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Wave 4 ResultsOctober – December 2013 International Personal Finance Financial Inclusion and Wellbeing Report.

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Presentation on theme: "Wave 4 ResultsOctober – December 2013 International Personal Finance Financial Inclusion and Wellbeing Report."— Presentation transcript:

1 Wave 4 ResultsOctober – December 2013 International Personal Finance Financial Inclusion and Wellbeing Report

2 Contents 1. Background & Method 2. Economic Outlook 3. Financial Holdings 4. Use of Credit Services 5. Standard of Living 6. Further Research

3 Background & Method

4 Background IPF currently provides consumer credit to 2.5 million customers, across six international markets. The business offering is unique for the markets in which IPF operates. This project is designed to engage with IPF’s customer base, understand the issues they have and their feelings towards the society in which they live, and how they can be better represented in the political and commercial worlds. IPF wishes to use this research to enhance its unique position as a mouthpiece for the lower socio-economic demographic amongst key groups of decision-makers. This was the fourth wave to be run using the IPF panel and 11,472 individuals completed the survey this time. Please note that any reference in commentary to ‘Czechs’ or ‘Hungarians’ specifically relates to IPF customers in those markets and not the population of the country as a whole Background & Method

5 Method Invitation from IPF to register for the panel Registration survey YES Take survey now YES Take survey now NO Take survey later NO Take survey later Reminder to take survey No response Complete now Wave 2 survey invitation from YouGov to take Wave 4 Call from IPF inviting customer to take part in Computer Assisted Telephone Interview (CATI) Happy to take survey Refused to take part IPF customers not previously invitedIPF existing panellistsIPF customers without addresses Background & Method Mexico & Poland only

6 Provident Communities Czech Republic Online completes 3,887 Hungary Online completes 3,457 Mexico Online completes 198 CATI completes 280 Slovakia Online completes 1,019 Romania Online completes 837 Poland Online completes 1,673 CATI completes 121 Background & Method

7 For wave 4 as with wave 3, we have continued to use the same the weighting process so that the data contained in this report is reflective of IPF’s customer book 1. IPF customer book is the split by country of the customer database 2. Market-level weighting shows the weighting used in the individual country tables 3. Overall-level weighting are the weights used in the overall tables to emphasise the importance of each group in the customer book as a whole IPF Customer Book Czech RepHungaryMexicoPolandRomaniaSlovakia % of customer book10.5%10.0%28.0%35.0%10.9%5.6% Market-level weighting Male46.6%42.2%32.4%43.5%44.8%44.1% Female53.4%57.8%67.6%56.5%55.2%55.9% %6.4%15.7%12.9%5.4%12.6% %18.3%28.1%21.2% 23.2% %24.3%27.3%20.5%29.3%23.1% %20.2%18.7%20.8%19.1%20.1% %30.8%10.1%24.6%25.1%21.1% Overall-level weighting Male4.9%4.2%9.1%15.2%4.9%2.5% Female5.6%5.8%18.9%19.8%6.0%3.1% %0.6%4.4%4.5%0.6%0.7% %1.8%7.9%7.4%2.3%1.3% % 7.6%7.2%3.2%1.3% %2.0%5.2%7.3%2.1%1.1% %3.1%2.8%8.6%2.7%1.2% Provident Communities Background & Method

8 Economic Outlook

9 Concerns over loss of employment and neighbourhood crime have fallen significantly in the past six months Which of these is of most concern to you currently? Base: April 2013 (9,960) | November 2013 (11,472) The flipside is an increase in the proportion of people concerned over the rise in education costs More people are reporting that they have no concerns Economic Outlook

10 Which of these is of most concern to you currently? Base: All in Czech Republic April (1,796) Nov (3,887) Czechs are less concerned about job losses than they have been previously This fall is significant among year-olds, with a drop of eight percentage points Cost of living concerns remain the same overall, although they are now driven more by women than men TotalMaleFemale Economic Outlook

11 Which of these is of most concern to you currently? Base: All in Hungary April (4,835) Nov (3,457) Very little has changed in the concerns of Hungarians in the past six months year-olds are significantly less concerned with the cost of living than they have been previously Men have become more confident in the security of their jobs The cost of education has become slightly more of a concern, but still sits at only 4% of Hungarians TotalMaleFemale Economic Outlook

