Household Bills
‘Simple’ trumps ‘low cost’ for financial products
The single most important attribute people look for in a financial product is simplicity, according to a survey.
Insurance firm SunLife polled over 3,000 people responsible for household financial decision making and more than a quarter said simplicity was the most important feature when looking to purchase a financial product – 8% more than the number who said low cost was the key factor.
Some 96% said it is important that a product is ‘simple and easy to understand’ with more than half saying it is very important.
The quality or performance of the product was important for 97% of people, the highest; but was only the most important factor for 17%.
Top 5 attributes of financial products in order of importance:
- Simple/easy to understand products
- Low price/cost
- Quality or performance of the product
- A known name I can trust
- A product that meets all my needs
SunLife’s managing director Dean Lamble said the financial services industry puts a great deal of effort into serving and designing products for high net worth customers and those who may get guidance from a financial adviser, but this can mean everyday customers can be underserved.
