Order Report - Winning with Savers Today : Innovations for Competitive Advantage as COVID-19 Changes Financial Behaviors
COVID-19 has resulted in increased financial actions by consumers. Savings is on the top of the list for many with one in 5 households creating an emergency fund for the first time. This report looks at who is taking action, what they are doing, and the goals for the various segments of savers. We have classified savers into five segments, beyond the traditional age-based categories, that combine behavior, attitudes and household finances. As savings spike in an increasing number of households, the Saver Spectrum segmentation reveals interesting competitive dynamics and which firms are best positioned to capture share of wallet.
The new 62 page report features 53 exhibits. See table of contents and sample pages below.
- Gen X, Millennials and New Generation have been much more active with financial responses to COVID-19 than Silents and Boomers, sometimes taking ”flurries” of multiple actions
- Saving more is the most common overall action in response to COVID-19, as all households shore up liquidity, especially those bracing for work disruptions
- Consumers direct most of their saving to opposite ends of the liquidity spectrum, since account types in between bank savings and long-term retirement are not widely held
- As savings spike in an increasing number of households while others struggle, the Saver Spectrum segmentation reveals interesting competitive dynamics with banks best positioned for “Aspiring Savers,” while Fidelity and Bank of America Merrill are strongest with “Big Savers.
- While Big Savers are the most valuable customers today, Aspiring Savers-High Potential are looking to make changes in their financial lives right now and could be valuable over the long haul, but they require a different approach
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