Over two thirds of the UK don’t feel valued by their bank
Research carried out by private and commercial bank, Arbuthnot Latham, has found that despite the majority (65%) of respondents feeling comfortable in having a conversation about their financial wellbeing with their bank, two thirds (69%) don’t always feel valued by them.
Their financial wellbeing report, Healthy, Wealthy and Wise, shows the importance of a deep and personalised relationship offering from the nation’s banks. While the majority are happy that they can pick up the phone to their provider, less than a third (29%) feel comfortable asking their financial services provider about how they can support with financial wellbeing through significant life events.
- Only 37% of those from the higher wealth category feel they can discuss financial wellbeing support with their financial services provider.
- This percentage is even lower (25%) for those in the lower wealth category.
The proportionate drop between net worth and likelihood to discuss financial wellbeing support highlights a potential “trusted advice gap”, suggesting that enabling conversations about financial wellbeing is vital to ensuring trust and confidence in financial plans.
This level of trust will have a direct impact on a customer’s feelings of being valued. The majority (69%) of respondents said they do not feel valued by their bank, or only feel valued sometimes. This differed by age range.
- 46% of those aged 35 to 44 were the most likely to say they feel valued.
- Only 19% of those in the 65+ age range feel valued.
Again, this also varied by net worth:
- Almost a third (27%) of those with a net worth of over £1m don’t feel valued by their bank…
- Compared to a considerably higher 39% of respondents in the general higher net worth category.
Helen Keen, head of UK private banking said: “Good financial advice can make a substantial difference to your financial wellbeing. In almost all areas of life, finding the right expert can offer insight and guidance in way that is very hard to achieve in isolation. You probably wouldn’t try to fix car by yourself, or treat a long-term physical ailment alone, why would you do so with your finances?”
“The right financial support increases financial security, helps sharpen clarity of thinking, and makes people more confident in their choices. Putting all these into practice means people feel more supported by their bank, improving financial wellbeing.
“Banks need to prioritise helping their customers feel at ease when asking for financial advice. This is particularly when looking towards the next generation, many of whom are digital natives, but get their advice from social media or online forums and might not see the value of in-person financial advice from bona fide experts.”