OP-Pohjola's Consumer Barometer: Finns do not recognise their opportunities for wealth accumulation
(Thomson Reuters ONE) -
According to the recent OP-Pohjola Consumer Barometer, over half of the
respondents feel that increasing wealth is either fairly difficult or very
difficult, while only 11% of the respondents think that increasing wealth is
very or fairly easy. The survey conducted in August-September had over 3,000
respondents.
The following statements were at the top when respondents described the reasons
why increasing wealth is difficult:
- A large portion of my income goes to housing and other regular expenses
- Basically, I have no assets (nest egg) that I could increase
- I do not know about investment products well enough.
- This is an interesting result. People can begin to save money in very small
amounts. Having the skills or the level of returns is not so essential at the
outset. You can seek returns by increasing risk later when you are more
knowledgeable and experienced, says Maarit Lindström, an OP-Pohjola Group
economist specialising in consumer economics.
- People think it is difficult to increase wealth, although they have now better
asset-management opportunities than ever before. This actually poses a challenge
for us as a bank to design sufficiently well-defined investment products for
customers at the beginning of their career as investors and to create an
appealing and encouraging learning path for the years to come. On the basis of
the survey results, young people are more fussed about the difficulty of
investment than other people, continues Lindström.
Everyday luxury replaces major purchases
The survey showed that Finns feel that their personal financial standing is
weaker than last year, on average. This is reflected in the respondents' weaker
willingness for home improvement and lower intentions of buying a car or
expensive household appliances. The respondents' intention of buying a home has
remained somewhat unchanged but they are, however, less confident about finding
a suitable home at a suitable price. In addition, around a third feels that the
prevailing uncertainty in the world economy and the Finnish economy has also
affected personal finances.
- Many indicators have shown weaker sentiments. But then again, people are
planning to travel abroad in the near future to the same extent as before.
People are not ready to reduce travelling although destinations and the travel
budget may change according to their financial standing, says Lindström.
The importance of travelling in people's minds suggests that Finns are now
willing to substitute major purchases for everyday luxury.
The respondents had the chance of describing in open-ended questions what
everyday luxury is. In addition to travelling, good food and drink, books,
hobbies, friends, physical exercise and peaceful leisure time were highlighted
in the responses.
Caution on housing markets
A somewhat pessimistic economic outlook is repeated in responses to question "Do
you think it is a good or bad time now to buy a home or sell your present home
to buy a new one?" A total of 31% of the respondents think that the time is bad
and only 13% think the time is good as against 26% and 21% a year ago. The
situation has worsened in recent years. According to Lindström, the period of
weaker economic development that originated from the financial crisis has
affected home sales with a time lag.
- However, uncertainty felt in the housing market has again highlighted the
importance of real property business professionals compared with the situation
earlier. During the current year, 65% of home sellers would in the first place
like to use an estate agent and 23% would like to sell their home by themselves,
explains Lindström. Reliability, transparency and a good and realistic price
estimate, in other words expert service on which you can count, are the most
important criteria in selecting an estate agent. Low realtor commissions come
after these criteria.
The Consumer Barometer was aimed at analysing choices related to personal
financial management among Finns and using the received information for the
development of OP-Pohjola's services. The last year's barometer showed
consumers' greater willingness to purchase buy-to-let homes and need to be
financially better prepared for personal injuries. Of the new products and
product rejuvenations launched this year, the OP-Rental Yield non-UCITS fund and
improvements in personal insurance are specifically aimed at meeting these
needs.
OP-Pohjola's Consumer Barometer provides information on values, attitudes,
problems and successes associated with financial decisions made by households.
Carried out as an online survey in the TNS Gallup Forum panel between 7 August
and 4 September 2013, the survey had a total of 3,033 private individuals at the
age of 18-69 as respondents.
For more information, please contact:
Maarit Lindström, Vice President, Economist, tel. +358 (0)10 252 1695
The research results will be discussed more in the OP-Pohjola Nyt video on 7
October 2013, starting at approximately 2.00 pm at op.fi > OP-Pohjola-ryhmä >
Uutishuone
OP-Pohjola Group is Finland's leading financial services group providing a
unique range of banking, investment and insurance services. The Group's mission
is to promote the sustainable prosperity, well-being and security of its owner-
members, customers and operating regions through its local presence. Its
objective is to offer the best and most versatile package of loyal customer
benefits on the market. OP-Pohjola Group consists of some 200 member cooperative
banks and the Group's central institution, OP-Pohjola Group Central Cooperative,
with its subsidiaries and closely-related companies, the largest of which is the
listed company Pohjola Bank plc.
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originality of the information contained therein.
Source: Pohjola Pankki Oyj via Thomson Reuters ONE
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Datum: 07.10.2013 - 08:01 Uhr
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