Market Research RSS Feeds Research RSS FeedsTue, 28 Jan 2020 08:38:14 GMT Aftermath of Brexit the greatest challenge facing the financial services sector in 2020, according to industry poll Aftermath of Brexit the greatest challenge facing the financial services sector in 2020: A survey of UK financial services workers has found that six in ten (61%) believe that the greatest challenge they will face in 2020 will be the aftermath of Britain leaving the EU. AI has the potential to transform financial sector, say 67% of finance workers AI has the potential to transform financial sector, say 67% of finance workers: A recent survey of people who work in finance has found that two thirds believe investment in artificial Intelligence (AI) has the potential to transform many practices within the industry. Professionalism is 'most important' factor when choosing an insurance broker, according to survey Professionalism is 'most important' factor when choosing an insurance broker: When it comes to choosing an insurance broker a new survey conducted by Global Risk Partners (GRP) has found a third of respondents rank professionalism as the most important factor. Revealed: Top five signs you've reached 'financial maturity' according to poll Revealed: Top 5 signs you've reached 'financial maturity': Have you reached financial maturity? A survey of UK adults has revealed the top indicators that you have - with having a regularly paid-into savings account the top sign for two thirds of respondents (66%). Nearly a quarter of Brits need parents’ help to fund house deposit Nearly a quarter of Brits need parents' help to fund house deposit: A survey has found that almost a quarter of Brits (23.5%) have to enlist their parents' help (or other family members) when it comes to getting a deposit together to buy their first home. Renters are less likely to have life insurance than homeowners, reveals survey Renters are less likely to have life insurance than homeowners: A recent survey of 2,004 people in the UK has revealed that tenants are less likely to take out a life insurance or critical illness policy than homeowners. Only a quarter (26%) of renters polled said they had a policy, compared to 41% of homeowners. Three in 10 people in their 20s have no savings, finds poll Three in 10 people in their 20s have no savings: A survey asking young people about their finances has found 30% have no savings, while just under two thirds (65%) have less than £500. A quarter of parents may leave estate to grandchildren, finds survey A quarter of parents may leave estate to grandchildren: A survey of parents and millennial children has found 25% of parents are considering leaving their estate to their grandchildren, rather than their own children. It also found that 23% of millennials would not be happy if their parents by-passed them and passed on their estate to their grandkids instead. Only a third of Brits feel in control of their finances, reveals poll Only a third of Brits feel in control of their finances: A survey asking respondents questions about their finances and how they manage their money found that only a third feel 'in control' of their financial situation. A third of people do not have a pension, survey finds Third of people do not have a pension: A third of people in the UK do not have a pension in place to financially support them in retirement. The survey by, a comparison website for personal finances revealed 35% said they are without a pension. A third (36%) do not know how much they have in their pension pot and 43% are not clear on how much they need to save. The survey polled 2,000 people and revealed a real lack of knowledge around pensions and how much one should amount to when it is time to retire. Among 54 ' 74 year-olds 48% admitted they were in the dark about how much they actually needed for their retirement. The survey revealed 21% of those polled thought £50,000 would be enough for their retirement ' which is considerably less than the minimum recommended figure of £260,000. For millennials, 32% think that £50,000 will be enough, compared to a quarter of Gen X respondents (25%) and 19% of baby boomers. When asked what they believe they will need to save for a comfortable retirement, millennials said £126,000, although 80% do not believe they will meet their predicted pension amount. Gen Xers predicted £188,000 although 75% do' feel they will reach their target and Baby Boomers predict they'll need £212,000 with only 59% thinking they'll meet the target before retirement. This says Finder, is 'even more concerning' when considering the estimated amounts are considerably below the recommended amount of £260,000 ' £445,000. The findings also show that despite auto-enrolment into workplace pensions, a third (35%) of respondents still are without a pension. Jon Ostler, CEO at Finder said: 'It's often not a priority at a younger age, but the cost of retirement for millennials is something to be prepared for, especially as a higher percentage of this generation are expected to rent in their retirement. Mortgage applications are third greatest fear of homeowners, survey finds Mortgage applications are third greatest fear of homeowners: A nationwide survey of homeowners has revealed insight into how stressful people find applying for a mortgage is, with 28% saying it ranked in their top three most stressful experiences in life. The only things that were classed as more stressful, according to the poll by free online mortgage broker. Habito, was the death of a pet or losing your job. Going through a mortgage application was more stressful for homeowners polled than public speaking (22%), losing a phone or special piece of jewellery (19%), a bad review at work (12%) and getting dumped via a text message (12%). Of all the groups surveyed, Millennials are the most worried about the process of getting a mortgage. When asked what they would rather accept as an alternative activity, 23% said have an injection, while 15% said to visit the dentist for a filling and 5% said they would prefer to get a broken bone than put themselves through the ordeal. In terms of regions where mortgage fear was most prevalent, Glasgow