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| MAPS : Financial Services Marketing to C1C2DE's: 2004 |
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This report covers:
companies and brand names covered include: Burberry Ltd, John Lewis Partneabbey National Plc Alliance & Leicester Plc Aviva Plc (Norwich Union And Cgu), Barclays Plc, Hbos Plc (Bank Of Scotland And The Halifax), Hsbc Holdings Plc, Legal & General Group Plc, Lloyds Tsb Group Plc, Marks & Spencer, Northern Rock Plc, The Post Office, Provident Financial Plc, Prudential Plc, Royal & Sun Alliance Insurance Group Plc, The Royal Bank Of Scotland Group Plcship Plc, Marks And Spencer Plc, J Sainsbury Plc, Tesco Plc
BRIEF DESCRIPTION
| Following an executive summary and introduction, the report provides a strategic overview of the financial services sector, and a summary of consumer income patterns and the national socio-economic structure. It considers the polarisation of middle/low earners and affluent AB consumers, and presents a sector-by-sector analysis of products aimed at CDE consumers, including basic banking accounts, supermarket banking products, and "safer" savings such as National Savings and friendly society acccounts, as well as loans aimed specifically at lower-income consumers. It reviews the advertising and promotional activities of leading financial services providers, and presents both an international perspective on the sector and an analysis of the political, economic, social and technological factors impacting it (PEST analysis). It considers consumer dynamics affecting the market, presenting the results of original research into consumer savings patterns and attitudes to the financial services industry. It concludes by profiling leading providers and considering future prospects for the sector, with forecasts of net household sector wealth to 2007. |
EXECUTIVE SUMMARY
| Middle and low earners, the CDEs, are losing out to the affluent ABs, who are increasing their shares of national income and wealth. Although there was a rise in average household income between 1991 and 2001, this was mainly a result of more people working and from steep rises in the mega-incomes received by a few thousand people. Furthermore, households' financial assets fell by 11.5% in 2002, which was more than the 8.3% fall in 2001. However, the roaring property market more than compensated for the fall in financial assets and overall net wealth edged up by 1.2%. The consequent confidence felt by the home-buying and home-owning majority led to the remortgaging boom that released billions of pounds into the economy in 2003. |
| Debt levels are growing fast. Much of the borrowing has been for property mortgages and remortgages, and to consolidate existing debts. Mortgage-equity withdrawal in 2003 was equivalent to almost 7% of post-tax household income. |
| The other side of the UK's credit boom is a savings slump. Saving and investing was minimal in 2002/2003 for the majority of households. The latest consumer survey conducted for Key Note suggests a society that is living for today, yet expects financial security in the future — without wanting to pay for it. Independent financial advisers (IFAs) claim, with justification, that much of the current consumer spending is unnecessary and that individuals should instead save for their own futures. |
| The consumer survey revealed that a significant proportion of respondents had built up debt (other than mortgages) that exceeded their savings. This situation was most prevalent among 25 to 34 year-olds. Indebtedness among the young has long implications for financial services, because debt repayments need to take precedence over the purchase of new financial products. |
