New findings(1) from Sainsbury’s Bank reveals that many of those aged 55 and over have major plans to overhaul their finances this year to make their money go further.
Research commissioned for the Bank’s new initiative – ‘The Family Finance Report’ – reveals that when it comes to their insurance, gas, electricity, TV, phone and broadband suppliers, 75% of those aged 55 and over are planning to shop around this year to try and secure better deals. The corresponding figure for the adult population as a whole is 72%.
Two thirds (65%) of people aged 55 and over with car insurance intend to shop around in 2016, and the corresponding figure for those with home insurance is 58%. However when it comes to gas and electricity this falls to 38% and for their phone, TV packages or broadband it is 34%. By planning to switch one or more of these products, they expect to reduce the amount they pay here by 10% on average.
When it comes to their banking and credit products, the findings reveal that people aged 55 and over are also trying to reduce the amount of money they pay on their borrowing. Some 355,000 people are contemplating switching a personal loan to secure a better rate of interest, and over 939,000 (5%) intend to switch or consolidate credit card debt, and 228,000 are considering re-mortgaging.
Simon Ranson, Head of Banking at Sainsbury’s Bank said: “People who are retired or approaching retirement are often very reliant on their savings and investments to generate an income. In the current investment climate, it’s perhaps not surprising that people are reviewing their finances to see if they can save money and get better deals.”
This desire to ensure they have the best financial deals is being fuelled by a number of financial concerns amongst those in this age group according to 69%. 22% are worried about their cost of living rising; 16% are concerned about not achieving a good return on their savings, and 8% are more concerned about their children’s financial future than their own.
Overall, just 11% of people in or close to retirement (those aged 55+) feel more confident about their finances in 2016 than they did in 2015, compared to 27% who feel less confident. Some 59% have the same level of confidence.
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Notes to Editors (1) Sainsbury’s Bank commissioned Opinium Research to survey 2,006 nationally representative UK adults aged 18+ between 24th to 27th November 2015. Opinium Research is a member of the British Polling Council and abides by its rules
For further information, please contact:
Citigate Dewe Rogerson on 020 7638 9571
Natasha Virtue, Jennifer Johnston-Watt or Lorna Gilmour, Sainsbury’s Bank’s press office on 0131 286 0010
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.
Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.
Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).