came top, closely followed by Plymouth and Southampton. Daniel Hegarty, founder and CEO of Habito, said: 'The findings show just how hellish and feared the mortgage process has become. Buying a home and getting a mortgage shouldn't incite feelings of stress or extreme panic.' Biggest fears breakdown: Potential Fears Poor budgeting reason most people fall behind with debt, survey finds Poor budgeting reason most people fall behind with debt: A survey has found that credit cards are the main cause of debt in the UK and poor budgeting is the number one reason why people fall behind with repayments. Pensioners have an average of £3,500 in credit card debts, survey reveals Pensioners have an average of £3,500 in credit card debts: Debts are mounting for British pensioners as they turn to credit cards to pay unexpected bills, a survey has found. The research, on behalf of equity release provider, Key Retirement, also found that almost 20 per cent of retirees are struggling to pay the debt back. Unanticipated bills were found to be a major cause of credit card debt, with 18 per cent saying this was the reason they had to go into the red. The most common reason for credit card spending was for car repairs with just under half of respondents (49%) having to turn to their plastic to pay the bill. Other reasons were cited as home repairs (39%) and helping their children out financially (19%). While the average balance owed was £3,500, this figure was greater in the West Midlands where debts amounted to £4,700. Pensioners in the north west and north east amassed slightly less at £3,900. Paying back the money The survey also found that of all the retirees spending on credit cards, 61 per cent believe they will be able to settle the debts quickly, while 29 per cent anticipate that time frame will be closer to five years. Six per cent of respondents are unsure if they will ever be able to repay the money owed. Dean Mirfin of Key Retirement said: "It is not possible to plan for everything and sometimes an unexpected bill will mean having to rely on credit cards to fund it. "The problem then compounds itself if people cannot clear the balance and get caught by another surprise bill. 'Unfortunately, it all adds up, which means a serious financial burden in retirement. People need to get help and look at all their assets which should include their property if they are a homeowner.' People facing retirement still supporting family members, survey finds A survey by financial services provider, Prudential, found that almost a third (31%) of people planning to retire this year are still supporting family members financially. The poll found that while children are the most likely to be given financial support from parents, grandchildren and even older generations are also being helped ' with an average spend of £4,320 a year. Just under a quarter (23%) of those expecting to retire in 2018 help their families with university tuition fees and money towards living expenses. Others (22%) are helping children with a financial boost to help them buy their first home. Monthly spending Soon-to-be retirees predict they will pay out around £360 per month to family members, with 19 per cent putting that figure at over £500 ' money that 27 per cent of respondents say goes towards travel expenses and other living costs such as food. The average number of family members being supported by those planning to retire this year is three, the poll of 1,000 found. 'Increasing financial pressure faced by people of all ages, such as the cost of university education and the rising cost of buying a home, means that providing financial support to family members continues well in to retirement,' said Stan Russell, a Prudential retirement income expert. 'While it's understandable so many people want to financially support family members, it is important to make sure they have enough money set aside themselves to cover their own living costs and don't put their retirement at risk,' he added. Half of self-employed ‘seriously concerned’ about pension Half of self-employed 'seriously concerned' about pension: Concerns over lack of savings is a big worry for just under half of self-employed people, a survey has revealed. Forty-six per cent of self-employed respondents who took part in the poll of 1,000 are 'seriously concerned' about their retirement savings, with 38% 'seriously concerned' with their current pension savings. Those questioned in the survey also took part in focus groups across the UK conducted by cross-party think-tank, Demos, supported by the Independent Professionals and the Self Employed (IPSE). Happy in self-employment despite pension concerns It found that despite being worried over pension forecasts, eight in ten were happy with being self-employed, with seven out of ten having no plans to leave their current working situation. Alan Lockey, head of Demos' Modern Economy Programme, said: "The rise of self-employment is one of the biggest changes to the modern economy in the last couple of decades. "We need to think pragmatically about whether we should actively encourage it ' it could be that it is the British solution for a more flexible, less rigid approach to life and work in the future, as it already is for millions of people. "That means we need a new deal to boost security for the self-employed and by far the most urgent problem is dealing with a looming pensions and savings crisis." Brits are cracking down on their personal finances, according to recent survey Recent survey shows that young women are more likely to struggle financially Survey reveals finance jobs to be moved out of Britain as a result of Brexit Workforce survey reveals how employment legislation has increased business costs Insurance sector behind in customer service, suggests poll Insurance sector behind in customer service, suggests poll: New findings from a survey of 1,025 UK adults, conducted in June 2017, suggests that the insurance sector is now the fourth worst sector in terms of customer service quality. This contrasts starkly with the banking sector which, in part due to an improved mobile and digital offering, has improved results from the previous year.