| The survey also suggested a marked decline in the number of people wanting to leave assets to children or other relatives, as well as a fall in the numbers prepared to go without luxuries in order to save. Most CDEs have little potential to amass assets, including investments, apart from an owner-occupied home — and almost one person in four believes that property is a better pension investment than a commercial pension plan. Even if rising interest rates cause a property market downturn, property will retain some devotees because it is a tangible asset, and unlike a pension it does not have to be exchanged for an annuity. A cooling property market would lead to displacement investment in pensions and long-term insurance products by the affluent ABs, but to a much smaller extent by the CDEs. |
| The largest banking group based in the UK is HSBC, which has massive interests in Asia and the US. The Royal Bank of Scotland Group, with substantial US interests, is the second largest. Since 2000, Barclays and HBOS have overtaken Lloyds TSB, which was the UK's third-biggest bank. The largest insurers are Aviva and Prudential. Among the next rank of |
| financial-services groups, Alliance & Leicester has a deliberate focus on |
| lower-income customers as well as on the mass market. Abbey is also targeting customers on moderate incomes. |
| More than 15 banks and building societies offer basic bank accounts, which are popular with low-income customers. The Post Office is a major distribution channel for basic accounts. PayPoint offers an alternative to current accounts through bill payment terminals in over 10,000 outlets. The number of people using cheque-cashing services, for example Cash for Cheques Ltd, is surprisingly large, at around 6 million in the UK. Small savers can achieve higher interest rates if they pool their savings with other people. Standard Life Bank and Direct Line, for example, allow groups of relatives and friends to take out one savings plan to hold their separate accounts. |
| Home credit remains important for those unlikely to be granted credit on standard terms. Provident Financial is the leader in home credit in the UK. Store cards are easy to sign up to and three in ten adults have at least one. The leading issuer is GE Consumer Finance, an arm of General Electric Company of the US. |
| Among the supermarket banks, Sainsbury's Bank is planning to more than triple its number of in-store banks, and to employ 100 new staff to sell financial products and handle queries from customers. Tesco Personal Finance is a joint venture with The Royal Bank of Scotland, and has partnerships with Scottish Widows, Norwich Union, John Charcol and others. ASDA, part of the US Wal-Mart empire, is steadily expanding its range of financial services. Rather than developing its own financial services, Morrisons has an alliance with HSBC for HSBC branches in its stores. Morrisons' successful takeover of Safeway, finalised early in 2004, creates some uncertainty for Abbey, which has 38 branches in Safeway stores. Marks & Spencer launched the `&more' Visa-and-MasterCard credit and loyalty card in autumn 2003, the launch spearheading the rebranding of Marks & Spencer Financial Services as |
| Marks & Spencer Money. |
| Meanwhile, National Savings & Investments' decision to make tax-free, index-linked savings certificates available to all savers, instead of just to the over-60s, shows an attempt to encourage the nation to save. |
| Banks and building societies still have a lot to learn about how to treat customers. Fewer than three in ten survey respondents felt that their bank or building society treated them as a valued customer. However, skilled manual workers felt more valued by banks and building societies compared with non-manual, semi-skilled and unskilled workers, or benefit dependants. Moreover, despite their shortcomings, banks appear to be better than insurers at pleasing their customers. |
