The Consumer Financial Decisions (CFD) group of SBI fielded a survey to understand the impact of the recent financial crisis on U.S. consumers. The market downturn prompted us to take action and do what we have never done before: recontact households that participated in a MacroMonitor survey. In February 2009, we recontacted participants of the 2008–09 MacroMonitor survey—which we fielded between mid-April and mid-August of 2008—to learn how they were reacting to the ongoing global financial crisis.

We administered a 12-minute telephone survey to the recontact participants. We contacted 2,870 households in order to obtain 1,556 completed interviews—an overall response rate of 58%!

Shifting Attitudes

Results of the survey highlight areas in which consumers' financial behaviors and attitudes have shifted since the market downturn, including:

• Trade-offs between spending, saving, and paying down debt
• The use of financial advice
• The use of financial institutions
• Retirement planning
• Saving and investing
• Real estate transactions.

The timing of market events relative to the fielding of the 2008–09 MacroMonitor Recontact study provided us a tremendous opportunity to gain insight into the near-term reactions and longer-term intentions of a cross section of consumers in relation to the recent, unprecedented events. The findings of this important study can help you determine how to reengage consumers at a time when consumer relationships are more important than ever before. MacroMonitor clients have the added opportunity to analyze the differences in key pre- and postcrisis consumer attitudes and attributes.

Findings

Some examples of findings from the study:

• Four-fifths have been affected and are taking steps to spend less.
• Three-fifths lost value from their assets (average loss: 32%; $72,000).
• Fewer than half changed their retirement outlook.
• Two-fifths are worried about losing their jobs.
• Fewer than one-fifth dropped—and one-fifth added—at least one financial institution relationship.
• One-sixth made a change in their retirement accounts.
• Fewer than one-tenth made changes to their investments.

...and yet, two-thirds of households remain optimistic!

Within the recontact data is a wealth of information that can help you understand how consumers have been affected by the market downturn, and, most important, how they will react coming out of it.

Subscribers to the 2008–09 MacroMonitor Recontact study will receive deliverables that include a top-line response-incidence report, crosstabulations, a set of standardized PowerPoint slides, an onsite presentation of findings, and a data CD with documentation. To subscribe to this important study, please fill out and submit the subscription form or contact us for additional information.