31 July 2023
Foresters Friendly Society sees savings trend move towards regular payments in the first half of 2023.
Foresters Friendly Society, the mutual savings and investment provider, has seen saving behaviour shift from one off larger lump sums in 2022 to smaller consistent direct debits in the first half of 20231. This change in savings pattern is likely a reflection of the current economic situation with rising everyday household bills impacting people’s ability to save or invest to the extent they may have done in the recent past.
Foresters Stocks and Shares with profits ISA sees growth through Digital channel
The number of ISA plans opened has almost tripled through the Society’s Digital channel (sales from digital marketing activity).
The increased focus on digital channels is paying dividends, with top-ups increasing by 33%, compared to the same period last year.
Lifetime ISAs continue to see growth
The Foresters with profits Lifetime ISA is also proving popular with savers delivering a 10% increase in premium income year on year. The trend for smaller savings payments continues with this typically younger audience, showing a 55% increase in direct debit premium income when compared to the first half of 2022.
New members signing up to portal support
Launched in late June 2023, the Foresters member portal now provides new members with online access to view and manage their plans. The Society will be rolling this out to existing members throughout 2023.
The portal is an important step in Foresters’ continuous enhancement of its service offering to members.
Sally Waterfield, Head of Marketing at Foresters Friendly Society commented “Despite a large proportion of UK savers and investors having less money to put towards new plans, Foresters is still well placed as a mutual, financial services provider offering the ability to continue investing in ways that suit them. The Introduction of our member portal now gives our members even more transparency of their savings and added flexibility when managing their money. We look forward to rolling it out to our existing members as the year progresses”.
1 Lump sum investments were 69% of the first half of the year’s total in 2022 to 56% for 2023.
Our ISA is a stocks and shares ISA so the capital is at risk, and tax rules may change and depend on individual circumstances.