| The trend to divert telephone calls away from bank branches and into call centres is far from popular; neither is online banking gaining customers' trust. Skilled non-manual workers (C1s) had more confidence in online banking than manual workers (C2s) did — but, overall, confidence in online banking had declined since a similar survey in the previous year. |
| The heaviest consumer advertising is for basic financial products such as loans and credit cards, generally sold without advice from intermediaries. The chances of litigation are now too great for companies to try to promote complex products through mass-media channels. The Royal Bank of Scotland Group is the highest-spending main media advertiser in UK financial services. Three of The Royal Bank of Scotland Group's brands, in particular, are very heavily promoted: the insurer Direct Line, the high-street bank National Westminster (NatWest) and the personal-loans company Lombard. The big spenders on overall brand promotion in 2003 were HSBC, Barclays, NatWest, ING Direct and Lloyds TSB's Cheltenham & Gloucester. |
| Across all socio-demographic groups, rising energy prices will squeeze disposable incomes. By 2007, the total financial assets of the CDEs overall could fall. The skilled tradespersons, C2s, are likely to increase their shares because they are in demand. The non-manual C1s, on the other hand, are vulnerable to losing their jobs to cheaper locations overseas. Ds and Es generally have incomes too low to bother trying to accumulate financial assets; in any case, if they did amass modest sums, they would lose entitlement to means-tested benefits. Almost four adults in every ten will need to cut back on spending significantly if interest rates rise to 4.75% or more. This would reduce demand for most discretionary financial services. However, prospects remain promising for equity-release products, debt-management companies, loan companies and trusted high-street brands. |
TABLE OF CONTENTS
| Executive Summary 10 |
| 1. Introduction 13 |
| THE TOPIC 13 |
| OBJECTIVES 13 |
| METHODOLOGY 13 |
| Original Research 13 |
| Problems in the Research Process 13 |
| DEFINITION 14 |
| 2. Strategic Overview 15 |
| MARKET DYNAMICS 15 |
| Market Issues 15 |
| Market Status 15 |
| Market Values 15 |
| DISTRIBUTION 15 |
| COMPETITIVE STRUCTURE 15 |
| Leading Companies 15 |
| Foreign Presence 16 |
| Top Advertisers 16 |
| ADVERTISING TRENDS 16 |
| Overarching Brands 16 |
| Synthetic Personalisation 16 |
| CONSUMER TRENDS 16 |
| MARKET OUTLOOK 17 |
| Problems of Excessive Credit 17 |
| Government Leans on Private Sector 18 |
| THE SOCIO-ECONOMIC STRUCTURE 19 |
| Occupational and Gender Divides 19 |
| Table 1: The UK Government's Former and Current Occupational Classifications, Pre-2001 and Post-2001 20 |
| Status Ranked Above Skill 20 |
| Table 2: Occupational Status of Household Reference |
| Persons in Great Britain (million and %), 2001 21 |
| Table 3: Occupational Status of the Working-Age |
| Population in the UK (million and %), 2002 22 |
| POTENTIAL AND PROBLEMS 22 |
| KEY POINTS 24 |
| 3. Income Patterns 26 |
| RISING HOUSEHOLD INCOME 26 |
| Table 4: Composition of Household Income in the UK |
| (% of households' income in each category |
| and £bn at constant 2002 prices), 1987-2002 26 |
| WOMEN'S INCOMES LAG 27 |
| Table 5: Estimated Income Bands in the UK |
| by Sex and Range of Total Income Before Tax |
| (000 taxpayers, £ and %), 2003/2004 27 |
| ELDERLY HOUSEHOLDS SEE INCOME GROWTH 28 |
| Table 6: Income and Source of Income in the UK by Age of Household Reference Person (% and £ per week), 2002/2003 28 |
| Table 7: Percentage Change in Household Income in the UK |
| by Age of Household Reference Person, 2001/2002-2002/2003 29 |
| TWO NATIONS 30 |
| MISLEADING INCOME STATISTICS 31 |
