Consumer survey on personal savings accounts

Transcriptie

1 Consumer survey on personal savings accounts April 04 GfK 04 Consumer survey on personal savings accounts April 04

2 Table of contents. Management Summary. Research design. Research findings GfK 04 Consumer survey on personal savings accounts April 04

3 Management Summary GfK 04 Consumer survey on personal savings accounts April 04

4 Management Summary -- Savings accounts The majority of the respondents didn t move savings to another bank in the past months. Respondents with more savings, more often switch banks. Switchers save more often at smaller banks than non-switchers. The majority of the non-switchers have most of their savings at the three major banks. Most respondents have more than three quarters of their savings at the bank where they have the most of their savings. A lot of non-switchers seem to have never switched banks for their savings. The interest rate and the safety of their deposits are important factors when choosing a bank for switchers. For non-switchers the convenience of having all financial products at the same bank is important. Acquaintance with the Deposit Guarantee Scheme Almost 40 of the non-switchers are not familiar with the Dutch Deposit Guarantee Scheme. Almost half of all non-switchers who say they are familiar with the DGS, give a wrong description of it. The majority of the respondents that are familiar with the DGS, knows that the DGS compensates up to an amount of ,-. GfK 04 Consumer survey on personal savings accounts April 04 4

5 Management Summary -- Switching behavior A third of the non-switchers don t feel any need to switch banks with their savings. out of 0 non-switchers stay at their bank, because they find it easy to have all financial products at the same bank. 7 of the non-switchers have never considered switching banks for their main savings account. More than half of the non-switchers would switch when they don t trust their current bank anymore. For switchers, the most important reason to switch banks is a higher interest rate. Almost half of the switchers consider themselves as someone who will almost never switch banks. Perceptions on interest rates More than half of the non-switchers are not aware of the interest rate of their savings account, for switchers this is one quarter. of the non-switchers do not expect to receive a higher interest rate at another bank. For switchers this is less than a half. Switchers and non-switchers who expect to receive a higher interest rate at other banks, have the same perception of interest rates at the other banks. GfK 04 Consumer survey on personal savings accounts April 04

6 Management Summary -- Preferences for different types of banks Major Dutch banks are highly preferred over minor Dutch banks and foreign banks. A lot of non-switchers who prefer a major Dutch bank would only switch to a minor Dutch bank if the different in interest rate is relatively large. A lot of switchers and non-switchers who prefer a major Dutch bank would not switch to a foreign for any difference in interest rates. The same applies for respondents who prefer a minor Dutch bank over a foreign bank. GfK 04 Consumer survey on personal savings accounts April 04

7 Research design GfK 04 Consumer survey on personal savings accounts April 04 7

8 Research design Fieldwork period : - February 04 Target group switchers : representative sample of the Dutch population (8+), who moved savings to another bank in the past months Target group non-switchers: representative sample of the Dutch population (8+), who didn t move savings to another bank in the past months Weighting Method : both samples are weighted to reflect the Dutch population (8+) by age, gender, household size and district : online research Response rate : switchers 7, non-switchers 7 Sample size : the net sample size consists of 499 switchers and 48 non-switchers GfK 04 Consumer survey on personal savings accounts April 04 8

9 Research findings GfK 04 Consumer survey on personal savings accounts April 04 9

10 The majority of the respondents didn t move savings to another bank in the past months 79 Switchers Niet Switchers The majority of the respondents (79) didn t move savings to another bank in the past months. From each group a sample is taken for this survey. The net sample size consists of 499 switchers and 48 non-switchers. Heeft u in de afgelopen maanden spaargeld naar een spaarrekening van een andere bank verplaatst? Did you move your savings to another bank in the past months? Base: GfK panel * The charts are for practical reasons in Dutch. GfK 04 Consumer survey on personal savings accounts April 04 0

11 Respondents with more savings, more often switch banks 0 tot.000 euro tot.000 euro.000 tot.000 euro tot euro tot.000 euro tot.000 euro tot euro tot euro tot euro euro of meer 0 Weet ik niet/wil ik niet zeggen Switchers Niet Switchers Switchers have more savings compared to non-switchers. of the switchers and 9 of the non-switchers didn t indicate how much savings they have approximately. Hoeveel spaargeld heeft u ongeveer in totaal? How much savings do you have approximately in total? Base: all respondents (n=499 / n=48) GfK 04 Consumer survey on personal savings accounts April 04

12 Switchers save more often at smaller banks than non-switchers Switchers Niet Switchers The three major banks are by far the most used banks for savings. Switchers tend to use smaller banks like ASN Bank and Achmea (9) more than non-switchers. Bij welke bank(en) heeft u spaargeld staan? At which bank(s) do you have savings? Base: all respondents (n=499 / n=48) GfK 04 Consumer survey on personal savings accounts April 04

