Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
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.

Advertisement
Advertisement

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

Latest News

New APRA data has revealed that ANZ was the only big four bank to record negative home lending growth before the coronavirus outbreak altere...

The rapid move to support digital mortgages amid the coronavirus pandemic “will have a dramatic effect” on how people will transact on m...

Mortgage holders will be breathing a “sigh of relief” following the federal government’s announcement of a new $130-billion support p...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you think Australia will move to quantitative easing this year?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

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