Shaping Banking Propositions Around Life Goals and Events

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Reasons to buy the ‘Shaping Banking Propositions around Life Goals and Events’ Consumer Survey Insights report:

  • Explore the reasons and life events that increase consumer debts.
  • Understand the different channels that consumers prefer for their financial requirements based on various life events.
  • The report looks at consumers preparing to retire, assessing how this life stage changes their opinion of their main bank and how often they look to use its services.

How is our ‘Shaping Banking Propositions around Life Goals and Events’ report unique from other reports in the market?

  • Learn how consumers’ financial goals change around different life events.
  • Develop strategies to target consumers early to maximize lifetime value.
  • Determine the areas in which consumers feel banks are unable to help them with their financial goals.

We recommend this valuable source of information to anyone involved in:

  • Banks/Financial Agencies
  • Banking and Payment Technology Leaders and Startups
  • Business Development and Market Intelligence
  • Investment Analysts and Portfolio Managers
  • Professional Services – Investment Banks, PE/VC Firms
  • M&A/Investment, Management Consultants, and Consulting Firms

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Banking Propositions around Life Goals and Events Survey Insights Overview

The “Shaping Banking Propositions around Life Goals and Events” report uses data from GlobalData’s 2024 Financial Services Consumer Survey to assess how consumer demand for financial services and characteristics change as they go through life and different life events occur. It begins with an analysis of early family life, either the birth of a first child or marriage, before turning to the end of family life, be it through separation or children moving out. The report looks at consumers preparing to retire, assessing how this life stage changes their opinion of their main bank and how often they look to use its services. Other life stages assessed include the first property purchase, suffering a health issue, and moving to another country.

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Key Life Events/Goals ·       Young/New Families

·       Family Separation

·       Retirement

·       Moving to Another Country

·       First-Time House Buyer

·       Suffering a Major Health Issue

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Banking Propositions for Young/New Families

Consumers at the early stages of family life are notably focused on saving to buy a house. Expectant families also prefer to save for the future over living well in the present. Supporting these goals with high-rate savings accounts and investment opportunities will help banks strengthen relationships with young families.

As with the birth of the first child, consumers about to marry or just married have a deeper focus on saving to buy a house. Newlyweds are much more likely to seek help from their main bank to achieve this goal.

Goal: Saving to Buy a House

Goal: Saving to Buy a House

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Banking Propositions – Family Separation

Families with children who have just moved out are more oriented toward debt repayment than asset accumulation. Such customers are more likely to turn to their main bank for assistance than other consumers also focused on this goal.

Consumers preparing for separation become more focused on debt repayment as well. This is because living costs are higher on average for single parents/separated families (separate rent/mortgage payments, etc.), increasing the debt burden on consumers.

Goal: Paying off My Debts

Goal: Paying off My Debts

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Banking Propositions – Retirement

Even though saving for later age is a common goal throughout life, the need to save for retirement increases as consumers come to the end of their careers. Asset accumulation and the highest return possible (over ESG considerations) are more important than average for these consumers. There is a challenge for banks to illustrate strength in advisory services before retirement comes into view to earn more of this business at this stage.

Post-retirement consumers become more attuned to living well, with an increase in the goal of saving for a holiday or travel around this point. They also get a chance to turn more actively to estate/inheritance planning.

Goal: Saving for Retirement

Goal: Saving for Retirement

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Key Highlights

  • More than a quarter of consumers around early family life are saving to buy a house; comfortably above the global average.
  • Building up savings is a life goal for fewer consumers after children have just moved out than those with children still at home.
  • Saving for retirement becomes an overbearing goal as consumers approach the twilight of their careers, with approximately half of consumers who are approaching this stage being focused on retirement savings.

Table of Contents

Table of Contents

1. Executive summary

2. Young/new families

3. Family separation

4. Retirement

5. Other life events

6. Appendix

Frequently asked questions

Shaping Banking Propositions Around Life Goals and Events standard reports
Currency USD
$1,950

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Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


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