Mercury 3: Why Pennywell customers don't use savings pots

Scorecard

The analysis

This model produced no usable analysis for this task.

The survey it planned

2 screening questions and 10 questions, as the model wrote them.

1. S1

   What is your age group?

   One answer
   • Under 18
   • 18-34
   • 35-54
   • 55-74
   • 75 or over

   Continues if 18-34; 35-54; 55-74; 75 or over

2. S2

   Have you ever opened a savings pot inside the Pennywell app?

   One answer
   • Yes, I have opened a savings pot
   • No, I have never opened a savings pot
   • Not sure / I do not remember

   Continues if No, I have never opened a savings pot; Not sure / I do not remember

3. Q1

   Before today, which of the following best described your awareness of Pennywell savings pots?

   One answer
   • I knew about savings pots and what they offer
   • I had heard of savings pots but not the details
   • I had not heard of savings pots before today
4. Q2

   Which of the following are reasons you have not opened a Pennywell savings pot? Please select all that apply.

   Any that apply
   • I had not heard of savings pots until today
   • The interest rate is not high enough
   • I don't have enough money to save
   • I prefer to keep my money in my current account
   • I already keep my savings elsewhere
   • I don't understand how savings pots work
   • Setting up a savings pot sounds like too much effort
   • I am worried I cannot access my money quickly
   • I just haven't got around to it
   • Other
5. Q3

   Apart from your Pennywell current account, approximately how much do you currently have in savings outside Pennywell? Please include other bank savings accounts, cash ISAs, Premium Bonds and other easy-access savings.

   One answer
   • None
   • Under £500
   • £500–£999
   • £1,000–£4,999
   • £5,000–£9,999
   • £10,000–£24,999
   • £25,000 or more
   • Prefer not to say
6. Q4

   Please rank the following in order of how much each would encourage you to open a Pennywell savings pot (1 = most encouraging, 4 = least encouraging).

   Ranking
   • A higher interest rate (3.85% AER)
   • An in-app prompt on payday explaining savings pots
   • A step-by-step guide to setting up a savings pot
   • Reassurance that I can withdraw my money whenever I need to
7. Q5

   If Pennywell kept the savings pot annual interest rate at 3.1% AER, how likely or unlikely would you be to open a savings pot in the next 3 months?

   Scale

   Scale 1-5: Very unlikely to Very likely

8. Q6

   If Pennywell increased the savings pot annual interest rate to 3.85% AER, how likely or unlikely would you be to open a savings pot in the next 3 months?

   Scale

   Scale 1-5: Very unlikely to Very likely

9. Q7

   If Pennywell sent you an in-app prompt on payday with a simple step-by-step guide to setting up a savings pot, how likely or unlikely would you be to open one in the next 3 months?

   Scale

   Scale 1-5: Very unlikely to Very likely

10. Q8

    If Pennywell did both — increased the savings pot annual interest rate to 3.85% AER and sent you an in-app prompt on payday with a step-by-step guide — how likely or unlikely would you be to open a savings pot in the next 3 months?

    Scale

    Scale 1-5: Very unlikely to Very likely

11. Q9

    Please select 'Agree' to confirm that you are reading the questions carefully.

    One answer
    • Strongly disagree
    • Disagree
    • Neither agree nor disagree
    • Agree
    • Strongly agree
12. Q10

    You selected 'Other' as a reason you have not opened a savings pot. Please tell us what that reason is.

    Open text

    Routing Shown only if Q2 is: Other