| KEY POINTS 31 |
| 4. Where the Wealth Isn't 33 |
| FINANCIAL WEALTH TUMBLES 33 |
| Table 8: Net Wealth of the Household Sector in the UK |
| at Constant 2002 Prices (£bn and %), 1991-2002 33 |
| Table 9: Distribution of Marketable Wealth Within the UK's Household Sector (% and £bn), 1991-2001 35 |
| Table 10: Estimated Marketable Wealth Distribution Within the UK Household Sector (% and £bn), 31st December 2003 36 |
| POLARISATION 36 |
| Table 11: Households in Great Britain by Amount |
| of Savings and Total Weekly Household Income |
| (% of households), 2001/2002 37 |
| KEY POINTS 37 |
| 5. Basic Banking 39 |
| BASIC ACCOUNTS 39 |
| ALTERNATIVES TO BANK BRANCHES 40 |
| PayPoint 40 |
| Moneybox 40 |
| Cheque Cashing 41 |
| Pooled Savings 41 |
| KEY POINTS 42 |
| 6. Supermarket Banking 43 |
| SAINSBURY'S BANK 43 |
| TESCO PERSONAL FINANCE 43 |
| ASDA 44 |
| MORRISONS/SAFEWAY 44 |
| THE CO-OPERATIVE GROUP 44 |
| MARKS & SPENCER 45 |
| KEY POINTS 45 |
| 7. Safer Savings 47 |
| NATIONAL SAVINGS & INVESTMENTS 47 |
| Table 12: National Savings — Sample Interest Rates (%), |
| 16th September 1999, 1st August 2002 and 6th February 2004 48 |
| FRIENDLY SOCIETIES 49 |
| KEY POINTS 50 |
| 8. Loans for Lower Incomes 51 |
| NEARLY £1 TRILLION OWED 51 |
| Table 13: Credit Growth in the UK |
| (£m, % and index 31/03/1994=100), 1994-2004 51 |
| Table 14: Total Lending to Individuals by Type of Lender |
| (% of amount outstanding), 31st January 2004 52 |
| REPAYMENT QUESTIONS 53 |
| EQUITY RELEASE SOARS 53 |
| LURKING THREAT TO FLEXIBLE MORTGAGES 54 |
| SELF-CERTIFICATION: TOO GOOD TO LAST? 54 |
| CARD MARKET LEADERS 55 |
| Visa 55 |
| MasterCard 55 |
| DEBT CONSOLIDATION 56 |
| HOME-CREDIT COMPANIES 56 |
| Provident Financial 57 |
| Park Group 58 |
| CATALOGUE FINANCE AND STORE CREDIT 58 |
| Rolling Credit 58 |
| Store Cards 59 |
| CREDIT UNIONS 60 |
| SAVINGS SLUMP 60 |
| Table 15: Average Weekly Household Spending |
| on Life Assurance, Pensions, Medical Insurance, |
| and Savings and Investments in the UK (£), |
| 1997/1998 and 1999/2000-2002/2003 61 |
| Table 16: UK Households' Average Weekly Spending on Life Assurance, Pensions, Medical Insurance, and Savings and Investments by Income Decile (£), 2001/2002 and 2002/2003 62 |
| LOANS TO CLEAR OTHER DEBTS 63 |
| Table 17: UK Households' Average Weekly Spending |
| on Loans to Clear Other Debts Compared With Spending |
| on Savings and Investments by Income Decile |
| (£ and %), 2001/2002 and 2002/2003 64 |
| PRIVATE MEDICAL INSURANCE TROUBLES 65 |
| PROPERTY INVESTMENT A RIVAL TO SPENDING? 66 |
| KEY POINTS 66 |
| 9. Promotion 69 |
| THE ROYAL BANK OF SCOTLAND IS BIG SPENDER 69 |
| CREDIT BUOYANT 69 |
| Table 18: Main Media Advertising Expenditure on |
| Personal-Loan Products — Selected Highest-Spending |
| Brands (£000 and %), Year Ending September 2003 70 |
| Table 19: Main Media Advertising Expenditure on |
| Personal Loans — Top Ten Highest-Spending Brands |
| (£000 and %), Year Ending December 2003 73 |
| Table 20: Main Media Advertising Expenditure on |
| Plastic Cards — Selected Highest-Spending Brands |
| (£000 and %), Year Ending September 2003 75 |
| Table 21: Main Media Advertising Expenditure |
| on Plastic Cards — Top Ten Highest-Spending Brands |
| (£000 and %), Year Ending December 2003 76 |
| MORTGAGES 76 |
| Table 22: Main Media Advertising Expenditure on |
| Mortgage and Integrated Account Products — |
| Selected Highest-Spending Brands (£000 and %), |
| Year Ending September 2003 77 |
| Table 23: Main Media Advertising Expenditure on Traditional Mortgages — Top Ten Highest-Spending Brands (£000 and %), |
| Year Ending December 2003 80 |
| INDEPENDENT FINANCIAL ADVICE 81 |
| Table 24: Main Media Advertising Expenditure on Independent Financial Services — Top Ten Highest-Spending Brands (£000 and %), Year Ending September 2003 82 |
