National Consumer Agency
Market Research Findings:Money Resolutions for 2011 and
Coping with the Recession
February 2011Research Conducted by
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Making Complaints
Key Points
Money Resolutions for 2011 and Coping with the Recession
Research Background & Methodology
Profile of Sample
Table of Contents
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Making Complaints
Key Findings - I
• 61% indicated “Household income decreased since the same period in the previous year”: Of these:
•31% = expenditure increased in the period
•29% = expenditure remained the same
• Biggest financial worries for 2011:
•“not having enough money to meet day to day expenses” (32%)
•“not being able to meet unexpected expenses” (23%)
• Number one money resolution for 2011 “budget better” (33%)
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Making Complaints
Key Findings - II
• Percentage who experienced financial difficulty* in the past 12 months:
• payments on a credit card (13%)
• payments on a personal loan (14%)
• payments on a mortgage (12%)
• 56% budgeting more for household expenses.
• 44% spending more time ‘bargain hunting’ for groceries
• 36% spreading shopping across a greater number of shops
• 34% spending less on groceries overall
* Defined as being 3 or more months behind with payments.
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Making Complaints
Key Findings - III
• Consumers’ economic outlook increasingly negative since the last wave of research (June 2010):
•Almost 4 in 5 (77%, up 39%) disagree with the statement “Ireland will be through the worst of the recession in 12 months time”.
• Enduring lessons learnt:
•Almost 3 in 4 (72%) will continue to shop around for better deals when the economy improves.
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Making ComplaintsMoney Resolutions for 2011 and
Coping with the Recession
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Making Complaints
1 63
1931
41
1824
9
4 7
37
Household Income & Expenditure - I
Increased a lot since the same period last year (5)
Increased a little (4)
Remained the same (3)
Decreased a little (2)
Decreased a lot (1)
INCOME EXPENDITURE
(Base: All aged 15-74 – 1,000)
() = June 2010Don’t know
% %
61%
66%
(-)(4)
(29)
(36)
(26)
(5)
(6)
(22)
(15)
(43)
(9)
(5)
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Making Complaints92
22
14
2973
1015
24
Household Income & Expenditure - II
Increased a lot since the same period last year (5)
Increased a little (4)
Remained the same (3)
Decreased a little (2)
Decreased a lot (1)
%
%Increased: Base is too
Small to Analyse
Stayed the same (%)
%
Decreased (%)
EXPENDITURE:
INCOME:
(Base: All aged 15-74 – 1,000)
61 31 4(62) (43)(4)
Don't know
= 4% (5%)
() = June 2010
31%16%
39%
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Making Complaints
No. 1 Money Resolution for 2011
(Base: All aged 15-74 – 1,000)
* All others 1% or less examples include enjoy life more, earn money, work more, continue same as last year.
To budget better
To save more
Shop around for everything
Reduce my debts
Put more money into my pension
Other*
33
22
19
17
3
6
%
Higher amongst C2DEs (36%)
Higher amongst 15-24 year olds (30%)
Higher amongst Munster inhabitants (24%)
Those in full time employment (27%)
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Making Complaints
* All other mentions less than 1% examples include: paying my mortgage, pay cuts, family members, losing jobs, not being able to afford to go to college, having to work
Not having enough money to meet my day to day expenses
Not being able to meet unexpected expenses
Not being able to save money for future needs
Losing my job
I feel financially secure and have no worries
Getting deeper into debt
All other mentions 1% or less
Biggest Financial Worry for 2011
(Base: All aged 15-74 – 1,000)
32
23
17
10
10
5
%
Higher amongst C2DEs (37%)
Higher amongst 35-44 year olds (29%)
Higher amongst 25-34 year olds (14%)
Higher amongst 55+ year olds (21%)
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Making Complaints
13%
78%
3%6%
Experiencing Any Financial Difficulties
(Base: All account/product owners)
Yes
Most likely:25-34 year olds (18%)
No
Credit Card (597)
%
Refused
Don’t Know 14%
76%
3%7%
Yes
Most likely:35-44 year olds (18%)
No
Personal Loan (529)
%
12%
77%
3%8%
Most likely:35-44 year olds (15%)
Mortgage (485)
%
Don’t Know
Refused
Yes
No
Don’t Know
Refused
() = June 2010
(79%) (75%) (80%)
(11%) (14%)(8%)
(10%)(8%)
(11%)(1%)
(1%)(2%)
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Making Complaints
In Order to Make Ends Meet
(Base: All aged 15-74 – 1,000)
Cut back on spending
Use money from savings/investments A/C
Get a job/second job
Borrow from family/friends
