Financial Services Consumer Perception Study 2024
The Financial Services edition of Edelman’s Trust Barometer 2024 found that while the financial services sector is trusted globally, the increase in positive sentiment has been driven almost entirely by emerging markets.
In developed markets, and Europe in particular, the story is very different. Financial services are distrusted by the five biggest European economies: UK, France, Spain, Germany and Italy. In the US, by comparison, trust levels in financial services are higher compared to Europe’s main markets, although sentiment is still neutral, rather than positive.
Edelman Smithfield polled 12,000+ consumers across the UK, France, Germany, Italy, Spain and the United States to understand the reasons behind the persistent negative sentiment towards the financial services sector.
Ambiguous pricing is driving negative perceptions of financial services companies.
Negative sentiment towards banks is driven by branch closures, banker pay and perceived profiteering from base rate increases.
Consumers want government and regulators to intervene more to protect them and improve products.
Additional Findings
01
Awareness of the Consumer Duty has almost doubled since its introduction in the UK last year
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01
Three fifths (59%) of UK adults say that they are aware of the Consumer Duty, up from 34% YOY. Awareness and accountability are higher amongst younger generations
02
There is a pervasive belief that financial providers don’t care about their customers
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02
This is felt more keenly in Spain, where 42% (vs 36% avg.) think financial services companies favour making money over customer care
03
Refusing to pay out when claims are made is a main cause of negative sentiment towards insurers
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03
Four in ten (39%) consumers think this, and the number rises to 45% amongst German consumers
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