OP's Consumer Barometer: Money brings ease of mind
(Thomson Reuters ONE) -
OP's new consumer barometer indicates that, more than before, Finns want to
increase their wealth. This year, 39 per cent of the respondents considered
growth in their wealth to be important, compared to 25 per cent in 2012.
Maarit Lindström, OP Financial Group's economist specialised in private
households, thinks that this shift in household sentiment can be attributed to
the weak economic situation.
"Looking at our barometer responses, Finns are increasingly worried about their
livelihoods and wealth. In 2012, approximately 60 per cent of the Finns who
responded to our survey considered their overall wealth to be either very good
or fairly good. Now only 24 per cent of the respondents were satisfied with
their wealth. At the same time, decisions made on salaries and taxes have
decreased the rate of growth in disposable income and the interest rates remain
low. Little wonder then that more people are thinking of how to increase their
wealth," says Lindström.
"Statistics show that, in fact, Finns have become wealthier in recent years.
However, there are several reasons for the pessimistic outlook, such as the
lethargic mood of the property market and the ongoing debate on property
values," she adds.
When asked how they feel about their financial standing, the higher the
household savings, the happier the respondents.
"Somebody might think that Finns are always dissatisfied. That is simply not the
case. We know how to be happy and even thankful for what we have received or
achieved. I would be exaggerating if I said that money buys happiness. However,
money undoubtedly brings ease of mind and greater freedom of choice in case of
any unexpected or unfortunate incidents, such as loss of employment," Lindström
concludes.
Priority given to making ends meet
The survey showed that Finns continued to consider their personal financial
standing weaker than last year, on average. When asked about their near-future
plans and dreams, the respondents placed much higher emphasis on work and
livelihood in comparison to earlier results. While Finns keep planning, and
dreaming about, their holidays, they are less prepared to invest in other areas,
such as leisure activities and social relationships.
"Naturally, many households feel that their financial standing has decreased.
However, if household income has grown, many respondents save more rather than
consume the extra money. Finns have also reacted to economic uncertainty and
the future outlook by cutting their consumption significantly and choosing less
expensive products and services. The news from the retail industry backs up
these trends," says Lindström.
Cautious property sales continue
A somewhat pessimistic economic outlook is repeated in responses to the
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 34 per cent of the respondents think
that this is a bad time and only 15 per cent think the opposite. The
distribution of responses corresponds fairly closely to the results of last
year's survey.
"In any event, many respondents have noticed that the interest rates are low.
They consider the outlook to be weak mostly because the general economic outlook
is uncertain or they feel less secure about their personal income. A significant
number of respondents thought that housing was expensive in the Helsinki
Metropolitan Area but less so elsewhere. Outside Helsinki, many even considered
house prices as attractive," Lindström points out.
In deciding which estate agent to choose, both buyers and sellers largely focus
on the same matters. For buyers, the three most important factors are low
brokerage expenses, a correct and realistic price estimation and the reliability
of the agent. While home-buyers highlight the same priorities, they value a good
price estimate and the agent's reliability above low brokerage expenses.
OP's Consumer Barometer provides information on values, attitudes, problems and
successes associated with financial decisions made by households. Data was
collected through an online survey of a TNS Gallup Forum panel between 19 August
and 7 September 2014. The barometer surveyed 3,220 private individuals aged
18-69.
The financial services provider OP-Pohjola Group is continuing its revamp - this
time the focus is on its brand. The changes under way form part of the creation
of a new financial services group fully owned by its customers. The group will
soon go by the new name of OP Financial Group. In the future, the banking, non-
life insurance and wealth management businesses will all come under the OP
brand. OP Pohjola Group's new name, OP Financial Group, will take effect on 1
January 2015.
For more information, please contact:
Maarit Lindström, Vice President, Economist, tel. +358 10 252 1695
The research results will be discussed more in the OP-Pohjola Nyt video on 13
October 2014 at op.fi < OP-Pohjola-ryhmä > Uutishuone
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pohjola Pankki Oyj via GlobeNewswire
[HUG#1862294]
Unternehmensinformation / Kurzprofil:
Datum: 13.10.2014 - 08:31 Uhr
Sprache: Deutsch
News-ID 343391
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Kategorie:
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