Published by Gbaf News
Posted on February 24, 2017
10 min readLast updated: January 21, 2026
Richard Jenkings, senior consultant at Experian
What do today’s consumers look like? What are their attitudes to money, and how do they choose to manage their own? What financial services do they want, and how do they wish to be communicated with?
These are some of the deep questions businesses ask of their marketing, finance and customer care teams. And today, the available data can give us more insightful answers to these questions than a business has ever had before. The insights below from Experian’s Financial Strategy Segments (FSS) tool gives a fascinating overview of today’s consumers, at macro and micro level. The insights show a nation recovering from the worst recession since the Second World War, and now facing a period of uncertainty as Britain prepares to exit the EU.
The data shows the stresses and strains for the young when the first rung of the property ladder feels far out of reach, and how some families are coming together to help the generation at risk of getting left behind. The data also highlights the profound impact technology is having on the financial journeys consumers take today – from the rise of price-comparison websites to the use of banking and bill paying apps.
In an increasingly customer-centric world, it’s important to have a depth of knowledge into what makes a customer tick. With greater insight an organisation is better able to meet customers’ demands and expectations. By offering the most appropriate products, messages and channels, businesses can deliver a better customer experience and improve ROI, as well as ensuring they meet legislation and safeguard the company’s reputation.
Fresh insights into financial customer habits
So what’s changing the way people spend, save, borrow and live their lives?
A snapshot of a nation
Experian has identified four key financial trends in the UK today. We explore how they’ve come about, how they’re likely to shift in the future and what they could mean for the way we market financial products and services.
Life escalator
The degree to which people’s levels of affluence are likely to change at different stages of their lives, and our ability to improve our financial future often follows a storyline.
Tax on inertia
Those who stick to old financial behaviours are likely to fare worse than those who actively seek change in a changing world.
Savvy switchers and digital devotees
Those who embrace new digital possibilities are more likely to switch and save.
Jilted generation and helping hands
An entire generation is less well off than the last – but help may be found close to home for family minded individuals.
At the same time, we see the emergence of new types of financial consumers:
Making sense of a changing world
As the gap between generations grows wider, it brings implications for both public policy and for financial services providers. The changing consumer landscape will mean fewer mortgages are needed, fewer retired people will release housing equity, and those nearing retirement will have less to spend on holidays and leisure. By being aware of these trends, providers can plan for change and market the best products to the people most likely to need them.
What is Financial Strategy Segments?
Financial Strategy Segments collates detailed financial behaviour data about every consumer in the UK: their demographics, personal equity, investments, borrowings, debt, attitudes, aspirations, and even preferred communications channels. The segmentation is tightly linked to each person’s age and affluence. It groups people together based on similar financial behaviours, by household and then by individual. This level of segmentation gives a deep understanding of consumers’ financial behaviour.
Richard Jenkings, senior consultant at Experian
What do today’s consumers look like? What are their attitudes to money, and how do they choose to manage their own? What financial services do they want, and how do they wish to be communicated with?
These are some of the deep questions businesses ask of their marketing, finance and customer care teams. And today, the available data can give us more insightful answers to these questions than a business has ever had before. The insights below from Experian’s Financial Strategy Segments (FSS) tool gives a fascinating overview of today’s consumers, at macro and micro level. The insights show a nation recovering from the worst recession since the Second World War, and now facing a period of uncertainty as Britain prepares to exit the EU.
The data shows the stresses and strains for the young when the first rung of the property ladder feels far out of reach, and how some families are coming together to help the generation at risk of getting left behind. The data also highlights the profound impact technology is having on the financial journeys consumers take today – from the rise of price-comparison websites to the use of banking and bill paying apps.
In an increasingly customer-centric world, it’s important to have a depth of knowledge into what makes a customer tick. With greater insight an organisation is better able to meet customers’ demands and expectations. By offering the most appropriate products, messages and channels, businesses can deliver a better customer experience and improve ROI, as well as ensuring they meet legislation and safeguard the company’s reputation.
Fresh insights into financial customer habits
So what’s changing the way people spend, save, borrow and live their lives?
A snapshot of a nation
Experian has identified four key financial trends in the UK today. We explore how they’ve come about, how they’re likely to shift in the future and what they could mean for the way we market financial products and services.
Life escalator
The degree to which people’s levels of affluence are likely to change at different stages of their lives, and our ability to improve our financial future often follows a storyline.
Tax on inertia
Those who stick to old financial behaviours are likely to fare worse than those who actively seek change in a changing world.
Savvy switchers and digital devotees
Those who embrace new digital possibilities are more likely to switch and save.
Jilted generation and helping hands
An entire generation is less well off than the last – but help may be found close to home for family minded individuals.
At the same time, we see the emergence of new types of financial consumers:
Making sense of a changing world
As the gap between generations grows wider, it brings implications for both public policy and for financial services providers. The changing consumer landscape will mean fewer mortgages are needed, fewer retired people will release housing equity, and those nearing retirement will have less to spend on holidays and leisure. By being aware of these trends, providers can plan for change and market the best products to the people most likely to need them.
What is Financial Strategy Segments?
Financial Strategy Segments collates detailed financial behaviour data about every consumer in the UK: their demographics, personal equity, investments, borrowings, debt, attitudes, aspirations, and even preferred communications channels. The segmentation is tightly linked to each person’s age and affluence. It groups people together based on similar financial behaviours, by household and then by individual. This level of segmentation gives a deep understanding of consumers’ financial behaviour.
Explore more articles in the Finance category
