Meeting customer needs - Young Savers
A Yorkshire Building Society case study

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Page 6: Key insights from research

The 9 months pre-birth and 12 months post-birth is a period of major change in lifestyle requiring thoughtful financial planning and self-education. Key factors that affect new parents may include the need to save for the loss of an income, because during this period national figures for this group show that:

  • 21change home
  • 25invest in the home
  • 22buy a new car
  • 35invest in new capital items (TV, DVD, etc).

Other changes in lifestyle include different buying patterns, e.g. different shops are used with more emphasis on purchases for the baby - clothes, books, toys, etc.

New mothers typically access a new network of friends where the emphasis is on information sharing. Email and Internet become important for communication and information. Parents become 'baby-obsessed' and are particularly susceptible to communications that are baby relevant. Grandparents will also become more involved, emotionally and financially, and want to help.

All these changes in this group's expectations and priorities have financial implications.

Yorkshire Building Society | Meeting customer needs - Young Savers