Table of Contents
- Overview
- Catalyst
- Summary
- Methodology
- Executive Summary
- The majority of affluent people are 45 or older, retired or work in a
highly-skilled job and are mostly male
- Most affluent consumers in Australia are either retired or work in
high-skilled occupations
- Men are strongly represented in the Australian affluent market sample
- The online financial services market has further room for development
- Online product arrangement is a burgeoning market for affluent
consumers in Australia
- However, providers can do more to serve the online needs of affluent
consumers
- As expected, affluent individuals are typically better prepared for their
retirement
- The affluent consumer sample are in greater control of their retirement
planning
- The affluent population are more likely to turn to financial planners
for their investments
- The majority of the affluent market is happy with their current HISA
provider
- ING Direct has the largest HISA market share of affluent individuals in
Australia
- Affluent consumer typically have multiple credits that they pay off in
full each month
- Affluent consumers are more prone to having multiple credit cards
although most of these respondents pay their full monthly balance off
- Many affluent consumers are thinking about switching mortgage providers
over the next five years
- Affluent respondents are more likely to switch their mortgage provider
over the short term as compared with the mass market
- Table of Contents
- Table of figures
- Table of tables
- Affluent consumer demographics
- The majority of affluent people are 45 or older, retired or work in a
highly-skilled job and are male
- Two-thirds of affluent respondents Australians are aged above 45
- Most affluent consumers surveyed in Australia are either retired or
work in high-skilled occupations
- Men are strongly represented in the Australian affluent market sample
- The majority of the affluent sample are located in the eastern cities
of Australia
- Surveyed affluent Australians typically are well educated individuals
- Online product trends
- The online financial services market has further room for development
- Online product arrangement is a burgeoning market for affluent
consumers in Australia
- However, providers can do more to serve the online needs of affluent
consumers
- Affluent consumers are more likely to have the means of conducting
business online however security concerns and a lack of trust are the main
factors inhibiting online usage
- Investment planning trends
- As expected, the affluent market is better prepared for their retirement
- A quarter of the affluent population plan on retiring on or before they
turn 60
- The surveyed affluent consumers is in greater control of its retirement
planning
- Affluent individuals are seeing their savings track well on the way to
retirement
- Affluent individuals will also look at avenues outside
of super annuation to fund their retirement
- The affluent sample surveyed is more likely to turn to financial
planners than the mass market sample
- Service was the most important factor when deciding on a financial
planner for affluent respondents, fees was ranked sixth
- The least important factors when selecting a financial planner
included advertising and various media endorsements
- Affluent consumers want more proactive advice on products and better
reporting relative to the mass market
- The majority of affluent respondents are happy with their current
financial planning arrangement
- Consumer satisfaction and switching trends
- The majority of affluent market is happy with their current HISA provider
and are unlikely to switch providers
- ING Direct has the largest HISA market share of affluent respondents
- The majority of affluent respondents do not expect to change their HISA
provider over the next year
- The majority of affluent consumers who switched HISA providers over the
last 12 months left CBA
- Most affluent clients who switched HISA providers pursued a better
interest rate on their account
- Affluent consumer typically have multiple credits that they pay off in
full each month
- Affluent consumers are more prone to having multiple credit cards
although most of these respondents pay their full month balance off
- The majority of affluent individuals have Visa branded credit cards
- CBA has the largest credit card market share of affluent individuals in
Australia
- Affluent consumers are happy with their main credit card, holding the
same card for many years
- Affluent clients are more concerned about rewards than fees or interest
rates relative to the mass market
- Many affluent respondents are thinking about switching mortgage providers
over the next five years
- Australia' s big four banks are the leading mortgage providers to the
affluent market
- Affluent respondents are more likely to switch their mortgage provider
over the short term as compared with the mass market
- The interest rate was the most important factor for affluent
individuals when picking a lender
- APPENDIX
- Data
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: Age bands of the affluent market
- Table 2: Gender of the affluent market
- Table 3: Location in Australia of affluent market, by state and city
- Table 4: Minimum educational qualification achieved by the affluent market
- Table 5: Occupational type held by the affluent market
- Table 6: Actual arrangement methods for the affluent market by various
product
- Table 7: Preferred arrangement methods for the affluent market by various
product
- Table 8: Reasons why the affluent market have not considered arranging a
product online
- Table 9: Planned retirement age for both the affluent market and mass
market
- Table 10: Attitudes towards retirement planning by affluent market and
mass market
- Table 11: Product methods for funding retirement of the affluent market
and mass market
- Table 12: Type of financial planner used by the affluent market and mass
market
- Table 13: Most common reasons for choosing a financial planner by
affluent market and mass market
- Table 14: Least common reasons for choosing a financial planner by
affluent market and mass market
- Table 15: Service areas for improvement for financial planners by
affluent market and mass market
- Table 16: Proportion of the affluent market looking to get a new
financial planning in the next 12 months
- Table 17: Market share of affluent and mass HISA markets by provider
- Table 18: Have you switched your main high interest savings account in
the last 12 months?
