People prefer to seek face-to-face support when looking for financial advice, rather than turning to online resources, according to new research from Newcastle Building Society.
A survey of over 750 customers found that around three quarters of respondents would seek face-to-face support when looking for financial advice, and an overwhelming 90 per cent of people prefer to be dealt with in person by a member of staff.
Building society and bank branches remained the most popular choice when customers were researching financial products, regardless of whether the requirement in question covers simple savings products, mortgages, insurance or large investment options.
Over a third of those surveyed chose the face-to-face option, as opposed to just under a quarter who went online and 21 per cent who used magazines or newspapers. The proportion who would choose to buy a mortgage face-to-face came in at 84 per cent.
Steve Urwin, managing director for sales and marketing at Newcastle Building Society, stated that while online accessibility is very important for many, when it comes to looking for advice, the high street is where people want to go.
“The financial decisions that people make in branch are some of the most important of their lives, and the degree of trust that’s developed from being able to fully engage with, question and gain the information required from a personal contact clearly remains paramount.”
The survey follows on from research published last month by Equifax, which found the most popular delivery option for financial advice was in person (32 per cent) followed by telephone (19 per cent). Only 8 per cent prefer email and just 6 per cent prefer secure online messaging.
peter.walker@ft.com
