The Power of One: Single Parents Emerge as Britain's Savviest Shoppers - WSFX - FOX Wilmington, NC

The Power of One: Single Parents Emerge as Britain's Savviest Shoppers

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SOURCE AXA Self Investor

LONDON, June 10, 2014 /PRNewswire/ --

Single parents are the leaders of the pack when it comes to being the most self-assured with their own buying decisions.  

At a time when the number of single parent families has tripled in the last 40 years*, research undertaken on behalf of AXA Self Investor reveals that single parents demonstrated greater confidence in making a range of lifestyle purchases than any of the other family groups surveyed**. This is in spite of the possible pressures of living from a single income and potentially not having a partner to consult on financial decisions.

These figures come from the latest 'Buying Britain' research commissioned by AXA Self Investor, part of AXA Wealth, a study which explores consumer confidence and shopping strategies across a range of lifestyle purchases.

As the traditional 2.4 family evolves, the study compared responses across a range of family units - single parents, civil partnerships, multi-generation homes, couples with no children and larger families with three or more children. The research explored how these groups spend and save their money and what their financial plans and concerns are for the future.

Perhaps out of necessity, the research suggests that single parents are the most self-reliant when it comes to trusting their own judgement in many of the significant purchasing decisions they make. This assurance starts with the weekly food shop and plays out in all other major purchasing decisions.

The research also suggests that this self-reliance could result from single parents having the most concerns about their financial future. Overall, single parents were most likely to worry about having some sort of financial burden 10 years from now (73 per cent). They were the group most likely to worry about repaying their mortgage (15 per cent) and university costs (18 per cent) - and they were also those most likely to fear they would never be able to retire (14 per cent).

Gordon Hull, director, AXA Self Investor, commented: "This research dispels notions that a good financial planner has a specific profile. Single parents emerge as extremely shrewd and self-reliant in the purchasing decisions they make - despite not always having a 'significant other' to consult, they are not falling behind when it comes to making investment choices.  They broadly match the national average in confidence when buying investments and more than half of them would choose to invest their own time researching what decisions to make.

"Unlike single parents, many British adults that are confident buying lifestyle items, lose this assurance when it comes to financial planning. Single parents are a role model for others on how to apply the budgeting savviness they have with everyday purchases, such as the weekly food shop, into the world of investment. I believe that the financial industry needs to simplify things to help more people become self-assured investors."

Notes to the editor 

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2081 adults. Fieldwork was undertaken between 19th - 20th February 2014.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

**Table One: Percentage of people that usually make their own decisions when buying, rather than relying on the advice of others.


                                                           Dual
                                   Single       Civil     income, Multi-generational
                     GB average   parents    partnerships no kids       family
    Food shopping       86%         96%          74%        85%          86%
    Broadband           76%         90%          72%        77%          75%
    Clothes             89%         92%          76%        87%          91%
    Birthday
    presents for
    others              82%         89%          81%        79%          83%
    Soft furnishings    73%         90%          63%        72%          75%
    Mobile phone
    handset             77%         87%          70%        73%          80%
    Energy supplier     73%         85%          82%        77%          69%
    Television set      75%         82%          59%        72%          76%
    Choosing where
    to eat out          77%         80%          64%        78%          80%
    Renting /buying
    a property          62%         72%          48%        64%          62%
    Wine                69%         65%          70%        71%          70%
    Buying a car        61%         58%          64%        62%          64%
    Cash ISA            53%         56%          33%        52%          53%
    Gym                 38%         51%          36%        35%          40%
    Stocks and
    shares              28%         26%          16%        30%          28%

AXA Self Investor 

AXA Self Investor, part of AXA Wealth, is a non-advised service. If individuals need advice, then they should contact a financial adviser. Tax treatments can change and are subject to individual circumstances'. The value of investments can go down as well as up so investors could get back less than they invest.

Taking that first step to making your own investment choices may seem a little daunting. That's why our secure online investment service has been developed to support investors every step of the way. It's designed for people who want control of their investments. AXA Self Investor doesn't give financial advice - instead we support investors with handy tools and information that will help them make their own investment decisions. And with our Crystal Clear Price Promise they always know exactly what they're paying for.

We offer:

  • Easy-to-use online service to keep track of your investments 24/7
  • Tax efficient Stocks and Shares ISAs
  • A simple Trading Account for investing in funds
  • A choice of four fund ranges and over 1,000 investment options from 30 leading fund managers including:

- All-in-one fund range with discounted multi-asset solutions from our sister company Architas

    - Favourites Fund range of 120 funds selected by our investment experts

A range of online tools, videos and guides to help investors make their own investment decisions, including

  • Risk profiler to help investors understand their risk appetite
  • ISA forecaster to help investors understand what their investment might be worth
  • Fund selection tool to help investors choose which funds meet their investment goals
  • Online risk checker that helps investors check the risk of their fund selection

AXA Self Investor, PO Box 6890, Basingstoke RG24 4SL. Telephone number: 0800 1522 522. As part of our commitment to quality service and security, telephone calls may be recorded.
AXA Portfolio Services Limited trades as AXA Self Investor and is part of the AXA Group. AXA Portfolio Services Limited is authorised and regulated by the Financial Conduct Authority.
It is a company limited by shares, registered in England No. 1128611. Financial Services Register No. 144849. Registered office: 5 Old Broad Street, London, EC2N 1AD.

AXA Wealth 

AXA Wealth, Winterthur Way, Basingstoke RG21 6SZ. Telephone number: +44(0)1256-470707.  As part of our commitment to quality service and security, telephone calls may be recorded.

AXA Wealth includes the following companies: Architas Multi-Manager Limited (No. 06458717), AXA Portfolio Services Limited (No. 01128611), AXA Wealth Services Limited (No. 02238458) and AXA Wealth Limited (No. 01225468). All of these companies are registered in England and limited by shares. Their registered office is 5 Old Broad Street, London EC2N 1AD.

Architas Multi-Manager Limited, AXA Portfolio Services Limited and AXA Wealth Services Limited are authorised and regulated by the Financial Conduct Authority. AXA Wealth Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.  Each company promotes and distributes its own products. AXA Wealth Services Limited also promotes and distributes the products of AXA Isle of Man Limited and certain AXA Life Europe Limited products in the United Kingdom. Details of the companies offering specific products are shown in the product literature.

About AXA 

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 102 million clients in 56 countries. In 2013, IFRS revenues amounted to Euro 91.2 billion and IFRS underlying earnings to Euro 4.7 billion. AXA had Euro 1,113 billion in assets under management as of December 31, 2013.

In the UK AXA operates through a number of business units including: AXA Wealth, AXA Commercial Lines and Personal Intermediary, AXA Personal Direct and Partnerships, AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin. AXA employs over 10,500 staff in the UK.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

 

For more information or to arrange interviews contact:
Nicola Pugh        
+44(0)1256-852041
Nicola.Pugh@axawealth.co.uk

Guy Bellamy        
+44(0)7766-775216    
guy@elephantcommunications.co.uk


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