12 Which of these is of most concern to you currently? Base: All in Mexico April (542) Nov (478) TotalMaleFemale Economic Outlook There has been a significant drop in the concerns of Mexicans over the levels of crime in their neighbourhoods This is complemented by a six-fold increase in those who have no concerns However, despite falls elsewhere, concern over the cost of living remains unchanged at a quarter of respondents

13 Which of these is of most concern to you currently? Base: All in Poland April (915) Nov (1,794) TotalMaleFemale Economic Outlook Poles have become less concerned over the cost of living and job security over the past six months However, this outlook on job security is only reflected in the attitudes of those aged 18-34; among older people it continues to rise The older generation are also noticeably concerned about the continued rise in health service costs

14 Which of these is of most concern to you currently? Base: All in Romania April (1,478) Nov (837) TotalMaleFemale Economic Outlook The past six months has seen very little change in the concerns of Romanians A slight rise in concern over the cost of living is most apparent among those aged Concern over job losses and the cost of education have both dropped slightly suggesting a general economic improvement

15 Which of these is of most concern to you currently? Base: All in Slovakia April (394) Nov (1,019) TotalMaleFemale Economic Outlook IPF customers in Slovakia report that they have fewer concerns than they felt six months ago This is reflected in fewer worrying about the cost of living There has been an increase among men in concern over job security while the exact opposite trend is apparent amongst female respondents

16 Increases in the cost of food, particularly in Czech Rep and Hungary, is the most apparent driver in the cost-of-living increase Which of the following would you say is most responsible for the increase in the cost of living? Please select one answer only. Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Cost of utilities remains the second most-cited item although significantly fewer people report this when compared with six months ago Healthcare and education costs are two items pushing the cost of living higher according to IPF customers Economic Outlook

17 Thinking of the next twelve months, do you expect the economy in your country to get better or worse? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Confidence in the ability of the economy to improve over the next 12 months has risen since April 2013 This pattern, most evident in Hungary and Poland, is reflective of all Eastern European markets Romania remains the market where people have the most positive outlook, with a third expecting improvement Mexicans expect a slight deterioration in the country’s economy in the next 12 months Economic Outlook

18 Thinking now of the financial position of your own household, over the next twelve months, do you think your financial position will get better or worse? You say that you think your financial position will get better/worse, which of these could explain why things will change? Base: All Apr’13 (9,960); Better (3,126); Worse (2,448) | Nov’13 (11,472); Better (4,589); Worse (2,065) The past six months has seen a small movement in the level of positivity of IPF customers regarding their household finances Increased earnings and changed personal circumstances remain the two most cited drivers of improvement in household economic situation However, there are increased levels of uncertainty when compared with six months ago Economic Outlook Apr’13 Nov’13

19 Thinking now of the financial position of your own household, over the next twelve months, do you think your financial position will get better or worse? You say that you think your financial position will get better/worse, which of these could explain why things will change? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Economic Outlook Fewer Czechs and Hungarians feel that their household economic situation will worsen compared to six months ago Mexicans are significantly less likely to claim that increased wages are the driver of improved household financial situation

20 How much do you trust the financial sector? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Economic Outlook Trust in the financial sector is higher in Mexico than other IPF markets In Eastern Europe, Slovakians are most likely to trust their financial sector, with Hungarians the least trusting Perhaps reflecting the fact that cynicism increases with age, year-olds are most trusting of the financial sector No confidenceFull confidence

21 Household economic situation summary Compared to previous results, fewer people are concerned about job losses and neighbourhood crime Food and utilities remain most cited drivers of cost of living increases, with healthcare more prominent than previously found Mexicans are more trusting in their financial sector than any of the European nations IPF customers are more positive about the economic outlook than six months ago There is increased concern in the rise of education costs since April 2013 Economic Outlook

22 Financial Holdings

23 Which of these products do you have? Choose as many as apply. Base: All Apr’13 (9,960) | Nov’13 (11,472) As found previously, just over half of IPF customers hold a bank account, although there has been a small drop in savings account ownership There has also been a slight fall in credit card ownership in the past six months Ownership of other financial products has not moved more than one percentage point Financial Holdings

