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Media centre /
Press releaseBRITS TOO BUSY TO SAVE01 March 2006
New savings channels are set to flourish as busy Brits try to keep on top of their finances, according to research from National Savings and Investments (NS&I) and Tesco Personal Finance. Almost half (46%) of Brits complain they only have limited time to make financial decisions, making it harder for them to keep on top of their finances. A need for speed and convenience is seeing many turning to non-traditional personal finance channels such as supermarkets and internet-only accounts. While only 6% currently save this way, NS&I research shows this will grow to 26% in the next few years as consumers demand decisions ‘on the move’ in our 24/7 culture. Of the non-traditional personal finance channels, supermarkets were one of the first to meet this consumer demand. Last September NS&I teamed up with Tesco Personal Finance to make it easier for customers to save with NS&I while they do their weekly shop. Following a successful pilot, brochures for two of NS&I’s tax-free products – Premium Bonds and its range of Inflation-beating Index-linked Savings Certificates are now available in over 700 Tesco stores nationwide. Convenience is the answer NS&I’s Quarterly Saving Survey shows only 55% of the population are saving regularly. While many people state affordability as the biggest stumbling block to saving more, Brits are also calling for financial providers to help them develop a savings habit by making it more convenient to save. Almost half (48%) of Brits claim they would save more if it was easier. Statistics show 32 million people visit a supermarket each week as a one stop shop, which appeals to people who are time-poor. The NS&I and Tesco Personal Finance partnership taps into the problem of people having too little time to investigate savings products. The partnership NS&I chose Tesco Personal Finance in September 2005 to market its products to make saving and investing with NS&I more accessible. This will be achieved through Tesco’s proven retail and financial services experience, in store-marketing opportunities and access to over 15 million customers every week. Following a successful pilot in 50 stores over the last four months, the leaflets will now be available in over 700 stores. The stores cover the breadth of Scotland, England, Wales and Northern Ireland. Shoppers will be able to apply by phone, online via www.tesco.com or by post. Customers will enjoy exactly the same benefit of 100% security as customers who invest directly with NS&I or through the Post Office. This marketing partnership will run initially for five years. Save time and money Trevor Bayley, NS&I’s acting chief executive said: “Hectic lifestyles mean that we often find it difficult to keep on top of our finances and providers can help by making saving more accessible. We have teamed up with Tesco Personal Finance to do just this. The partnership will make it even more straightforward, and easy for people to find out about our savings and investments, while carrying out their weekly shop.” Jim Macdonald, Tesco Personal Finance chief executive, said: "We want to help people reach their savings goals, so this is great news for our customers. By combining the unique range of NS&I products with the accessibility and convenience of Tesco stores, we can help make saving for the future easier than ever.” ENDS Notes to Editors 1. The National Savings and Investments survey was conducted by TNS via PhoneBus, 10-12 February 2006. The sample size was 1,008 adults. * Data from the Marketing Pocket Book 2005-02-02, which shows that 70% of the adult population visit a supermarket at least once a week. 2. NS&I, established in 1861, is a Government department and an executive agency of the Chancellor of the Exchequer. One of the largest savings organisations in the UK, it offers a range of savings products over the telephone, internet, post and by standing order as well as through a network of 14,600 Post OfficeTM branches and 700 Tesco Stores. It has 26 million customers and £72 billion funds invested. All products offer 100% security because they are backed by HM Treasury. 3. Tesco Personal Finance is one of the UK’s fastest growing financial services businesses. Since launched in 1997, the company has grown to over five million in-force customer accounts and has launched, on average, three products each year. It has offered its own instant access savings account since September 1997. With 40% of sales now originating from the internet and 60% of business coming through the stores, many of which are open 24 hours, products are available where and when customers want them.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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