subscribe to our newsletter
Younger Australians set to switch banks

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.

“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 logo

Latest News

The international banking and financial system is rendering the Reserve Bank’s use of the cash rate mechanism obsolete, according to a mor...

Housing market downturns in Sydney and Melbourne are continuing to drive down national home prices, with the latest data from the Australian...

The Federal Court has approved an agreement between the Commonwealth Bank and AUSTRAC that will require the lender to pay a $700 million pen...

Promoted Stories

podcast

LATEST PODCAST: How the market has changed in the last 25 years, royal commission hearings, broker advocacy

Do you expect access to credit to get harder this year?