29 August 2014

Women try on 1,340 shoes but only change their bank account once

Unsurprisingly, the overwhelming majority of women (91%) consider looking after their finances to be more important than buying a new pair of shoes (4%). However, new research from TSB has found that while women try on 1,340 pairs of shoes in their adult lifetime before committing to buying 536 pairs, they only change their bank account once, if at all.

Unlike other banks, TSB thinks people should be able to try out a new bank first, as they would with any other purchase, and is encouraging people to try its Classic Plus bank account before they commit to switching - the same approach adopted when purchasing shoes.

78% of women did not realise that they could try out a bank account

Over three quarters of women (78%) did not realise that trying out a bank account without switching to it, while still receiving the account benefits, was even a possibility.

However, two-fifths of women (41%) surveyed would like to adopt this 'try before you buy' approach. Over a quarter (26%) revealed that they would like to try a bank first to make sure their money is in safe hands and they will receive a good level of service. For the remaining 16%, it is important to check whether the bank account will meet their financial needs and requirements.

According to Little Mix...Get your killer heels, sneakers, pumps or lace up your boots…

On average, women buy eight pairs of shoes a year, trying on up to 20 pairs in the decision making process. During a woman's adult life this equates to trying on 1,340 pairs of shoes and buying 536 pairs.

Women aged 25 to 34 years old are the most enthused when it comes to shoe shopping, trying on an average of 31 pairs a year, before purchasing 20 pairs. The research has also identified the South East to be the capital of the 'shoe-niverse' as women in the South East lead the way as shoe fashion icons, trying on 31 pairs a year before buying 21 pairs.

Andy Piggott, Head of Current Accounts,  said: "Money is an integral part of our lives and it is important people trust their bank, have confidence that it will look after their money and know that the bank suits their individual financial needs. Banking is about the whole experience and it is therefore important that people take time to choose which bank they switch to.

"Our TSB Classic Plus account has been designed to be one of the most rewarding and accessible bank accounts on the market. We wanted to make it easy for people to enjoy the benefits of the account and experience what it is like to be part of TSB, a new kind of bank. We can then help customers use the switching service to move to us when they are ready."

The TSB Classic Plus account offers a market leading 5% credit interest without all that usual funny stuff.

Find out more about the TSB Classic Plus account here:  http://www.tsb.co.uk/current-accounts/classic-plus-account/



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Notes to editors

From Feb 28th to Feb 29th 2014 and May 2nd to May 3rd, Springboard UK conducted two online surveys amongst 2,040 and 2,004 randomly selected British adults age 18+ who are Springboard UK panelists. The margin of error-which measures sampling variability-is +/- 2.2, 19 times out of 20. The results have been statistically weighted according to the most current social grade, age, gender and region data to ensure samples representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.

According to ONS, a newborn baby girl could expect to live 82.6 years if mortality rates remain the same as they were in the United Kingdom (UK) in 2010-2012 throughout their lives. 83 years equates to 67 years aged 16+.

About TSB:

TSB Bank plc is a British bank which provides customers with a range of services and products such as current accounts, savings, credit cards, loans, mortgages and insurance.

With a presence on 631 high streets right across Britain, TSB Bank plc has approximately 8,000 staff looking after £22 billion on behalf of its 4.5 million customers. Our purpose is to support safe and sustainable economic growth in the surrounding communities, serving only individuals and local business customers.

For further information about TSB Bank plc, please visit our website  www.tsb.co.uk .