Powered by MOMENTUM MEDIA
subscribe to our newsletter

Younger Australians set to switch banks

New research has revealed younger Australians are likely to switch banks over the next 12 months.

The study, conducted by Blackmarket Research, found 40 per cent of those aged 20-34 said they are likely to consider changing institutions, with interest rates, fees and charges, honesty and trust, and customer service voted the top reasons for moving elsewhere.

Of those who are considering the switch, 26 per cent said it’s likely to happen in the next 12 months, while 50 per cent said they are likely to consult their institution about their financial future.

COBA chief executive officer Mark Degotardi said the results show people are serious about looking for a better offer.

“A significant segment of consumers are clearly prepared to move elsewhere,” he said.

Advertisement
Advertisement

PROMOTED CONTENT


“For too long consumers have either sat on their hands or thrown them up in the air in despair but it now appears people are prepared to vote with their feet.”

The results also showed twice as many (61 per cent) customer-owned banking customers were “very satisfied”, compared to big four customers (28 per cent).

“As the poll results show, consumers understand that our model allows Australia’s customer-owned banks, credit unions and building societies to deliver in ways our major competitors simply can’t match,” Mr Degotardi said.

Younger Australians set to switch banks
mortgagebusiness

Latest News

The number of first home buyers looking to enter the market has more than doubled since 2019, according to a Westpac survey. ...

The Australian economy is unlikely to see a “lasting drop” in potential growth due to the COVID-19 crisis and should see a sustainable r...

The member-owned bank has reduced rates on fixed rate and variable home loans in response to the RBA’s official cash rate cut announced on...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Responsible Lending - what could lie ahead for lenders, brokers and borrowers?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.