| SAVINGS AND CURRENT ACCOUNTS 83 |
| Table 25: Main Media Advertising Expenditure on |
| Savings Accounts — Top Ten Highest-Spending Brands |
| (£000 and %), Year Ending September 2003 83 |
| Table 26: Main Media Advertising Expenditure on |
| Savings Accounts — Top Ten Highest-Spending Brands |
| (£000 and %), Year Ending December 2003 85 |
| INSURANCE 86 |
| BRAND DEVELOPMENT 87 |
| TARGETS AND TRENDS 88 |
| CONCENTRATION OF ADVERTISING POWER 88 |
| Table 27: Key Creative Agencies for Advertising Financial Services, Year Ending September 2003 89 |
| Table 28: Key Media-Buying Agencies for Advertising |
| Financial Services, Year Ending September 2003 91 |
| Table 29: Main Media Advertising Channels for |
| Selected Direct Line Products by Expenditure |
| (£000 and %), Year Ending September 2003 93 |
| EXPLOSIVE INTERNET 94 |
| Table 30: Households with Internet Access in the UK |
| (%), 1998/1999 and 2002/2003 95 |
| LOW RESPONSES FOR FINANCIAL DIRECT MAIL 95 |
| Table 31: Response Rates to Financial Direct Mail |
| (%), 1998-2002† 96 |
| OVERARCHING CAMPAIGNS 96 |
| KEY POINTS 97 |
| 10. An International Perspective 99 |
| GIANTS SEEK NEW MARKETS 99 |
| GLOBAL SEGMENTATIONS 99 |
| MORE DISTANCE BETWEEN COMPANIES AND CUSTOMERS 100 |
| EASTERN EUROPE 100 |
| EU Has Big Influence on Financial Services in Eastern Europe 100 |
| Poland: Too Much Bad Debt 101 |
| Defaults in the Czech Republic 102 |
| Mortgage Market Lively in Hungary 102 |
| Swedes lead in Baltics 103 |
| KEY POINTS 104 |
| 11. PEST Analysis 105 |
| POLITICAL FACTORS 105 |
| Chancellor's Rosy Outlook 105 |
| Rising Interest Rates 105 |
| Lack of Political Choice 106 |
| Tighter Regulations May Slow Borrowing 106 |
| ECONOMIC FACTORS 106 |
| Falling Real Wages 106 |
| Table 32: Average Weekly Household Disposable Income |
| and Spending by Age of Head of Household (£), |
| 2001/2002 and 2002/2003 107 |
| Mixed Outlook for Pensioners 108 |
| SOCIAL FACTORS 109 |
| Generalisation Dangers 109 |
| Search for Accuracy 110 |
| TECHNOLOGICAL FACTORS 110 |
| Online Anxiety 110 |
| KEY POINTS 111 |
| 12. Consumer Dynamics 113 |
| INTRODUCTION 113 |
| CLAWBACK HITS HARD 113 |
| Table 33: Summary of Survey Responses |
| (% of respondents), 2002 and 2003 115 |
| MOST FEEL WEALTHIER 115 |
| Table 34: Declining Savings and Net Indebtedness |
| (% of respondents), 2003 117 |
| LUXURIES ARE THE NEW NECESSITIES 119 |
| Table 35: Going Without Luxuries to Invest in the Future and Leaving Assets to Relations (% of respondents), 2003 120 |
| ABLE TO AFFORD ADVICE BUT CONFIDENT ABOUT MANAGING FINANCES 123 |
| Table 36: The Cost of Financial Advice and Confidence in Managing Finances (% of respondents), 2003 124 |
| CUSTOMERS DO NOT FEEL VALUED 126 |
| Table 37: Satisfaction With Standards of Service |
| (% of respondents), 2002 and 2003 127 |
| Table 38: Opinions on Banks and Building Societies |
| (% of respondents), 2003 128 |
| LACK OF IMPROVEMENT IN SERVICE AND RELUCTANCE |
| TO DISCUSS FINANCES WITH CALL-CENTRE STAFF 131 |
| Table 39: Opinions on the Customer Service Provided by |
| Banks and Building Societies (% of respondents), 2003 132 |
| INSURERS' CUSTOMER SERVICE PERCEIVED AS WEAK 134 |
| Table 40: Opinions on the Customer Service Provided |
| by Insurance Companies (% of respondents), 2003 135 |
| LITTLE CONFIDENCE IN ONLINE BANKING AND NOT HEAVILY INFLUENCED BY ADVERTISING 137 |
| Table 41: Confidence in Online Banking and the Influence |
| of Financial Advertising (% of respondents), 2003 138 |
| WEAK INFLUENCE OF MONEY PROGRAMMES |
| AND SHIFT TO PROPERTY AS A `PENSION' 141 |
| Table 42: Influence of Radio and Television Programmes, and Property as a Pension Investment (% of respondents), 2003 141 |
| KEY POINTS 144 |
| 13. Company Profiles 146 |
| INTRODUCTION 146 |
| Table 43: Largest Banks and Insurers |
