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Saving Gateway

Saving Gateway. A profile of our customers. Who are our customers?. Approximately 8 million eligible SG customers at go live. around 2 million ‘new’ customers becoming eligible each year thereafter. 5 million eligible customers claiming DWP benefits.

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Saving Gateway

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  1. Saving Gateway A profile of our customers

  2. Who are our customers? Approximately 8 million eligible SG customers at go live. around 2 million ‘new’ customers becoming eligible each year thereafter. 5 million eligible customers claiming DWP benefits. 3 million eligible customers claiming tax credits.

  3. Generic profile • 52.8% of eligible SG population will be female, 47.2% will be male • A large number of the SG population will be suffering financial hardship • Many of the younger SG population are unaware of the need for financial security and live week to week with no thought for the future • The older SG population are aware of the need to have some money behind them, but some are unable to save • Debt and borrowed credit plays a large part in the lives of most of the SG population. Saving Gateway - Understanding our Customers

  4. Who are our customers? Age profile • 11% will be aged under 25 • 22% will be aged 25 -34 • 29% will be aged 35-44 • 23% will be aged 45-54 • 15% will be aged over 55 Saving Gateway - Understanding our Customers

  5. Who are our customers? Ethnicity and Disability • Disability A large proportion of people with a disability will fall within the SG customer base through the long term benefits that they claim. It is estimated that a third of all people with a disability live in poverty and disabled adults are twice as likely to live in low income households as non-disabled adults. • Ethnicity Ethnic minorities are disproportionately affected by low income in the UK. A third of households with Indian and Caribbean backgrounds, half of black Africans and two thirds of Pakistani and Bangladeshis are living in poverty. Saving Gateway - Understanding our Customers

  6. Who are our customers? Geographical hotspots • Numbers greatest in suburban London, with heavy concentration in postcodes of Southall, Hounslow, Wembley, Hayes, Dagenham and Mitcham • Other concentrations are in urban North West of England; Birkenhead, Salford, Manchester, Ashton-under-Lyne • West Yorkshire; Bradford and Dewsbury • West Midlands; West Bromwich, Oldbury, Birmingham. • Solent; Southsea, Portsmouth, Gosport. Saving Gateway - Understanding our Customers

  7. Current saving habits Financial exclusion • A large number of our customers have no savings to fall back on. • Many will have a basic bank account or Post Office current account purely to enable them to receive their benefits or tax credits. • Many will be uncomfortable opening savings accounts with Banks or Building Societies as they regard these with suspicion and mistrust. • It is likely that over half of existing Credit Union members will be eligible for Saving Gateway. Saving Gateway - Understanding our Customers

  8. Savings mindsets within SG customer profile Rejecters, New to saving, Would like to but can’t, Active Saver • Marketing and communications targeting: • New to Saving • Would like to but can’t • More on how we reach customers in the next session Saving Gateway - Understanding our Customers

  9. Any questions? Saving Gateway - Understanding our Customers

  10. New to saving Suggested profile • Claiming income support and tax credits • Many are single mums leading a very hand to mouth existence • Financial literacy is low • Very unlikely to have been introduced to the saving ethic as children, therefore no saving ‘example’ to follow • Relies on family and friends for help • Benefits are spent very quickly and they rarely have any money left by the end of the week. Saving Gateway - Understanding our Customers

  11. Would like to but can’t Suggested profile • On Jobseekers allowance, having recently been made redundant • Mortgage holding is low with the majority living in council or housing association properties • Understands basic financial products but usage is generally low • Diminished potential to earn leaves them feeling marginalized and vulnerable. Saving Gateway - Understanding our Customers

  12. Our “typical” CustomersPen picture of a young male/female SG potential customer • Left school with few or no qualifications • Lives at home with parents/other family members • Claims Job Seekers Allowance • Pays his/her “board” and then spends the rest on going out, clothes etc. • Has little understanding of benefit/credit system • Has no wish to save and no concept of the need to save • Saving for the future – that’s something that older people do. • Likes the fact of a matched payment but this would mean that he/she would have to save to achieve this and 2 years to receive the matched payment is a long way off. • It is not likely that SG is something that will attract him/her to save. Saving Gateway - Understanding our Customers

  13. Our “typical customers”Pen picture of a potential SG customer who works part-time and has children • Has two, three or four children some under school age. • Partner may or may not be around. • Is claiming maximum CTC and other associated benefits. • Is claiming housing benefit and council tax rebate and benefits from free school meals, support with child care costs (through CTC), free prescriptions etc. • Relies quite heavily on parents for support. • Is accustomed to being in debt. • Seems to understand the benefit/credit system and any new area of benefit or support is quickly networked through her housing estate. • Works the prescribed 16 hours per week to qualify for CTC • Would like to work more but benefits/credits would be cut. • Managing finances is a juggling act and there is often not enough money to pay all the bills and buy shoes for the children. • Saving for things like Christmas, birthdays and the unexpected is really difficult. • Feels guilty that she can’t provide the “extras” for her children like sweets, days out, nice clothes etc. • Holidays are something that she can only dream about. • Manages to save a little but savings are usually eaten up by unforeseen events. • Would use SG if she could open one in a geographical location to suit her and the application process was not too arduous. Saving Gateway - Understanding our Customers

  14. Our “typical” customersPen picture of a potential male SG customer who is older • Will be mature (in his 50s) and probably a parent and a grand parent. • Has had to claim benefits because of forced redundancy but is proud and is not all that happy about having to do so. • May not be claiming all that he is entitled to because he doesn't want to be seen as too pushy and his pride means that the fewer people he has to tell that he is out of work the better. • His wife has always managed the money side of things and now she has to manage on a reduced income. • They have adjusted their lifestyle and no longer take holidays and socialise as much. • They have a little saved (maybe part of his redundancy money) but this is low enough so as not to affect his benefits. • He realises that he must save for his future and will not touch the money saved in the bank unless he really has to. • Between him and his wife they would be astute enough to see the benefits of SG and would probably divert some of their savings to open a SG account. Saving Gateway - Understanding our Customers

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