Main News Desk

Clerical staff get hot under the white collar

~ Acxiom launches Financial Stress Index to identify the nation’s major money worries ~

September 21, 2009

White-collar workers are the ones feeling the most financial strain in the current climate. This is according to marketing specialist, Acxiom, which launches its Financial Stress Index today.

Acxiom’s Financial Stress Index is based on a study of over 82,000 consumers on their attitudes to household finances.

The Index reveals that white-collar workers, which make up 43 per cent of the population, felt stressed about job security, bills, mortgage and loan payments. This is a higher percentage than any other consumer group identified in the research. Their biggest concerns related to the fear of redundancy and covering basic expenditure such as food and household bills.

High earners on more than £30K per year also had major concerns about their money and make up 38 per cent of the population. They were most concerned about meeting mortgage and loan repayments.

Those in the lowest income bracket, earning less than £20K per annum, were found to be the most relaxed about their financial situation. Their main concerns were declining interest rates on their savings.

Acxiom’s Financial Stress Index is based on its Consumer Dynamics Report, which provides a consumer-centric overview of the retail market, based on current consumer thinking and behaviour using demographic and lifestyle intelligence.

According to the report, UK consumers now fall into three main spending groups, which can then be divided into seven distinct sectors:

Secure and better off. Of those:

Cautious but confident consumers (27.11%) tend to be affluent young families and singles who feel slightly better off but are more likely to save or pay off debt to secure them for the future

The cluster that is protecting the dream (10.88%) are highly affluent singles or professional young families who are financially savvy and always on the lookout for a good deal. They’re decreasing spend to protect their income

The status quo. Of this:

Business as usual (20.34%) is a financially stable group who won’t be increasing spend, but won’t be cutting back either
Head down, fingers crossed (15.06%) are mostly mature couple and singles who live to their means, and neither save no use credit. They’re worried, and cautious
Up against it (7.91%) contains young families already struggling with life’s basics, and very worried about job loss. They’ve got an eye for a bargain and are 50 per cent more likely than any other group to use coupons and special promotions

The worse off and worried group feeling the pinch the most:

Interest rate casualties (12.84%) are typically over 55 and have a fixed income and savings. They’re feeling the falling interest dates and making cutbacks on clothes, home entertainment and DIY
Life goes on (5.86%) is a group of retired singles who have made good provision for their retirement. They’re feeling worse off but continuing to spend, and are likely to spend more in online shopping

Executive quote

Fiona Sweeney, retail specialist at Acxiom UK, commented: “It’s interesting to see that lower income groups are worrying less about their finances and job security, particularly as the majority of redundancies have been made within the manufacturing and construction industries. People higher up the Financial Stress Index have more disposable income, but are lacking confidence with their money. This suggests the group will be least responsive to frivolous purchases.”

Sweeney continued: “These findings are crucial for the marketing and retail industries. Marketers must be equipped with the latest information about their consumers, so that goods and services are targeted correctly and valuable resources are not wasted as the recession continues.”

About the company

About Acxiom
The global leader in interactive marketing services, Acxiom connects clients with their customers through deep consumer insight, powering effective and profitable marketing initiatives and business decisions. Our consultative approach spans multiple industries and incorporates decades of experience in consumer data and analytics, information technology, data integration and consulting solutions for effective marketing across digital, Internet, email, mobile and direct mail channels. Founded in 1969, Acxiom is headquartered in Little Rock, Ark., and serves clients around the world from locations in the United States, Europe and the Asia-Pacific. For more information about Acxiom, visit www.acxiom.com.

Contact details

Ellen Spenceley or Lisa Gillingham
Tel: +44 (0) 117 315 8584
Email: acxiom@lewispr.com

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Clerical staff get hot under the white collar

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