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Our customers
Money Calm for the masses
Everyone has money worries. For some, it’s about their money making its full potential. For others, it’s just about getting from one week to the next.
In an uncertain economy, with so many everyday things to manage, and with financial providers being hard to trust, managing your money can be overwhelming. Add to that the fact that we still don’t like to talk about money, and it’s no wonder financial anxiety is the norm.
Who our customers are
Every year, 25 million adults use a price comparison website – and that’s growing. So the pool of people we’re talking to is about as broad and diverse as it gets.
We divide our audience into seven segments. For each of those groups, our goal is always to help them Get Money Calm – whatever that may mean in their particular circumstances.
We prioritise two audience segments – partly because they’re two very different groups, and partly because they’re two of our largest segments.
Savvy Savers
21% of total audience
Demographic snapshot
Savvy Savers are relatively well-off and skewed towards higher social grades. They’re mostly late middle-aged and older with grown-up children. Some are no longer working. They tend to have a fairly conservative attitude, partly due to their life stage, with no further career ambitions and no children at home.
Financial outlook
They have a relatively conservative relationship with money too. They’re keen savers and think carefully about financial outlays. They trust professional advice and are likely to seek expert views when making decisions. When they’re weighing up options, quality is often more important to them than price.
Financial goals
They have their immediate sights on a new car, holidays and increasing savings. In the near future they’ll be looking to pay off their mortgage, support their children and bolster their pension.
Barriers to their financial goals
Not enough detail: “Sometimes you are looking for actual hard numbers or finer details.”
What to do with money: “It’s a question of should I be doing X or Y?”
Need for financial advice: “It’s challenging deciding which investment to drawdown from”
COVID-19: “The property abroad is on hold at the moment.”
Weekly Waged
32% of total audience
Demographic snapshot
These are lower-income households, more likely to live in northern regions of the UK. They often have growing families, so juggling week-to-week priorities (rather than future planning) is usually their focus. The Weekly Waged are much more likely to have suffered redundancy or experienced unemployment.
Financial outlook
When it comes to money, the Weekly Waged need assistance and support. They lack confidence with their finances and are acutely aware of it. But they tend to shy away from engaging with money management altogether. Although most Weekly Waged don’t have savings, they do try to save money by shopping at discount retailers and avoiding premium brands. They tend to gravitate towards low cost, ‘no frills’ options.
Financial goals
They have their immediate sights on paying back family, reducing other debts and beginning to save. In the near future, they hope to be considering home improvements and improving their credit score.
Barriers to their financial goals
Saving is slow: “Paying off my debt is really important, but saving the money to do this is challenging.”
The debt cycle: “The credit card interest rates make it so hard to pay off.”
Saving means sacrifices: “My daughter didn’t understand why we’d stopped doing nice things.”
Lack knowledge: “When you do car insurance comparisons, because there is 70-odd providers they all go against your credit score.”
COVID-19: “Just don’t know how things are going to pan out.”
