Page 23 - Savings Psyche
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Short-Term Shona

Demographics

Average Age: 	                   42

Gender: 	                        Male (38%); Female (62%)

Average annual salary: 	         £24,300

Children U18 living at home: 	   32%

Own and occupy own home: 	       61%

Who is Short-Term Shona?

Similar to Wendy, Shona is a financial worrier, with a deep commitment to family and strong ethical values. However,
unlike Wendy, Shona is able to spot a good deal and to take advantage of it, despite a generally risk-averse nature.
Because of the tight financial margins that govern spending, Shona will review multiple products before making a
decision and will be a pension saver (as well as a general saver for holidays and short-term needs).

What do employers need to know?

Because Shona can spot a deal, streamlined choice followed by nudging will be effective in encouraging
decision-making when it matters. Likewise, loss aversion, education and framing will work in communications.
As for products, many in this group belong to a pension plan (though do not save enough), and with a substantial
number still renting, the LISA may appeal.

Four key traits:
Over a third (39%) find the savings choices they are confronted with confusing or complex

92% want a competitive return and 88% guaranteed return savings

66% look for risk-free investments

76% are motivated to save for retirement

Speaking to everyone                                           scheme, for persona B it may be to do nothing, to take that
                                                               path of least resistance.
These personas are drawn from The savings psyche of
the UK research. As such, they naturally include some          It is why different tactics, such as nudging, loss aversion
generalisation. However, in detailing the different saver      and framing, must be employed to ensure that each
groups that could potentially make up an organisation,         persona in a company is able to understand their options
they are a step towards acknowledging the flaws in             and start a savings plan that suits their life. This will come
one-size-fits-all messaging and pensions provision.            through employers understanding their workforce and
                                                               creating a relevant communication strategy to incentivise
The personas demonstrate that people will respond in           saving for each persona within the company. From there,
completely different ways when confronted with the             other measures (such as control and flexibility) can be
same information about the LISA or a pension scheme,           promoted to ensure that the savings plan works in the way
according to their lifestyle, income and situation. And while  it was intended.
the outcome for persona A may be deciding to sign up to a

23 The savings psyche of the UK
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