Page 21 - Savings Psyche
P. 21

Apathetic Alfie


Average Age: 	                   39

Gender: 	                        Male (54%); Female (46%)

Average annual salary: 	         £30,600

Children U18 living at home: 	   41%

Own and occupy own home: 	       61%

Who is Apathetic Alfie?

Respondents that fall into the Apathetic Alfie demographic are not interested in saving or the options available. Alfie
has a far poorer knowledge of financial products and decisions than any of his peers. At the same time, he lacks
the motivation to keep up to date with savings or financial news, and is the most likely to think that post-retirement
security is someone else’s responsibility. Socially, he is generally conservative and quite risk-averse.

What do employers need to know?

The question is not so much what employers need to know, but how much they can actually help. It is highly unlikely
that Alfie will respond to traditional marketing, or to a choice of options that requires him to do some research, so
basing the approach on more creative behavioural tactics will be far more effective. Default opt-in, a simple and
narrow choice architecture, and visualising tactics (similar to those used for YOLO Owen) are most likely to work
for Alfie.

Four key traits:
Only 26% consider saving money to be a priority

34% are saving for retirement

Just 18% find the savings options they are confronted with confusing or complex (the lowest of any persona)

25% are worried about their financial future

21 The savings psyche of the UK
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