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 The public's poor perception of financial marketing
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Friday, June 14, 2002 |
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A New survey from ICM research has revealed that a large chunk of British consumers are pretty dissatisfied with the way that they are sold financial services.
As many as 22% believe they have been mis-sold to or received bad advice about a pension, life insurance, investment or a mortgage. This level of dissatisfaction is considerably higher than for holidays (9%) and mobile phones (8%). Other findings in the survey include:
- Nearly half of the adult population (47%) feel they are treated as 'a number' when dealing with the financial services industry, and only a third as 'a person'.
- As many as 58% of the working population say they "don't know" what percentage of their salary is going into their pension each month. Of those who do, 27% say they are putting in 5% or less, 16% between 6-8%, 22% say between 9-10% and 35% say 11% or more, with the average being 11%.
- Three quarters of the adult population say they would, given the option, "opt out" of receiving direct mail from finance and insurance companies (in view of the new Electoral Roll 'opt out' for direct marketing purposes).
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