Kiss Insight
MONEY MAKES THE WORLD GO AROUND 17 May 2012
At Kiss Confidential we like to keep on top of things. So, in order to give us a bit of structure we decided that every 3 months we would run a survey for all the Bauer Radio users over the UK, finding out about the most relevant topics to help us plan for the future. On this survey we thought we’d ask Kiss listeners how they’re managing in the current economic climate and if they are debating buying or renting any properties this year.
Money is tight and the recession is double-dipping into our pockets. We’re all feeling the pinch, managing our finances is becoming increasingly difficult, and the property ladder is proving harder than ever to climb. With all of this to contend with how are Kiss listeners coping?
58% of Kiss listeners believe that the current financial situation in the country is the Government’s fault, whilst a quarter felt the banks were to blame. It seems Mum and Dad always know best, as 71% trust their family the most for financial advice. 34% said they would turn to friends, whilst 31% would go to the bank for advice on their money. When asked how they would describe their current financial situation they answered…
As you can see the main feeling coming through is one of stability. Whilst things are still undoubtedly tough for people it appears at least they have stopped getting worse.
Something that we wanted to ask about, which isn’t on TGI yet, is the idea of the ‘pay day’ loan – one of the few sectors that has boomed in the last few years. We asked our listeners if they had ever taken a ‘pay day’ loan (a small, short-term, loan secured against a customer's next wage). Only 8% of them have taken this type of loan in the past year, borrowing £239, on average. Of these people, two-thirds had taken a pay day loan between 1 and 3 times, 17% had used them 10-11 times and just 9% were using them every month. 48% of listeners who had taken out a pay day loan said they had used 2 or more loan companies to do so. The most popular company was Wonga, with 65% of respondents saying they had gone to them, whilst Quick Quid (39%) and Payday UK (31%) were also prevalent. Whilst there are fears about pay day loans adding to people’s debt it appears, for the moment, that they are only being used by a minority of Kiss listeners and in a responsible way.
Getting on the property ladder isn’t easy for anyone these days, but despite this 17% of Kiss listeners own their own place with a mortgage, and 16% are landlords. More encouragingly 38% of Kiss listeners are considering moving house in the next year; 14% are thinking of buying a flat or house, and 34% are considering renting a property. Of the 37% of Kiss listeners who are currently renting a flat or house, they are paying £143 a week for rent, on average, and 56% have a private landlord. 62% of Kiss listeners said they had no plans to move in the next 12 months, and of these 62% said they were happy where they were and 30% said finances restricted them.
Overall, it seems that Kiss listeners are affected by the economic climate in the same way as everyone else; some are borrowing money short term to tide them over, but the majority are feeling secure in their financial state. Over a third of Kiss listeners are thinking of moving home this year and some of these will buy rather than rent. It would seem Kiss listeners are doing alright for themselves!
For any further information on anything mentioned in this article, please contact navjyot.badwal@bauermedia.co.uk
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