This report is focused on consumer attitudes towards advertising for financial services. This includes advertising for retail banking, secured and unsecured lending, insurance, investments and other financial products. This report includes all you need to know to stay ahead of the competition: market dynamics, consumer insights, and the latest trends in financial services advertising and marketing.
Key Issues Covered in this Report
- Analysis of advertising spend and the channels used for above-the-line advertising campaigns.
- Consumers’ exposure to financial services advertising and actions taken after seeing adverts.
- Consumer expectations of and attitudes towards financial services adverts.
- Perceptions of advertising channels.
- Overview of advertising initiatives.
UK Financial Services Advertising Overview
Amid the cost of living crisis, most financial providers adjusted advertising expenditures, and overall ad spend fell by 19%. However, continuing to communicate with consumers and adopting the right tone remains important to create and maintain customer relationships and offer comfort during uncertain times.
Financial Services Advertising and Marketing – Consumer Insights
Despite providers’ efforts to create advertisements that appeal to people’s needs, desires and emotions, almost two-thirds of Brits say they rarely see adverts for financial products or services that resonate with them, rising to three-quarters of consumers among over-65s. This suggests that financial services brands looking to engage people in this cohort have to ensure that advertising portrays them as rounded human beings, reflecting the diversity of their lifestyles, needs and desires.
Purchase the full report to receive a complete analysis of consumer attitudes towards advertising in financial services, as well as opportunities for the financial services industry and market dynamics and outlook. Readers of this report may also be interested in Mintel’s UK Sustainability in Financial Services Market Report.
Expert Analysis from an Advertising Specialist
This report, written by Stefania Apostol, a leading innovation analyst, delivers in-depth commentary and analysis to highlight current trends in the UK financial services advertising market and add expert context to the numbers.
While many challenges persist, financial providers have opportunities to reassure consumers and create stronger connections through advertising.
Stefania Apostol
Innovation Analyst
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Executive Summary
- Key issues covered in this Report
- Opportunities for the financial services industry
- Market dynamics and outlook
- Graph 1: total above-the-line, online display and direct mail advertising expenditure on financial services, 2018/19-22/23
- Graph 2: top 15 above-the-line, online display and direct mail advertisers on financial services, 2022/23
- What consumers want and why
- Graph 3: advertising channel exposure, 2023
- Advertising and marketing trends
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Market Dynamics
- Market size
- Graph 4: total above-the-line, online display and direct mail advertising expenditure on financial services, 2018/19-22/23
- Graph 5: monthly above-the-line, online display and direct mail advertising expenditure on financial services, 2019-23
- Graph 6: total above-the-line, online display and direct mail advertising expenditure, by category, 2022/23
- Market segmentation
- Graph 7: total above-the-line, online display and direct mail advertising expenditure on financial services, by category – percentage, 2021/22-22/23
- Graph 8: total above-the-line, online display and direct mail advertising expenditure on financial services, by category – value, 2021/22-22/23
- Channels to market
- Graph 9: total above-the-line, online display and direct mail advertising expenditure on financial services, by media type, 2020/21-22/23
- Leading advertisers
- Graph 10: top 15 above-the-line, online display and direct mail advertisers on financial services, 2021/22-22/23
- Graph 11: top 5 leading advertisers on above-the-line, online display and direct mail advertising expenditure on financial services, by media type, 2022/23
- Graph 12: Chase’s advertising expenditure on above-the-line, online display and direct mail, by media type, 2021/22-22/23
- Macro-economic factors
- Graph 13: GDP*, 2021-23
- Graph 14: CPI inflation rate, 2021-23
- Graph 15: the financial wellbeing index, 2016-23
- Graph 16: “Have you been affected by any of these issues over the last two months? Please select all that apply.”, 2023
- Media trends
- Graph 17: current use of music and video subscriptions, 2018-23
- Graph 18: free media activities done in the last three months, 2018-23
- Graph 19: use of top social media platforms, 2019-23
- Regulatory and legislative changes
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What Consumers Want and Why
- Exposure to financial services advertising
- Graph 20: financial products or services seen advertised in the last 12 months, 2023
- Graph 21: BNPL and cryptocurrency products seen advertised in the last 12 months, by age, 2023
- Graph 22: mortgages and pensions products seen advertised in the last 12 months, by age, 2023
- Graph 23: repertoire analysis of financial products or services seen advertised in the last 12 months, 2023
- Advertising channel exposure
- Graph 24: advertising channel exposure, 2023
- Graph 25: advertising channel exposure – TV and social media, by age, 2023
- Graph 26: repertoire analysis of channels where financial products or services were seen advertised in the last 12 months, 2023
- Actions taken after seeing an advert
- Graph 27: actions taken after seeing an advert for a financial product or service in the last 12 months, 2023
- Graph 28: actions taken after seeing an advert for a financial product or service in the last 12 months, by age, 2023
- Graph 29: actions taken after seeing an advert for a financial product or service in the last 12 months, by selected channels, 2023
- Expectations for advertisements
- Graph 30: expectations for advertisements for financial products or services, 2023
- Graph 31: expectation for advertisements to provide information about products and services, by age, 2023
- Graph 32: selected expectations for advertisements for financial products or services, 2023
- Attitudes towards advertising in financial services
- Graph 33: attitudes towards advertising in financial services, 2023
- Graph 34: agreement with the statement “I have felt reassured by banks’ advertising during the cost of living crisis”, by age groups, 2023
- Graph 35: agreement with the statement “I am happy to receive personalised adverts based on my online activities”, by age groups, 2023
- Perceptions of advertising channels
- Graph 36: advertising channels described as ‘trustworthy’, 2023
- Graph 37: social media and online advertising described as ‘intrusive’, by age groups, 2023
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Advertising And Marketing Trends
- Financial services providers focus on brand
- Products and services
- The cost of living crisis
- Financial education and wellbeing
- Socially and environmentally responsible initiatives
- Influencers
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Appendix
- Supplementary data
- Report scope and definitions
- Methodology
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