Congratulations – it’s a….mortgage?! New mums add savings and insurance to their shopping list
• Almost two thirds (63%) of new mums* have taken out at least one financial product in the last year
• In the last 12 months, compared to the overall population, new mums were:
➢ five times more likely to have taken out income protection
➢ three times more likely to have started a new mortgage
➢ three times more likely to have taken out life assurance
➢ twice as likely to have opened a credit card.
New research from GfK and Emma’s Diary reveals that new mums are not just shopping for nappies, pushchairs and car seats, but also for financial products such as insurance, savings and mortgages.
Nick Watts, Head of Data and Partnerships at Emma’s Diary, a resource for expectant and new mums, said: “Having a baby is a life-changing event that triggers a review of lifestyle choices, particularly for first time parents. This research shows how new mothers are encouraged to plan their financial future and look for economic security for their arrival.”
GfK’s Financial Research Survey, which surveys 60,000 consumers a year, showed that new mums review their finances, change their financial habits and enter new relationships with financial services providers. Products top of the shopping list in the 12 months to July 2013 include health insurance (23.3%), savings, cash ISAs and NS&I (19.5%), credit cards (15.2%) and mortgages (10.2%).
Nick Watkins, Managing Director of GfK’s Financial Services team, says: “New mums make up 2% of the population, yet they are over-represented as buyers of a range of financial services as they look for financial security for their new and expanding family. It’s a perfect time for providers to help offer the security and future planning they seek – if they can approach them with relevant and appealing products.”