13 4 of all switchers, only transferred a quarter of their total savings amount 0 t/m 4 t/m 0 4 t/m 7 7 t/m Almost half of the respondents (4) who switched banks with their savings, transfered less than one quarter to another bank. 0 of the respondents who switched banks for their savings moved more than half of their savings to another bank. Hoeveel procent van uw totale spaargeld heeft u van bank verplaatst in de afgelopen maanden? What percentage of your total savings did you move to/from another bank in the past months? Base: all respondents who switched banks for their savings (n=499) GfK 04 Consumer survey on personal savings accounts April 04

14 The majority of the non-switchers have most of their savings at the three major banks Switchers Niet Switchers The majority of the non-switchers have most of their savings at the three major banks (7). For switchers, only 9 have most of their savings at the three major banks. Bij welke bank heeft u het grootste gedeelte van uw spaargeld staan? At which bank do you have most of your savings? Base: all respondents (n=499 / n=48) GfK 04 Consumer survey on personal savings accounts April 04 4

15 Most respondents have more than three quarters of their savings at the bank where they have the most of their savings 0 t/m 0 t/m 0 4 t/m t/m Switchers Niet Switchers Most respondents have more than three quarters of their savings at the bank where they have the most of their savings. 7 of the non-switchers have all their savings at one bank. Switchers tend to spread their savings of more banks than non-switchers. Hoeveel procent van uw totale spaargeld heeft u bij deze bank staan? What percentage of you total savings do you have at this bank? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04

16 A lot of non-switchers seem to have never switched bank for their savings Minder dan jaar t/m jaar 8 4 t/m 0 jaar 4 Langer dan 0 jaar Sinds dat ik ben gaan sparen Weet ik niet Switchers Niet Switchers A quarter of the non-switchers () still have savings at the bank where they started saving money. For switchers this is only. of the non-switchers have their savings at the same bank for more than 0 years. Hoe lang heeft u uw spaargeld al bij deze bank staan? For how long do you have your savings at this bank? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04

17 The interest rate and the safety of their deposits are important factors when choosing a bank for switchers Deze bank geeft een hoge spaarrente Ik vind deze bank veilig en stabiel Deze bank valt onder het depositogarantiestelsel De voorwaarden van de spaarrekening zijn gunstig Ik vind het handig dat al mijn financiële zaken bij dezelfde bank geregeld zijn Ik had eerder goede ervaringen met deze bank Eén van mijn ouders/verzorgers heeft vroeger een rekening bij deze bank voor mij geopend Omdat de service van deze bank goed is Ik ben het eens met de maatschappelijke/ideële gedachte van deze bank Deze bank is mij aangeraden door een vriend, collega of familielid De locatie van een kantoor van deze bank is gunstig Anders Switchers Niet Switchers For non-switchers the convenience of having all financial products at the same bank is important (4). Waarom heeft u voor uw spaargeld voor deze bank gekozen? Why did you choose this bank for your savings? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04 7

18 The majority of non-switchers have, besides a savings account, also a current account at this bank 48 8 Ja Nee Switchers Niet Switchers The majority of non-switchers (8) have, besides a savings account, also a current account at this bank. For switchers, only 48 have also a current account at this bank. Heeft u bij deze bank naast een spaarrekening ook een betaalrekening? Do you also have a current account at this bank, besides a savings account? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04 8

19 The majority receives salary on this current account and use it on a regular basis Ja Nee Switchers Niet Switchers The majority receives salary on this current account and use it on a regular basis. For switchers this percentage is 8, for non-switchers 94. Ontvangt u uw salaris en/of verricht u uw belangrijkste privé uitgaven met deze betaalrekening? Do you receive your salary and/or do you pay most of you personal spending with this account? Base: all respondents who also have a current account at this bank, besides a savings account (n= / n=40) GfK 04 Consumer survey on personal savings accounts April 04 9

20 Almost 40 of the non-switchers are not familiar with the Dutch Deposit Guarantee Scheme Ja, ik weet wat het depositogarantiestelsel is 8 Ja, maar ik ken alleen de naam Nee, nog nooit van gehoord Switchers Niet Switchers Three quarter of the switchers (7) say they are familiar with the Deposit Guarantee Scheme (DGS), for non-switchers this is 0. 4 of the switchers are not familiar with the DGS. Bent u bekend met het depositogarantiestelsel? Are you familiar with the Deposit Guarantee Scheme? Base: all respondents (n=499 / n=48) GfK 04 Consumer survey on personal savings accounts April 04 0