24 Which of these products do you have? Choose as many as apply. Base: All Czech Rep Apr’13 (1,796) | Nov’13 (3,887) Fewer Czechs have plans in place for retirement than we saw six months ago However, there has been a rise in the proportion of individuals holding a bank account Czech Rep has also seen a slight fall in those who have buildings insurance Financial Holdings

25 Which of these products do you have? Choose as many as apply. Base: All Hungary Apr’13 (4,835) | Nov’13 (3,457) A quarter of Hungarians have a credit card, significantly fewer than we saw in April 2013 Bank account ownership remains at three in four Hungarians, higher than almost all other markets Ownership of life insurance is significantly higher among men (27%) than women (23%) Financial Holdings

26 Which of these products do you have? Choose as many as apply. Base: All Mexico Apr’13 (542) | Nov’13 (478) Ownership of ASU insurance in Mexico has increased by five percentage points since April 2013 Bank account ownership has risen slightly but remains very low compared to Europe Retirement planning is the financial product most owned by Mexicans Financial Holdings

27 Which of these products do you have? Choose as many as apply. Base: All Poland Apr’13 (915) | Nov’13 (1,794) Poland has seen a fall in the level of ownership of both bank accounts and credit cards Ownership of personal insurances (life, ASU) is significantly higher among men than women Retirement plans are held by the same proportion of over 55s as those aged Financial Holdings

28 Which of these products do you have? Choose as many as apply. Base: All Romania Apr’13 (1,478) | Nov’13 (837) Bank account ownership in Romania has significantly increased in the period from April to October 2013 However, credit card ownership has also risen in that time Life insurance is owned by a quarter of men (24%) compared to only 17% of women Financial Holdings

29 Which of these products do you have? Choose as many as apply. Base: All Slovakia Apr’13 (394) | Nov’13 (1,019) Slovakia has seen falls in ownership of a number of products Ownership of most products is higher among men than women except savings accounts, where twice as many women have them The proportion of credit card holders increases with age Financial Holdings

30 Financial Holdings summary As found previously, just over half of IPF customers hold a bank account BAN K Mr Smith Credit card and savings account ownership has fallen slightly since April 2013 ASU insurance is the only product(s) which has seen an increase in ownership levels over the past six months The proportion of Romanians and Mexicans with retirement plans in place has improved since we last asked

31 Use of Credit Services

32 How easy do you think it would be for you to borrow [local currency] from a mainstream bank or lender? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) IPF customers are more confident now that they could borrow money from a mainstream bank or lender than they were six months ago This trend is most reflected in Mexico and Poland, although Hungary is experiencing a reversal with more saying it would be impossible Slovakians are the group most confident that they could attain credit, although less so than April 2013 Use of Credit Services

33 Would you consider taking a loan for the following? Choose as many as apply. Base: All Apr’13 (9,960) | Nov’13 (11,472) More individuals state that they would not be prepared to take a loan when compared with April 2013 Preparedness to take a loan has increased for only one reason (purchase of clothes/shoes) and this is only marginal All other items (except unexpected costs) have seen a fall Use of Credit Services

34 Would you consider taking a loan for the following? Choose as many as apply. Base: All Czech Rep Apr’13 (1,796) | Nov’13 (3,887) Czechs are significantly less likely to take a loan for healthcare reasons than previously Women are noticeably more prepared to take loans for unexpected costs or household appliances Somewhat surprisingly, likelihood of taking loans for healthcare decrease with age Use of Credit Services

35 Would you consider taking a loan for the following? Choose as many as apply. Base: All Hungary Apr’13 (4,835) | Nov’13 (3,457) There has been a significant increase in Hungarians’ preparedness to take out loans to subsidise education costs This particularly applies to those aged (16%) compared to all other age groups Hungarians have increased their willingness to take loans for unexpected costs Use of Credit Services

36 Would you consider taking a loan for the following? Choose as many as apply. Base: All Mexico Apr’13 (542) | Nov’13 (478) Mexico has seen a 100% increase in the proportion of individuals unprepared to take a loan for any of the listed items The result of this is a significant decrease for almost all items Mexican men are significantly more likely than their female counterparts to take a loan for unexpected costs Use of Credit Services

