Page 18 - Savings Psyche
P. 18

The savers
The personas that will shape workplace savings schemes

As part of The savings psyche of the UK research, a set of   personas, and possibly others, which demonstrates why the
personas has been developed to understand more about         savings decision-making paralysis came into play, and why
the financial and savings situations of UK workers. Broadly  a well-communicated diversified savings offer can bring it to
speaking, every company will be made up of a mix of these    an end.



Average Age:	                  36

Gender:	                   Male (73%); Female (27%)

Average annual salary:	        £70,800

Children U18 living at home:	  78%

Own and occupy own home:	      84%

Who is YOLO Owen?

As this persona is more than likely to be both a homeowner and a member of a pension scheme, he is likely to focus
on spending disposable income in the short term, and is comfortably set up for retirement. However, that does not
mean Owen is fully financially responsible. The ‘you only live once’ mentality means that despite being a high earner,
a taste for fast living means a poor attitude towards general purpose savings. Whatever is saved tends to be for
children’s education and future housing prospects.

What do employers need to know?

While traditional marketing, education and communication may work, these should be twinned with behavioural
approaches such as nudging and specific financial guidance. This can be in the form of showcasing a ‘typical
saver’ who puts away the right amount, giving Owen the chance to visualise the long-term benefit of saving, and
demonstrating that he can have it all. It is worth remembering that Owen wants flexibility and the ability to make
a choice, but is fairly risk-averse. Because of this, he may be willing to try out an ISA or LISA as an alternative to
traditional workplace savings.

Four key traits:
83% prioritise a safe and secure financial environment, and 77% would not invest in anything risky

86% would prefer some flexibility in how they save their pension

82% worry about their financial future

90% agonise when making financial decisions

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