TISA - Tax Incentivised Savings Association - The TISA & KPMG Savings Index

The TISA & KPMG Savings Index

The TISA & KPMG Savings Index was launched in November 2017 and provides a unique insight into household savings and wealth in Great Britain, breaking this down into property equity, pensions and other financial assets such as cash and shares.

The data that underpins the Savings Index can be interrogated using a set of tools that can help develop further insights into the current state of household savings. Using the Savings Index data, we have already identified a significant difference in pension, investment and cash savings between households that are owner occupiers and renter and are in the process of investigating this further to get to the drivers behind these outcomes. We are also using the Savings Index data to enrich and inform our strategic policy work as this provides robust evidence of some of the savings issues that we are seeking to address. Going forwards we will also be looking to the Index to help identify how changes to savings habits, including the impacts of Auto Enrolment and changes to government policy are impacting both the level and types of savings.

The Index is underpinned with data from the ONS Wealth and Assets Survey and is supplemented with other sources as well as updated every six months so that the data is never more than 5 months old, providing a unique, authoritative and comprehensive database.

The Savings Index and interrogation tools are being made available to firms through a licence arrangement. Whilst the underlying database provides a wealth of information, the user front-end allows the licence holder to extract information based on bespoke searches. This permits typical household figures to be broken down into targeted segments of the population based on region, age, number of dependants, salary and property owner or renter.

The output is displayed in a format which allows you to easily benchmark the search input against other households within the same search parameters, region, income, age and GB as a whole. The screenshot below displays one of the output screens

There are no restrictions on the number or types of search a licence holder can make, which provides the flexibility to enable licence holders to gather a range of insights into the savings behaviour of Great Britains citizens. It will be possible to identify where positive and negative savings correlations exist such as whether being a home owner increases the propensity to save in other areas.

These insights, trends and actual figures will provide licence holders with a range of potential benefits which can be used to benefit both business/product strategy and their underlying customer base.

From an engagement perspective, this can be used to benchmark your client base against their peers, the results of which could be included in periodic communications such as an annual statement. Peer pressure has proven to be a powerful tool in incentivising savings behaviour.

Subject to KPMG audit checks, it may be possible to embed the front-end within a licence holders client portal, allowing their clients to benchmark themselves against peers and others, enabling them to discover whether they need to save more in certain areas.

The ability to search on segments of the population allows licence holders to understand a potential market more fully and helps identify where a target market might exist and benefit from a product launch or marketing and distribution perspective.

And as the Savings Index matures over time, you will be able to identify historic trends and understand whether regional and national savings initiatives are working and the areas that they are or are not successful.

Licences are available for a period of one and three years at a cost of 10,500 for one year and 8,500 per year for three years. However, to celebrate the official launch of the latest version of the Savings Index, we are running an Early Bird offer from September through to the end of November which reduces the price down to 8,000 for one year and 6,500 per year for three years a saving of approximately 25%.

The licence is also available to non-TISA members as well. A one year licence is 13,125 (10,000 Early Bird) and the three year is 10,625 per year (8,125 Early Bird).

All prices quoted are subject to VAT.

If you would like further details, please contact our Retirement Policy Manager Renny Biggins at renny.biggins@tisa.uk.com who will be happy to discuss this with you in more detail and arrange for further documentation to be provided and/or a face to face demonstration at your offices.

Please see the SI brochure here

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