21 Almost half of all non-switchers who say they are familiar with the DGS, give a wrong description of it Weet hoe het DGS in grote lijnen werkt 8 Weet deels hoe het DGS werkt 0 Weet niet hoe het DGS werkt Switchers Niet Switchers A lot of respondents who give a wrong description, confuse the DGS with a term deposit. Wat regelt het depositogarantiestelsel volgens u? What does the Deposit Guarantee Scheme entail according to you? Base: all respondents that are familiar with the deposit guarantee scheme (n=87 / n=) GfK 04 Consumer survey on personal savings accounts April 04

22 The majority of the respondents that are familiar with the DGS, know that it compensates up to an amount of ,- 0 euro.000 euro euro euro euro euro euro 0 Weet ik niet Switchers Niet Switchers The majority of the respondents that are familiar with the DGS, knows that the DGS compensate up to an amount of : 78 of the switchers knows this and 0 of the non-switchers. The percentage of right answers is slightly higher than in the previous slide. Tot welk bedrag vergoedt het depositogarantiestelsel uw bezittingen bij een bank, volgens u? Up to what amount does the deposit guarantee scheme compensate, according to you? Base: all respondents that are familiar with the deposit guarantee scheme (n=87 / n=) GfK 04 Consumer survey on personal savings accounts April 04

23 A third of the non-switchers don t feel any need to switch banks with their savings Ik heb geen reden/aanleiding om te wisselen Ik vind het handig dat al mijn financiële zaken bij dezelfde bank geregeld zijn Veranderen van bank levert mij te weinig voordeel op Ik ben tevreden over mijn huidige bank Veranderen van bank kost mij teveel tijd en/of moeite 7 Nooit over nagedacht Deze bank biedt een hoge rente Het spaargeld staat vast Ik vertrouw andere banken niet Anders Weet niet / geen antwoord In the questionnaire the respondent was asked to indicate their own motivations for not switching bank in the past months. The provided information was then coded into the above mentioned answer categories. A third of the non-switchers (4) don t feel any need to switch banks with their savings. Other important reasons are: easy to have all financial products at the same bank (4), too little advantage (4) and satisfaction with the current bank (). Waarom heeft u geen spaargeld verplaatst naar een andere bank? Why didn t you move savings to another bank? Base: all respondents who have not switched banks for their savings (n=48) GfK 04 Consumer survey on personal savings accounts April 04

24 out of 0 non-switchers stay, because they find it easy to have all financial products at the same bank Ik vind het handig dat al mijn financiële zaken bij dezelfde bank geregeld zijn 9 Ik voel me thuis bij de huidige bank 8 Veranderen van bank levert mij te weinig voordeel op 4 40 Nooit over nagedacht Veranderen van bank kost mij teveel tijd en/of moeite 8 Alle banken zijn toch hetzelfde Ik vind het moeilijk om banken met elkaar te vergelijken 4 7 Deze bank biedt een hoge rente 7 Ik vertrouw andere banken niet Ik wist niet dat ik kon wisselen van bank 0 0 Anders Belangrijkste reden Eén na belangrijkste reden Twee na belangrijkste reden out of 0 non-switchers stay at their bank because they find it easy to have all financial products at the same bank (). Other important reasons are: I feel at home with this bank () and too little advantage when switching banks (40). * This question was asked three consecutive times. Therefore the percentages don t add up to 00. Wat zijn de belangrijkste redenen waarom u bij deze bank bent gebleven?* What are the most important reasons for you to stay with this bank?* Base: all respondents who have not switched banks and have not equally distributed their savings across multiple banks (n=0) GfK 04 Consumer survey on personal savings accounts April 04 4

25 7 of non-switchers have never considered switching banks for their main savings account 7 7 Ja Nee 7 of non-switchers have never considered switching banks for their main savings account. Heeft u wel eens overwogen om te wisselen van bank voor uw belangrijkste spaarrekening? Have you ever considered switching banks for your main savings account? Base: all respondents who have not switched banks for their savings (n=48) GfK 04 Consumer survey on personal savings accounts April 04