| in the UK by Market Capitalisation (£bn), |
| 31st December 2000-23rd February 2004 147 |
| ABBEY NATIONAL PLC 148 |
| Corporate Strategy 148 |
| Advertising and Distribution 148 |
| Profitability 149 |
| Table 44: Financial Results for Abbey National PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 150 |
| Future Company Developments 151 |
| ALLIANCE & LEICESTER PLC 151 |
| Corporate Strategy 151 |
| Advertising and Distribution 151 |
| Profitability 152 |
| Table 45: Financial Results for Alliance & Leicester PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 153 |
| Future Company Developments 154 |
| AVIVA PLC (NORWICH UNION AND CGU) 154 |
| Corporate Strategy 154 |
| Advertising and Distribution 155 |
| Profitability 155 |
| Table 46: Financial Results for Aviva PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 156 |
| Future Company Developments 157 |
| BARCLAYS PLC 157 |
| Corporate Strategy 157 |
| Advertising and Distribution 158 |
| Profitability 158 |
| Table 47: Financial Results for Barclays PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 159 |
| Future Company Developments 160 |
| HBOS PLC (BANK OF SCOTLAND AND THE HALIFAX) 160 |
| Corporate Strategy 160 |
| Advertising and Distribution 161 |
| Profitability 161 |
| Table 48: Financial Results for HBOS PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001 and 2002 162 |
| Future Company Developments 163 |
| HSBC HOLDINGS PLC 163 |
| Corporate Strategy 163 |
| Advertising and Distribution 163 |
| Profitability 164 |
| Table 49: Financial Results for HSBC Holdings PLC |
| ($m, number, % and US$), Years Ending 31st December |
| 2000-2002 165 |
| Future Company Developments 166 |
| LEGAL & GENERAL GROUP PLC 166 |
| Corporate Strategy 166 |
| Advertising and Distribution 167 |
| Profitability 167 |
| Table 50: Financial Results for Legal & General Group PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 168 |
| Future Company Developments 169 |
| LLOYDS TSB GROUP PLC 170 |
| Corporate Strategy 170 |
| Advertising and Distribution 170 |
| Profitability 170 |
| Table 51: Financial Results for Lloyds TSB Group PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2000-2002 171 |
| Future Company Developments 172 |
| MARKS & SPENCER 173 |
| Corporate Strategy 173 |
| Advertising and Distribution 173 |
| Profitability 173 |
| Future Company Developments 174 |
| NORTHERN ROCK PLC 174 |
| Corporate Strategy 174 |
| Advertising and Distribution 174 |
| Profitability 174 |
| Table 52: Financial Results for Northern Rock PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2000-2002 175 |
| Future Company Developments 176 |
| THE POST OFFICE 176 |
| PROVIDENT FINANCIAL PLC 177 |
| Corporate Strategy 177 |
| Advertising and Distribution 177 |
| Profitability 177 |
| Table 53: Financial Results for Provident Financial PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 178 |
| Table 54: Segmental Analysis for Provident Financial (£m), First Half 2002 and First Half 2003 179 |
| Future Company Developments 180 |
| PRUDENTIAL PLC 181 |
| Corporate Strategy 181 |
| Advertising and Distribution 181 |
| Profitability 181 |
| Table 55: Financial Results for Prudential PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2000-2002 182 |
| Future Company Developments 183 |
| ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 184 |
| Corporate Strategy 184 |
| Advertising and Distribution 184 |
| Profitability 184 |
| Table 56: Financial Results for Royal & Sun Alliance |
| Insurance Group PLC (£m, number, % and £), |
| Years Ending 31st December 2000-2002 185 |
| Future Company Developments 186 |
| The ROYAL BANK OF SCOTLAND GROUP PLC 186 |
| Corporate Strategy 186 |
| Advertising and Distribution 186 |
| Profitability 187 |
| Table 57: Financial Results for The Royal Bank of Scotland Group PLC (£m, number, % and £), Years Ending |