37 Would you consider taking a loan for the following? Choose as many as apply. Base: All Poland Apr’13 (915) | Nov’13 (1,794) Overall, very little has changed among Poles in terms of what they are prepared to take a loan to pay for Polish women are significantly more likely to take loans to pay for housing costs Men prefer the idea of taking loans in order to pay for electrical devices (non-household appliances) Use of Credit Services

38 Would you consider taking a loan for the following? Choose as many as apply. Base: All Apr’13 (1,478) | Nov’13 (837) Romanian IPF customers maintain the attitudes towards loans, and what they will use them for, that they first displayed in April 2013 Women are significantly more likely than men to take loans for housing and healthcare costs General preparedness to take a loan for these items decreases with age Use of Credit Services

39 Would you consider taking a loan for the following? Choose as many as apply. Base: All Apr’13 (394) | Nov’13 (1,019) Compared to six months ago, significantly fewer Slovakians are prepared to take loans for household appliances and entertainment In a reversal of trends seen in other markets, younger respondents are more likely to claim a blanket ban on taking out loans Use of Credit Services

40 Please indicate whether you agree of disagree with each of the following statements… Base: All (11,472) A smaller proportion of individuals agree that they think carefully before borrowing in comparison with six months ago This is in tandem with an increase in people prepared to use credit on impulse More people are looking to borrow as much as the lender will give them Use of Credit Services

41 Please indicate whether you agree of disagree with each of the following statements… Base: All Czech Rep (3,887) Czech Rep has seen a positive movement of respondents being able to afford credit repayments and never borrowing too much They also state that fewer people are using credit regularly as part of their budget management Men are significantly more likely to be able to afford their credit repayments Use of Credit Services

42 Please indicate whether you agree of disagree with each of the following statements… Base: All Hungary (3,457) A higher proportion of Hungarians agree that they can comfortably afford their credit repayments when compared with previous findings Women are more likely to use credit only in emergencies while men are more impulsive Using credit as part of budget management increases with age Use of Credit Services

43 Please indicate whether you agree of disagree with each of the following statements… Base: All Mexico (478) Evidence points to Mexicans moving towards less responsible borrowing There is more impulsive borrowing and less concern over being able to afford repayments 18-24s are particularly likely to borrow without checking they can afford to pay it back Use of Credit Services

44 Please indicate whether you agree of disagree with each of the following statements… Base: All Poland (1,794) Results in Poland very much reflect those found six months ago, with nine in ten thinking carefully before borrowing Women are more likely to use credit in an emergency, while men claim to use it as a regular means of supplementing their budget Use of Credit Services

45 Please indicate whether you agree of disagree with each of the following statements… Base: All Romania (837) There has been very little movement in attitudes toward credit in Romania, with the vast majority only using credit in an emergency Women are significantly more likely to borrow as much as a lender will give them Use of Credit Services

46 Please indicate whether you agree of disagree with each of the following statements… Base: All Slovakia (1,019) There has not been much change in the Slovakian attitude towards use of credit in the past six months Men and 18-24s are the groups most likely to use credit impulsively Older people are less confident in their ability to afford their repayments Use of Credit Services

47 The size of repayment and whether they could afford it were the two key concerns for IPF customers before deciding to take credit Hungarians were most concerned about whether they really needed the money, suggesting the credit was perhaps non-essential What factors did you consider when deciding to take out credit? Choose as many as apply. Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Use of Credit Services

48 Use of credit services summary There is increased confidence among IPF customers that they would be able to borrow from a bank/mainstream lender now Despite this, fewer want to take a loan now than they did in April 2013 Only purchasing clothes and shoes has increased as a motivation for taking a loan More people are prepared to use credit on impulse than was found previously, with fewer putting thought into whether they should borrow Size of repayment and ability to afford it are the key considerations before taking a loan

