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Financial Services for Young Families 2003Published by: Datamonitor Published: Oct. 31, 2003 - 33 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 6 CHAPTER 2 MARKET CONTEXT 7 Introduction 7 Market size 7 Demographic projections 11 Key considerations 11 CHAPTER 3 CONSUMER INSIGHT 14 Issues affecting young families across the income spectrum 14 Issues affecting high income young families 20 Issues affecting medium income young families 22 Issues affecting modest income young families 23 CHAPTER 4 ACTION POINTS 26 CHAPTER 5 APPENDIX 30 Supplementary data 30 Research methodology 30 Further reading 31 Datamonitor Reports 31 Do you need further information? 33 Datamonitor financial services consulting 33 FS writing team 34 LIST OF TABLES Table 1: Number of young families (with a single child under 2), 1996-2001, by country 8 Table 2: % of lone parent families and % of under 2s as only child, by country, 1999 9 Table 3: Number of parents of only one child under 2, by country 10 Table 4: % of the population being parents of one child under 2 only 10 Table 5: Forecasts for the number of parents of one child under 2 only, 2001-2006 11 Table 6: Median equivalized income of families by type of household (Indexed, total=100), 1996 12 Table 7: Number of children under 2, by country, 1996-2001 30 AbstractIntroductionHaving a child can often be a very stressful experience as the prospective parents attempt to handle the significant financial commitments involved. At this time therefore, the potential role of financial services companies is significant. Helping parents to cope with the upheaval not only creates opportunities for new products and services but may also be key to attaining that family’s loyalty. Scope * 1996 to 2006 data on the size and development of the young families market across seven European countries * Insight into the needs and attitudes of young families in different income groups through a series of in-depth one-to-one consumer interviews. * Actionable recommendations to help financial services companies to adjust their products, services and marketing to better target young families Reasons to Purchase Identify the gaps in the current FS offering for the young families segment and help boost your market share by meeting their needs Get inside the heads of young families, understand their attitudes and thinking to ensure effective and tailored targeting Report Highlights In 2001 young families accounted for only 1.3% of the total population in Western Europe and this market is set to remain stable over the next three years, amounting to 4.85 million parents across Europe between 2003 and 2006. But despite being a niche market, this group should still be a key target for FS companies. According to Datamonitor research, young families currently feel that there is a lack of focus and attention by FS companies on their situation and few utilize financial services to the full extent. Therefore FS providers need to create awareness about their capabilities to help parents successfully manage their financial burden. Young families are looking for simplicity in product literature, but also in the products themselves. FS companies should look to develop product packages targeted specifically at young families such as a one-stop-shop offering everything they need to think about, including discounts or economies of scale for taking out the entire package. Reasons to Purchase * Use Datamonitor’s specific action points to identify key considerations and help refine and improve your marketing to young families Get Full Details About This Report >> |
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