26 More than half of the non-switchers would switch when they don t trust their current bank anymore Als ik de huidige bank niet meer vertrouw 8 Als de dienstverlening van de bank verslechtert Als de bank erg negatief in het nieuws komt 9 4 Als de spaarrente bij de huidige bank lager wordt dan die van andere banken 8 Als ik banken beter met elkaar zou kunnen vergelijken 4 4 Als het bankkantoor in mijn buurt sluit Als de nieuwe bank alle financiële diensten die ik nodig heb aan zou bieden Als de nieuwe bank ook een betaalrekening aan zou bieden Anders In geen van bovenstaande situaties Eerste genoemd Tweede genoemd Derde genoemd More than half of the non-switchers () would switch banks with their main savings account when they don t trust their current bank anymore. Other situations in which non-switchers would switch banks are: worse services of the bank (44), negative publicity () and when the interest rate becomes lower than other banks (). * This question was asked three consecutive times. Therefore the percentages don t add up to 00. Bij welke van onderstaande situaties zou u als eerste wisselen van bank voor uw belangrijkste spaarrekening? In which of the following situations would you switch banks with your main savings account? Base: all respondents who have not switched banks for their savings (n=48) GfK 04 Consumer survey on personal savings accounts April 04

27 For switchers, the most important reason to switch banks is a higher interest rate De spaarrente bij deze bank is hoger 44 8 Ik wil mijn vermogen beter spreiden Goede toegankelijkheid via internet/mobiel 9 0 De voorwaarden van de spaarrekening zijn beter Deze bank biedt alle financiële diensten aan die ik nodig heb 4 4 De service bij deze bank is beter 4 9 Ik vertrouwde de andere bank niet meer De andere bank beëindigde de spaarrekening Deze bank biedt ook een betaalrekening aan (en de andere bank niet) Deze bank valt onder het depositogarantiestelsel (en de andere bank niet) Anders Belangrijkste reden Eén na belangrijkste reden Twee na belangrijkste reden For switchers, the most important reason to switch banks is a higher interest rate (8). Other reasons are spreading their savings (4), good mobile/digital accessibility (0) and better conditions of the savings account (7). * This question was asked three consecutive times. Therefore the percentages don t add up to 00. Wat zijn de belangrijkste redenen waarom u bent gewisseld met (een deel van) uw spaargeld? What are the most important reasons for you to switch banks for (a part of) your savings? Base: all respondents who switched banks for their savings (n=499) GfK 04 Consumer survey on personal savings accounts April 04 7

28 The majority of the switchers see a high interest rate as an important aspect of a savings account Dat de spaarrente hoog is 4 7 Dat het spaargeld snel van en naar mijn betaalrekening wordt overgemaakt 4 7 Dat de bank onder een depositogarantiestelsel valt 0 Dat de service goed is 0 Dat de bank mijn spaargeld goed en eerlijk besteedt 8 9 Dat de spaarrekening bij een grote Nederlandse bank is 8 Dat ik ook een betaalrekening bij dezelfde bank kan hebben 8 Dat de bank een kantoor in de buurt heeft Belangrijkste reden Eén na belangrijkste reden Twee na belangrijkste reden The majority of the switchers (7) see a high interest rate as an important aspect of a savings account, for 4 this is the most important aspect. Other important aspects of a savings account are the speed of money transfers (7) and membership of the deposit guarantee scheme (0). Wat vindt u in het algemeen de belangrijkste aspecten van een spaarrekening? What do you think are the most important aspects of a savings account? Base: all respondents who switched banks for their savings (n=499) GfK 04 Consumer survey on personal savings accounts April 04 8

29 Almost half of the switchers consider themselves as someone who will almost never switch banks Vrijwel nooit wisselt van bank met mijn spaargeld 48 Soms wisselt van bank met mijn spaargeld 8 Regelmatig wisselt van bank met mijn spaargeld 0 Vaak wisselt van bank met mijn spaargeld Almost half of the switchers (48) consider themselves as someone who will almost never switch banks for their savings. 8 of the switchers consider themselves as someone who sometimes switch banks for savings. Ik zie mijzelf als iemand die I consider myself as someone who Base: all respondents who switched banks for their savings (n=499) GfK 04 Consumer survey on personal savings accounts April 04 9

30 More than half of the non-switchers are not aware of the interest rate of their savings account 0 t/m, 7, t/m,0 9, t/m,7 4 Average switchers =,9 Average non-switchers =,4,7 t/m Meer dan Weet ik niet Switchers Niet Switchers More than half of the non-switchers () is not aware of the interest rate of their savings account, for switchers this is 4. The average interest rate is higher for switchers (,9) than for non-switchers (,4). Hoe hoog is momenteel de rente ongeveer die u ontvangt op uw spaargeld bij deze bank? How much is the current interest rate approximately that you receive on your savings at this bank? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04 0

31 For the majority their savings are instantly accessible 9 9 Ja Nee Weet ik niet Switchers Niet Switchers For the majority (9) their savings are instantly accessible. Only a minority of the respondents have a term deposit. Is dit spaargeld vrij opneembaar? Are these savings instantly accessible? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04