49 Standard of Living

50 Much more cautious A little more cautious About the same as usual Spending a little more freely Spending a lot more freely All45%26%17%6%2% Czech Rep34%27% 5% Hungary62%25%7%2%0% Mexico59%16%12%7%2% Poland38%36%19%4%1% Romania38%19%21%12%8% Slovakia31%22%28%8%2% Thinking about day-to-day spending over the last twelve months, which of the following would apply to how you have approached spending in current economic conditions? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Fewer IPF customers are spending as cautiously as six months ago, with the majority of those now spending about the same as usual Older respondents are likely to be more cautious spenders than their younger compatriots Cautious spending is significantly higher among Hungarians than other nationalities Standard of Living

51 You have said that you have been more cautious in your spending in the last 12 months. Which if any of the following have you cut back on in order to decrease your level of day-to-day spending over the last twelve months? Please select all that apply. Base: All whose spending is more cautious Apr’13 (7,847) | Nov’13 (7,703) Of IPF European customers who have reduced their spending, there has been an increase in those cutting back on buying quality food Somewhat positively, fewer people are reducing their spending on healthcare and education Spending on other items remains largely unchanged Standard of Living

52 You have said that you have been more cautious in your spending in the last 12 months. Which if any of the following have you cut back on in order to decrease your level of day-to-day spending over the last twelve months? Please select all that apply. Base: All whose spending is more cautious Czech Rep Apr’13 (1,176) | Nov’13 (2,353) Significantly fewer Czechs are reducing their spending on telephones when compared with data from April 2013 Women (71%) are significantly more likely to reduce spending on consumer/household goods than men (63%) Worryingly, the older generations are more likely to cut down on their heating expenditure Standard of Living

53 You have said that you have been more cautious in your spending in the last 12 months. Which if any of the following have you cut back on in order to decrease your level of day-to-day spending over the last twelve months? Please select all that apply. Base: All whose spending is more cautious Hungary Apr’13 (4,384) | Nov’13 (3,028) There has been both a reduction in the proportion of Hungarians who are spending more cautiously and a reduction in the items they are reducing spending on Men are significantly less likely to cut back on consumer goods but more likely to reduce transport spending Reductions in holiday spending increase with age (18-24s: 41%, 55+: 58%) Standard of Living

54 You have said that you have been more cautious in your spending in the last 12 months. Which if any of the following have you cut back on in order to decrease your level of day-to-day spending over the last twelve months? Please select all that apply. Base: All whose spending is more cautious Poland Apr’13 (741) | Nov’13 (1,319) There have not been any significant changes in the items Poles are prepared to reduce their spending on However, fewer are prepared to reduce outlay on socialising, consumer goods and holidays Men are significantly more likely to reduce spending on heating (28% vs. 22% of women) Standard of Living

55 You have said that you have been more cautious in your spending in the last 12 months. Which if any of the following have you cut back on in order to decrease your level of day-to-day spending over the last twelve months? Please select all that apply. Base: All whose spending is more cautious Romania Apr’13 (870) | Nov’13 (459) Consumer goods, holidays and healthcare are three items that Romanians have increasingly reduced their spending on since April However, education is the only significant change, with fewer cutting back on this Reductions in healthcare spending increase with age (25-44: 14%, 45+: 26%) Standard of Living

56 You have said that you have been more cautious in your spending in the last 12 months. Which if any of the following have you cut back on in order to decrease your level of day-to-day spending over the last twelve months? Please select all that apply. Base: All whose spending is more cautious Slovakia Apr’13 (225) | Nov’13 (544) Fewer Slovakians are reducing their spending on holidays, socialising and heating, although none of these are significant changes Women are significantly more likely to reduce their outlay on quality food and socialising Standard of Living

57 How do you respond to rising food prices? Please choose up to two responses. Base: All whose spending is more cautious Slovakia Apr’13 (225) | Nov’13 (544) In most IPF markets, the response to rising food prices is to take extra care to have less food being wasted However Romanians prefer to save money from other areas of their life to have more to spend on food The older generations are significantly more likely to buy less food rather than reducing spending elsewhere Standard of Living

58 Approximately how much of your total income do you pay on energy bills? Base: All whose spending is more cautious Slovakia Apr’13 (225) | Nov’13 (544) Three in five IPF customers are spending at least a quarter of their total income on paying energy bills Hungarians spend the highest proportion, with one in three using half their income on energy On the contrary, the majority of Poles spend less than a quarter of their income in this way Standard of Living All Czech Rep HungaryMexico Poland RomaniaSlovakia

