Credit Unions top the list of financial service providers in terms of consumer confidence.
That’s according to a new survey by Peopl Insurance.
It found over half of respondents (51%) reported a high level of trust in the financial institution, compared to 39% of people who would place this same level of trust in An Post, and 18% who feel the same about traditional banks.
1,000 people nationwide took part in the survey.
Key Findings from the Peopl Insurance Survey include:
-There is a noticeable age distinction in the preferences for traditional and modern forms of banking, with traditional institutions such as the credit and post office appealing most to older consumers and new banking apps and Fin Tech banking services appealing most to younger cohorts. For example, 77% of those aged 18-24 placed a high trust value in Fin Techs, as opposed to 8% of over 55s
-Fin Techs are the most likely to invoke a low level of trust from the general public (35%) – followed by traditional banks (27%)
-While regional and socio-economic profile keenly influences people’s trust levels around banks and Fin Tech – these factors are less impactful when it comes to how people feel about credit unions and An Post
Banks
-More than one quarter of respondents (27%) of adults have a low level of trust in banks, but just 18% have “high” trust in them
-Men are more likely to have a stronger viewpoint (either way) on the trustworthiness of banks
-Those in the 45-54 bracket are most likely to have a low level of trust in banks (24%)
Credit Unions
-Relatively small percentages across the age groups have low levels of trust in CUs when compared with the other financial institutions
An Post
-Just 1 in 10 have a low level of trust in An Post
-43% of those over 55 have a high level of trust in An Post – above the national average of 39%
Fin Tech Providers
-35% of adults have low trust in Fintech providers such as Revolut, N26 or Bunq – this is higher amongst females (39%), those over 55 (51%), and those in the lower socio-economic bracket (43%)
-Men and those in the ABC1 bracket are more likely to have a high level of trust in Fin Techs