32 More than half of the non-switchers do not expect to receive a higher interest rate at another bank Ja Nee Switchers Niet Switchers More than half of the non-switchers () do not expect to receive a higher interest rate at another bank. For switchers this is 4. Verwacht u bij een andere bank dan deze bank een hogere rente te kunnen krijgen? Do you expect to receive a higher interest rate at another bank than this bank? Base: all respondents who have not equally distributed their savings across multiple banks (n=49 / n=0) GfK 04 Consumer survey on personal savings accounts April 04

33 Switchers and non-switchers have the same perception of interest rates at other banks 0 t/m,, t/m,0 4 Average switchers =,8, t/m,7 7 9 Average non-switchers =,90,7 t/m 4 Meer dan Switchers Niet Switchers Switchers and non-switchers who expect to receive a higher interest rate at other banks, have the same perception of interest rates at the other banks (approximately,9). Hoe hoog denkt u dat de spaarrente van de andere bank is? How much do you think that the interest rate of the other bank is? Base: all respondents who expect to receive a higher interest rate at another bank (n=0 / n=9) GfK 04 Consumer survey on personal savings accounts April 04

34 Major Dutch banks are highly preferred over minor Dutch banks and foreign banks Grote Nederlandse bank Kleine Nederlandse bank Switchers Niet Switchers 4 Grote Nederlandse bank Buitenlandse bank* Switchers 48 4 Niet Switchers 4 9 Kleine Nederlandse bank Buitenlandse bank* Switchers 40 8 Niet Switchers << < <> > >> (gray color means no preference) Major Dutch banks are highly preferred over minor Dutch banks and foreign banks, there are no big differences between switchers and non-switchers. Minor Dutch banks are preferred over foreign banks. Kunt u aangeven in welke mate u een voorkeur heeft voor de verschillende typen banken? To what extent do you prefer the following types of banks? * In the questionnaire the respondent was asked to imagine that the foreign banks have an office or website in the Netherlands. Base: all respondents (n=499 / n=48) GfK 04 Consumer survey on personal savings accounts April 04 4

35 A lot of non-switchers would only switch to a minor Dutch bank if the different in interest rate is relatively large,7,0,,,7,0,,,7 4,0 Meer dan 4 Bij geen enkele spaarrente Switchers Niet Switchers 8 of the switchers who prefer a major Dutch bank over a minor Dutch bank will switch banks at a interest rate, for non-switchers this is 49. of the switchers would not switch for any difference in interest rate, for the non-switchers this is. Bij welke rente zou u kiezen voor een kleine Nederlandse bank in plaats van een grote Nederlandse bank? At what interest rate would you switch from a major Dutch bank to a minor Dutch bank? * In this question the respondent was asked to imagine that the major Dutch banks offer an interest rate of,. Base: all respondents who prefer a major Dutch bank over a minor Dutch bank (n=7 / n=) GfK 04 Consumer survey on personal savings accounts April 04

36 A lot of switchers and non-switchers say that they would never switch to a foreign bank,7,0,,,7,0,,,7 4,0 Meer dan 4 Bij geen enkele spaarrente Switchers Niet Switchers 8 of the switchers who prefer a major Dutch bank over a foreign bank will switch banks at a interest rate, for non-switchers this is 7. of the switchers would not switch for any interest rate, for the non-switchers this is. Bij welke rente zou u kiezen voor een buitenlandse bank in plaats van een grote Nederlandse bank? At what interest rate would you switch from a major Dutch bank to a foreign bank? * In this question the respondent was asked to imagine that the major Dutch banks offer an interest rate of,.it was also assumed that foreign banks have an office or website in the Netherlands. Base: all respondents who prefer a major Dutch bank over a foreign bank (n= / n=70) GfK 04 Consumer survey on personal savings accounts April 04

37 The same applies for respondents who prefer a minor Dutch bank over a foreign bank,7,0,,,7,0,,,7 4,0 Meer dan 4 Bij geen enkele spaarrente Switchers Niet Switchers 4 of the switchers who prefer a minor Dutch bank over a foreign bank will switch banks at a interest rate, for non-switchers this is 7. 7 of the switchers would not switch for any interest rate, for the non-switchers this is. Bij welke rente zou u kiezen voor een buitenlandse bank in plaats van een kleine Nederlandse bank? At what interest rate would you switch from a minor Dutch bank to a foreign bank? * In this question the respondent was asked to imagine that the minor Dutch banks offer an interest rate of,.it was also assumed that foreign banks have an office or website in the Netherlands. Base: all respondents who prefer a minor Dutch bank over a foreign bank (n= / n=4) GfK 04 Consumer survey on personal savings accounts April 04 7