- Table 19: Who was your previous high interest savings account with?
- Table 20: Reason for switching HISA providers by the affluent and mass
markets
- Table 21: Number of credit cards held the affluent and mass markets
- Table 22: How much of the outstanding balance do you manage to pay off
each month?
- Table 23: Credit card brands held by the affluent and mass markets
- Table 24: Market share of the affluent and mass credit card markets
- Table 25: Length of time affluent and mass market individuals have held
their main credit card
- Table 26: How satisfied are you with your main credit card?
- Table 27: Appealing factors to the affluent and mass markets when
considering getting a new credit card
- Table 28: Market share of affluent and mass mortgage markets held with
providers
- Table 29: Length of time the affluent and mass markets expect to keep
their mortgage with their current provider
- Table 30: Reasons why affluent and mass markets picked their current
mortgage providers
- List of Figures
- Figure 1: A considerable proportion of affluent consumers are using the
internet to arrange financial products
- Figure 2: ING Direct is the leading provider of HISA products to affluent
people in Australia
- Figure 3: The majority of affluent respondents are aged 45 and over
- Figure 4: The majority of affluent people surveyed are retired or work in
highly skilled jobs
- Figure 5: The majority of the affluent population living in Australia are
male
- Figure 6: The proportion of affluent respondents living in NSW, VIC, QLD
and WA is higher than the share of the total sample population living in
those states
- Figure 7: The majority of affluent people in Australia have a formal
education
- Figure 8: A considerable proportion of affluent consumers are using the
internet to arrange financial products
- Figure 9: There are substantial opportunities for providers to further
develop their online platforms
- Figure 10: Security issues are the main deterrent stopping affluent
consumers from arranging more products online
- Figure 11: Over a third of the affluent population sample in Australia
are already retired
- Figure 12: Affluent individuals appear to be in greater control of their
retirement
- Figure 13: The majority of the affluent population is happy with how they
are tracking for retirement
- Figure 14: Affluent individuals are more likely to use an income stream,
HISA or investment property to fund their retirement
- Figure 15: Affluent individuals are more likely to use a financial
planner than the mass market
- Figure 16: Service reputation and professional advice are the top ranking
reasons why affluent individuals chose their financial planner
- Figure 17: Advertisements and endorsements are the least likely factors
considered when affluent individuals are choosing a financial planner
- Figure 18: Affluent consumers want more regular updates and face-to-face
contact with their planner
- Figure 19: Around four out five affluent respondents are happy with their
current financial planning arrangement
- Figure 20: ING Direct is the leading provider of HISA products to
affluent people in Australia
- Figure 21: The majority of affluent consumers do not intend on switching
their HISA provider in the next year
- Figure 22: CBA had the most HISA affluent consumers switch on them over
the last 12 months
- Figure 23: Getting a better interest rate was the leading reason why
affluent people changed HISA providers
- Figure 24: Affluent consumers are more likely to have more than one
credit card compared to the mass market
- Figure 25: Affluent individuals are much more likely to pay off their
credit card balance in full each month
- Figure 26: Visa is the leading brand of credit card held by affluent
individuals in Australia
- Figure 27: CBA is the leading financial provider of credit cards to the
affluent market
- Figure 28: The majority of affluent clients are happy with their main
credit card
- Figure 29: Affluent respondents have held their credit cards for
relatively longer periods of time as compared to mass market
- Figure 30: Lower fees are most important to affluent consumers when
considering a new credit card
- Figure 31: The big four banks in Australia are the leading mortgage
providers to affluent people
- Figure 32: Affluent respondents are more likely to switch their mortgage
provider over the short term
- Figure 33: The interest rate was the most important factor for affluent
individuals when picking a lender
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