| 31st December 2000-2002 188 |
| Future Company Developments 189 |
| KEY POINTS 189 |
| 14. The Future 192 |
| TOUGH ON WOMEN 192 |
| THE OSTRICH GENERATION 193 |
| UNCERTAIN OUTLOOK FOR LONG-TERM SAVINGS 195 |
| BUY TO LET: NO PENSIONS PANACEA? 195 |
| BIGGER ROLE FOR INDEPENDENT FINANCIAL ADVISERS 196 |
| CHIP AND PIN 197 |
| THE OUTLOOK FOR WEALTH 198 |
| Table 58: Estimated Net Wealth of the Household Sector |
| in the UK at Current Prices (£bn), 2002-2007 198 |
| Table 59: Estimated Net Wealth of the Household Sector in the UK at Constant 2002 Prices (£bn), 2002 to 2007 200 |
| Table 60: Estimated Value of Household Sector Wealth in |
| the UK at Current Prices (£bn and £ per head/household), |
| 31st December 2003 202 |
| Table 61: Estimated Gross Holdings of Financial Assets |
| by CDEs in the UK at Constant 2002 Prices (£bn and %), |
| 2004 and 2007 203 |
| WHAT NOW FOR FINANCIAL SERVICES? 204 |
| Rebuilding Confidence 204 |
| Organisations to Watch 204 |
| KEY POINTS 205 |
| 16. Further Sources 207 |
| Associations 207 |
| Publications and Information 208 |
| General Sources 208 |
| Government Publications 208 |
| Other Sources 210 |
| Bonnier Information Sources 213r, % and £), Years Ending 31st December |
| 2000-2002 175 |
| Future Company Developments 176 |
| THE POST OFFICE 176 |
| PROVIDENT FINANCIAL PLC 177 |
| Corporate Strategy 177 |
| Advertising and Distribution 177 |
| Profitability 177 |
| Table 53: Financial Results for Provident Financial PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2001-2003 178 |
| Table 54: Segmental Analysis for Provident Financial (£m), First Half 2002 and First Half 2003 179 |
| Future Company Developments 180 |
| PRUDENTIAL PLC 181 |
| Corporate Strategy 181 |
| Advertising and Distribution 181 |
| Profitability 181 |
| Table 55: Financial Results for Prudential PLC |
| (£m, number, % and £), Years Ending 31st December |
| 2000-2002 182 |
| Future Company Developments 183 |
| ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 184 |
| Corporate Strategy 184 |
| Advertising and Distribution 184 |
| Profitability 184 |
| Table 56: Financial Results for Royal & Sun Alliance |
| Insurance Group PLC (£m, number, % and £), |
| Years Ending 31st December 2000-2002 185 |
| Future Company Developments 186 |
| The ROYAL BANK OF SCOTLAND GROUP PLC 186 |
| Corporate Strategy 186 |
| Advertising and Distribution 186 |
| Profitability 187 |
| Table 57: Financial Results for The Royal Bank of Scotland Group PLC (£m, number, % and £), Years Ending |
| 31st December 2000-2002 188 |
| Future Company Developments 189 |
| KEY POINTS 189 |
| 14. The Future 192 |
| TOUGH ON WOMEN 192 |
| THE OSTRICH GENERATION 193 |
| UNCERTAIN OUTLOOK FOR LONG-TERM SAVINGS 195 |
| BUY TO LET: NO PENSIONS PANACEA? 195 |
| BIGGER ROLE FOR INDEPENDENT FINANCIAL ADVISERS 196 |
| CHIP AND PIN 197 |
| THE OUTLOOK FOR WEALTH 198 |
| Table 58: Estimated Net Wealth of the Household Sector |
| in the UK at Current Prices (£bn), 2002-2007 198 |
| Table 59: Estimated Net Wealth of the Household Sector in the UK at Constant 2002 Prices (£bn), 2002 to 2007 200 |
| Table 60: Estimated Value of Household Sector Wealth in |
| the UK at Current Prices (£bn and £ per head/household), |
| 31st December 2003 202 |
| Table 61: Estimated Gross Holdings of Financial Assets |
| by CDEs in the UK at Constant 2002 Prices (£bn and %), |
| 2004 and 2007 203 |
| WHAT NOW FOR FINANCIAL SERVICES? 204 |
| Rebuilding Confidence 204 |
| Organisations to Watch 204 |
| KEY POINTS 205 |
| 16. Further Sources 207 |
| Associations 207 |
| Publications and Information 208 |
| General Sources 208 |
| Government Publications 208 |
| Other Sources 210 |
| Bonnier Information Sources 213 |
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