Page 22 - Savings Psyche
P. 22

Risk-Taking Ricardo

Demographics

Average Age: 	                  40

Gender: 	                  Male (50%); Female (50%)

Average annual salary: 	        £39,700

Children U18 living at home: 	  46%

Own and occupy own home: 	      70%

Who is Risk-Taking Ricardo?

This persona shares many things in common with Suburban Steve, though is characterised by a confident and
motivated mentality. As such, Ricardo is more likely to take risks – albeit informed ones – and wants to save more
than he currently does. Because his outlook is both to live for the moment and take care of the future, Ricardo saves
primarily for holidays and retirement.

What do employers need to know?

Since Ricardo self-identifies as a ‘well-informed’ saver, traditional marketing and communication could be very
effective, especially when they focus on the outcomes of the products. In terms of actions, Ricardo should be pushed
towards ‘save more tomorrow’ or auto-escalation schemes, which are commonly used in the US. He probably does
not save quite enough, so encouraging extra saving after a pay rise is an effective way to increase the amount put
aside for retirement.

Four key traits:
71% would prefer flexibility in their savings options

Less than half (47%) are risk-averse savers

Only 37% agonise when making financial decisions

They want to save 10% of their earnings, but currently only save 8%

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