38% value brand trust when selecting a provider
That trust is built in the exploration stage of a prospective customer’s journey, combining a range of sources to build this perception. Word of mouth and recommendations from friends and family remain powerful as are positive reviews from credible third parties such as Money Saving Expert.
The motivations to save and invest
Based on a survey of over 6,000 UK consumers
What our participants said
“If I found an account that met my needs, better rates, easier access, I'd happily close down the accounts I have now.”
Claire, 50, on her feelings toward fintechs
North East, unlikely to switch
“It's so easy to just get everything done. I love the convenience.”
Harriet, 28, on her feelings toward fintechs
London, likely to switch
“I've typically seen better rates, better app experiences because they've invested way more into their technology.”
Liam, 24, on his feelings toward fintechs
East of England, likely to switch
"The results paint a picture of an industry in a state of evolution with opportunities for firms to gain significant market share – but only if they can align their services to changing consumer attitudes towards saving and help people to establish positive habits."
Read what UK consumers say
Learn more about consumer attitudes towards saving and investing
Ready to collaborate?
Experience the ClearBank difference and begin your journey today.