Page 20 - Savings Psyche
P. 20

Suburban Steve


Average Age: 	                  48

Gender: 	                  Male (58%); Female (42%)

Average annual salary: 	        £32,200

Children U18 living at home: 	  28%

Own and occupy own home: 	      80%

Who is Suburban Steve?

Of all the persona groups, those that fit into the Suburban Steve category are the most practical and responsible, as
well as the least likely to act on the spur of the moment. Unsurprisingly, Steve is a saver and a planner, with financial
management as a cornerstone of his lifestyle. As a consequence, he experiences few debt problems, has a solid
knowledge of financial services, shops around for the best deal and does not worry about money.

What do employers need to know?

Because of the strong tendency towards financial security, an employee in the Suburban Steve mould will favour
traditional savings programmes and will be responsive to active choices, which can be controlled. If there is a
concern in this group, it may be complacency in a changing financial environment. Therefore, a broader workplace
savings platform may appeal to Steve, which he will opt into through an architecture of tailored, streamlined choice
rather than nudging.

Four key traits:
84% have money saved for a rainy day

Just 4% are worried about their financial future

79% save for their retirement

93% look for a competitive return on savings products

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