Claim social welfare benefitUse money available in Current A/CTake out a loan/extend existing one
Use my overdraft
Not a problem
Rent rooms in home
Don't know
39
19
17
12
8
8
6
4
4
3
16
Higher amongst 55+ year olds (44%)
Higher amongst ABC1’s (24%) &55 year olds (27%)
Higher amongst 15-24 year olds (29%)
Higher amongst 15-24 year olds (20%)
Higher amongst part time employed (13%)
Higher amongst 25-34 year olds (11%)
Higher amongst 45-54 year olds (9%)
Higher amongst 45-54 (8%)
# All others 3% or less
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Making Complaints
1 3 2 110
28
721
12
31
12
27
26
34
36
46
12
45
15
31
Nov/Dec-10 Jun-10 Nov/Dec-10 Jun-10
Economic Outlook – I
(Base: All aged 15-74 – 1,000)
Strongly agree (5)
I am more relaxed about spending money than I was six
months ago
Ireland will be through the worst of the recession in 12
months time
Agree (4)
Neither/nor (3)
Disagree (2)
Strongly disagree (1)
% %% %
Mean Score: 1.9 2.8 1.9 2.6
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Making Complaints29
13 6 6
4360
2332
18 21
3939
5
1918
3 113
57
Nov/Dec-10 Jun-10 Nov/Dec-10 Jun-10
Economic Outlook – II(Base: All aged 15-74 – 1,000)
Strongly agree (5)
As a result of the recession I will continue to shop around for better deals even when the economy has
settled
Agree (4)
Neither/nor (3)
Disagree (2)Strongly
disagree (1)
%%% %
I will focus less on acquiring possessions and more on
having memorable experiences such as holidays
Mean Score: 3.9 3.8 2.9 3.2
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Making Complaints
2112 18
4454
30
21 24
25
11 7
21
3 3 6
Nov/Dec-10 Jun-10 Nov/Dec-10
Economic Outlook – III(Base: All aged 15-74 – 1,000)
Strongly agree (5)
I have learnt to manage my finances better as a result of the recession
and will continue to do so going forward
Agree (4)
Neither/nor (3)
Disagree (2)
Strongly disagree (1)
% % %
I am constantly looking for better value and am switching providers
regularly to achieve this*
Mean Score: 3.7 3.33.7* New Statement
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Making Complaints
One Word to Describe: Ireland Right Now
Nov/Dec 2010
June 2010
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Making Complaints
One Word to Describe: Ireland in 12 Months Time
Nov/Dec 2010
June 2010
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Making Complaints
One Word to Describe: How you Yourself Feel Right Now
Nov/Dec 2010
June 2010
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Making Complaints
One Word to Describe: Your Future
Nov/Dec 2010
June 2010
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Making Complaints
3340
4240
4543
4043
2824
3629
5251
3741
5644
3527
3428
4944
1011
98
3529
3539
44
13
53
31
32
21
12
11
Change in Behaviour as A Result of Recession – I
(Base: All aged 15-74– 1,000)
Budgeting for household expenses
Collecting & using coupons when buying things
Using loyalty scheme points when making a purchase
Buying goods on special offer
Using online price comparison sites
Buying items online
Preparing home-made meals from scratch
Eating takeaway foods
Less%
The Same%
More%
Never did it
1015
2231
2027
910
6162
5258
1217
1615
Nov/Dec ‘10June 2010
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Making Complaints
Change in Behaviour as A Result of Recession – II(Base: All aged 15-74– 1,000)
Less%
The Same%
More%
3740
4042
4244
3738
5149
5249
6361
5552
4434
3631
3121
2118
78
2826
1814
911
23
1111
1210
77
3034
45
43
13
Never did it
1823
2123
2532
3839
813
1318
913
2526
Spending time ‘bargain hunting’ when buying groceries
Spreading your shopping across a number of shops
Planning your weekly shopping in advance
Buying grocery items in bulk
Spend on groceries overall
Buying private label/own label goods
Buying Irish produced goods
Buying eco-friendly goods
Nov/Dec ‘10June 2010
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Making Complaints
Research Background and Methodology
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Making Complaints
The research was conducted by means of face-to-face interviewing with 1,000 people between the ages of 15-74.
To ensure that the data is nationally representative, quotas were applied on the basis of age, gender and social class.
Interviewing was conducted over a four week period in November/December 2010.
Research Background and Methodology
Nov/Dec 2007 Aug 2008 Nov/Dec 2008
May/June 2009 Nov/Dec 2009 June 2010
Benchmark
Wave 3 Wave 4
Wave 1 Wave 2
Wave 5
Current Wave
Nov/Dec 2010
Wave 6
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Making Complaints
1728
4822
52
19
2816
1826
49
26
51
SEX AGE REGION SOCIAL CLASS
Profile of Sample
(Base: All aged 15-74 – 1,000)
Male
Female
% % % %
15-24
25-34
35-44
45-54
55+
Dublin
Rest of Leinster
Munster
Conn/ Ulster
ABC1 F50+
C2DEF50-
MAIN GROCERY SHOPPER
Yes No
50%50%