Banking and Consumer Behaviour 2014
This study of banking and consumer behaviour was conducted by Behaviour & Attitudes on behalf of the National Consumer Agency. Key findings from this research include:
More than a third (34%) of current account customers said they no longer qualify for free banking and a result of this:
- 28% take out more cash when making withdrawals, almost double the figure (15%) from the previous year;
- 25% use their debit cards less often compared to 13% twelve months ago and 13% are using their credit cards more for routine transactions. Furthermore, approximately a third of consumers who no longer qualify for free banking said that they intend to use their debit card less often and/or switch to a bank that offers free banking or lower fees.
The research also found that:
- 57% of all current account holders have never checked to see if there is a better deal or package available elsewhere;
- 6% had switched their current account in the last twelve months with 8% planning on switching accounts in the next 6 months;
- 32% of current account customers can still avail of free banking, down from 37% in June 2013; and
- 1 in 7 (14%) of current account holders don’t know whether they are being charged fees.
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