Which? spoke to 528 people aged 15+ who were either working or seeking work (and not retired) via an Ipsos survey during September 2006. The research found that only half of consumers (47%) trust the financial services industry as a whole and one in five of those questioned (21%) has had a bad experience with a financial company in the past.
Consumers who do not trust the industry are more likely to have had a bad experience, with 25% reporting past problems with a financial services company.
These are worrying statistics. The financial services industry’s past actions and mis-selling scandals have scarred British consumers, commented Doug Taylor, personal finance campaigner from Which?
Our research found that more than two in five consumers (43%) do not have any personal pension provision at all so we need to instill trust to encourage consumers to save now for their retirement.
