Research from Saga released this week has shown that among the over-50s, there is a feeling that financial organisations overcomplicate issues and are not transparent in the way they communicate. Nearly 28% believe that financial companies deliberately make things more complex for their age group.
This has led to a general feeling of distrust, resulting in a hesitancy among older customers to discuss plans for their money - meaning that many are still holding cash rather than other investments and losing out on their savings in real terms.
The problem is especially evident among women, with 47% of women more likely to make financial decisions independently rather than consult with an adviser, family or friends in comparison to 33% of men. In fact, 1 in 10 women actually feel that financial services companies are set up more to help men than women.
The question is, how can financial services brands do more to build meaningful relationships with their audiences and ensure an open dialogue exists between them? At Teamspirit we think this is essential, which is why we work hard to turn the complex into the compelling and encourage people to better engage with their finances.
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