59 AllCzech RepHungaryMexicoPolandRomaniaSlovakia If you were to face an emergency or an unexpected bill or expense how easy or difficult would it be for you to find -amount- without borrowing? How easy or difficult would you find it to save -amount- for a major purchase of something that you needed? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Living Standards IPF customers are less certain about whether they would be able to either save or find money for unexpected expenses than six months ago Hungarians are more likely to believe they would be able to save money compared to their responses in April 2013 Mexicans are far less certain about the situation and particularly their ability to find money without borrowing Standard of Living

60 Half of people have been asked by family or friends for financial help in the past six months This pattern is fairly consistent across the markets, with Hungary having the highest level (58%) 18-24s (61%) and singles without children (56%) are the groups most likely to be asked for help Has anyone of your family or friends asked you for financial help in the last 6 months? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), MX (478), PL (1,794), RO (837), SK (1,019) Standard of Living All Czech Rep HungaryMexico Poland RomaniaSlovakia

61 Poles are the IPF customer group most likely to be satisfied with their overall standard of living, closely followed by Czechs Generally, how satisfied are you with the overall standard of living of your household? Base: All Nov’13 (11,472), CZ (3,887), HU (3,457), PL (1,794), RO (837), SK (1,019) Romanians claim to be the least satisfied, although this is driven mostly by those aged 45+ Overall, men (37%) are significantly more likely than women (31%) to be satisfied Economic Outlook

62 Generally, how satisfied are you with the overall standard of living of your household? Base: All in Czech Republic April (1,796) Nov (3,887) Satisfaction with standard of living has increased significantly among Czech in the past six months Men are clearly more of a factor in this movement than women year-olds are also a lot more satisfied that they had been previously asked in April TotalMaleFemale Economic Outlook

63 Generally, how satisfied are you with the overall standard of living of your household? Base: All in Hungary April (4,835) Nov (3,457) Hungary has seen a move to indifference from dissatisfaction This is apparent across both genders and all age groups, although men remain slightly more positive than women as was found in April 2013 TotalMaleFemale Economic Outlook

64 Generally, how satisfied are you with the overall standard of living of your household? Base: All in Poland April (915) Nov (1,794) The proportion of Polish IPF customers who claim to be very satisfied with their standard of living has increased since April 2013 Men and those aged are significantly more satisfied than they were six months ago TotalMaleFemale Economic Outlook

65 Generally, how satisfied are you with the overall standard of living of your household? Base: All in Romania April (1,478) Nov (837) The outlook of Romanians remains stable with one in three still dissatisfied with the standard of living they have 18-24s have demonstrated a significant fall in satisfaction with life since April 2013 Contrarily, the over 55s are notably less dissatisfied with life TotalMaleFemale Economic Outlook

66 Generally, how satisfied are you with the overall standard of living of your household? Base: All in Slovakia April (394) Nov (1,019) Overall, Slovakians are slightly less positive about their standard of living than they were six months ago Those aged are significantly less satisfied than they were in April 2013 TotalMaleFemale Economic Outlook

67 Standard of living summary Whilst they haven’t thrown caution to the wind, fewer people are spending as carefully as they were six months ago Living Standards For those who are cutting back, there has been an increase in people moving to lower- quality food in an attempt to reduce outgoings The response to rising food prices has been individuals taking more care not to waste food For the majority, at least a quarter of total income is going towards energy bills Half of people have been asked for financial help by family/friends in the past six months One in three are satisfied with their standard of living

68 Further Research

69 Potential subjects for revisiting What are the elements that drive/impede trust in the financial sector? Are the feelings of IPF customers reflective of the general populations of their respective markets? There has been an improvement in retirement planning, but what plans are people making and how successful will they be in supporting financial stability in retirement? What are the cut-off points for people taking credit? When will people say repayments are too high? How much of a factor is seasonality in the level of change in preparedness to spend money? Does the run-up to Xmas affect people’s willingness to spend more freely? People are often being asked for financial support by family/friends, but are they giving it? How much are they giving and what are the repayment terms they agree? Are they having to borrow themselves in order to support others?

70 Leo Brownstein, YouGov Financial Services | Contact


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