consumer cheque market research 2010 october 2010
TRANSCRIPT
Consumer Cheque Market Research 2010
October 2010
2
Introduction
■ 2010 edition of consumer cheque use survey■ Fourth such study. Previous ones conducted in
2007, 2008 and 2009■ Areas of interest:
– Writing and receiving cheques– Reasons for writing and receiving cheques– Where cheques are used and the
alternatives– Attitudes and alternatives– Knowledge of cheque propositions (2-4-6)
3
■ Same sample size as previous years – 2,000 adults– 1,813 (91%) of whom have personal accounts with a bank or
building society■ Questionnaire largely retained to ensure consistency and enable
comparison■ Surveyed at same time of year – April – and same dates (where possible)■ Survey undertaken by TNS research
Changes■ Inclusion of Northern Ireland in sample for first time■ New questions to reflect changed priorities
Notes■ Percentages quoted in the following slides can be considered accurate to
+/- 2 percentage points■ When comparing results for 2010 with those from previous years, a
change of up to 4% from one year to the next may be the result of normal sampling variations, rather than being indicative of a real change in behaviour
Use of cheques
5
0%
10%
20%
30%
40%
50%
60%
70%
2007 2008 2009 2010
Written Received
Percentage of people who have written and received cheques in the last year
Base: All bank and building society account
holders
6
0
2
4
6
8
10
12
14
16-24 25-34 35-44 45-54 55-64 65+Age
Ch
eq
ue
s p
er
ye
ar
Written Received
Number of cheques written and received
Base: All bank and building society account
holders
7
Reasons for receiving cheques
0%
5%
10%
15%
20%
25%
30%
35%
40%
Base: All who received a cheque
Changes in writing cheques over last three years
9
0%5%
10%15%20%25%30%35%40%45%
Manymore
Slightlymore
About thesame
Slightlyfewer
Manyfewer
Don'tknow
Changes in consumers’ writing of cheques over the last three years
Base: All who wrote a cheque
Where cheques are used and the alternatives
11
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Bill (post) Tradesman Club orsociety
Someone else(not post)
Post office bill Charity Children'sactivities
Other - post
Main reasons for writing a cheque
Base: All who wrote a cheque
12
Those who think there’s a convenient alternative in those areas
Use of cheques
Number of consumers in
sample identifying each use
% of those consumers identifying a
convenient alternative
Pay a bill by post 465 45%
Pay a tradesman who comes to the house
239 32%
Pay a club or society 156 36%
Pay someone else (not by post) 134 42%
Pay a bill at a bank or post office counter
146 49%
Make a donation to a charity 104 48%
Pay for children’s activities 101 41%
Make another type of payment by post
106 25%
Note that the base size for the percentages in the final column is given by the number of respondents identifying each use for cheques, as shown in the second column
Attitudes to cheques
14
Consumers who would have problems if not able to write cheques
0%
10%
20%
30%
40%
50%
60%
70%
2007 2008 2009 2010
Minor problems Major problemsBase: All who wrote a cheque
15
Attitudes to being paid by cheque
0%10%20%30%40%50%60%70%80%90%
100%
2007 2008 2009 2010Don't know Not cheques - askNot cheques - don't ask Don't mindPrefer cheques - don't ask Prefer cheques - ask
Base: All who received a cheque
16
How long consumers take to deposit cheques they receive
Don't know4%
Never1%
Within a week62%
Same day13%
Longer5%
Within a month15%
Base: All who received a cheque
Knowledge of cheque clearing process
18
Consumers’ knowledge of propositions
0% 20% 40% 60% 80% 100%
Value 2010
Value 2009
Value 2008
Value 2007
Withdrawal 2010
Withdrawal 2009
Withdrawal 2008
Withdrawal 2007
Fate 2010
Fate 2009
Fate 2008
Fate 2007
Correct Earlier Later Not sure No idea
Base: All who received a cheque
19
Need for information about cheques
0%10%20%30%40%50%60%70%80%90%
100%
2007 2008 2009 2010
Enough when needed Know enough, but would like moreNot enough information Not an issueDon't know
Base: All who wrote or received a cheque
Summary
21
Summary and implications
■ Small changes year-on-year. No sizeable movements
■ Consumers said they wrote fewer cheques in last three years
– Suggests have identified alternatives to cheques in most cases