written by Rosie Greening
FSS – AKA Financial Strategy Segments
Go Team GB! Well, that’s the cry going round the office. Now seems like a fitting time to also be improving our UK panel offering. SSI is proud to announce that we now have FSS segmentation screened on our UK panel.
I know some of you will be wondering what “Financial strategy segments” are. Well, in short it is a segmentation developed by Experian, which categorises people, not only by their demographics and household but personal financial behaviours.
To quote our fact sheet:
FSS recognises that many financial transactions are personal (e.g. acquiring a pension plan or applying for a loan), but others like obtaining a mortgage or buying home insurance are associated with a household. The system provides insight on the types of financial products or services used, and segments behaviour on the basis of a person or household’s net worth, equity, investments, indebtedness, credit risk, attitudes and preferred transactional channel.
FSS segments the UK population into 93 individual behavioural types. These are aggregated to 50 household types and 14 household groups.
To give you an example:
Group B: single endeavours: Single Endeavours are young people in their 20s and early 30s who are striving to establish themselves in the workplace. They have yet to settle into long-term homes and are mostly renting affordable accommodation from private landlords. Finances are yet to settle down as well, and overdrafts are often used. Savings are not yet a priority and this group generallyenjoy this stage of life with low commitments.
Group D: Growing Rewards are high income families in their 30s and early 40s with growing children. They have two professional salaries contributing to the household budget but mortgage commitments and family expenses can be high. They are in an excellent position to improve their reserves in the coming years as outgoings fall and incomes increase, and they have the knowledge and skills to ensure that their financial position will be very comfortable.
We are able to either target by specific segments that are of interest, or we can append the FSS data to your results after a study is finished.
The implications of this are huge as it allows much more specific targeting. Social grade classification is based on chief household income earner, despite the fact you are interviewing an individual with their own job, finances and of course, opinions. We believe that FSS can be of huge benefit to online studies and will help you really start to understand your respondents beyond simply age, gender and region.
If your clients use this, then this will obviously be of interest. If they are not currently using it, it may be worth opening up a discussion as to what kind of value this data could add to your projects.
If you would like more information on how you may be able to use FSS, get in touch.
Categories: Market Research