Brits dump professional finance advice for comparison sites - YouGov

Brits dump professional finance advice for comparison sites - YouGov

Brits are increasingly turning away from professional advice on financial products in favour of comparison Web sites, according to a tracking study from YouGov.

YouGov, which polled 2088 users of comparison sites for the purpose of searching for a financial services product, says its initial findings show people are becoming increasingly comfortable searching and buying through comparison sites.

Overall, trust in price comparison sites is growing, with more than 50% of respondents more comfortable using them today than they were a year ago.

Just over 70% of respondents say they got their car insurance information from a comparison site and more than half acquired it through one of these outfits. However, it appears much depends on what is being bought, with just five per cent purchasing a mortgage through a comparison site.

Moneysupermarket.com is the site consumers most associate with financial services, cited by 86%. It is also the favourite, chosen by 35%, ahead of Confused.com on 13%.

Todd Davis, director, financial services consulting, YouGov, says: "The fact that nearly half the comparison site users we surveyed said they were foregoing professional financial advice in favour of using comparison sites is very interesting. Users are telling us that comparison sites empower them and allow them to research products in a way they couldn't before."

The YouGov results contrast with a recent survey from Which? that found only three in ten trust comparison sites to find the best price available, while two thirds think they will be presented with products that make the Web sites the most commission.

According to the Which? survey, the average customer satisfaction level for the seven sites it covered is lower for than any other financial sector the group has surveyed and no firm scored more than 50%.

Comments: (2)

A Finextra member
A Finextra member 16 March, 2010, 07:49Be the first to give this comment the thumbs up 0 likes

Were any people who hadn't visited a comparison site included in the survey?

Matt White
Matt White - Finextra - Toronto 16 March, 2010, 09:30Be the first to give this comment the thumbs up 0 likes

No.

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