The Data Digest: How Choosing A Financial Company Differs By Age

What matters to financial buyers depends on who they are and what they are buying. Our Technographics data shows that European customers with different profiles — for example, different sociodemographic or attitudinal profiles — care about different things when selecting financial services firms.

Influencing factors by age

The report 'Why Europeans Choose Financial Firms' also shows that the influence of word of mouth on a customer's decision to select a financial services firm declines sharply with age. A striking 37% of customers ages 16 to 24 and 18% of customers ages 25 to 34 were influenced by their friends' or family's recommendations. On the other hand, nearly half of European financial buyers ages 65 or older chose a company for their most recent financial purchase partly because they already had a product or account there.

Comments

Interesting data, Reineke. I

Interesting data, Reineke. I wonder if this picture has changed in the last couple of years. Also, for next survey you might want to explore how many consumers select a company/financial product as a reaction to a promotion.

Deeper analyses on customers' financial decision process

Hello Tim, thanks for your comment.
Within Technographics we ask a wide range of questions on a variety of topics, and I can only show a very limited selection in my weekly data digest. We do ask about the impact of promotions - if you want to see some recent questions we've asked please use our survey explorer (copy and paste needed):
http://www.forrester.com/rb/surveyexplorer/results.jsp?product=consumer&sid=BE405D946B1557A2&Nty=1&Ntx=mode+matchallpartial|mode+matchallpartial|mode+matchallpartial|mode+matchallpartial&Ntk=all_search|all_search|all_search|all_search&Ns=p_date|1&N=19+26+4294966979&Ntt=promotions

(apologies for the very complex link, but I did some searching for you).

It would indeed be interesting to check this over time, because customers' opinion with regards to bank have changed significantly in the past two years. See the post How Customers Rate Banks, Brokerages, And Insurers
http://blogs.forrester.com/reineke_reitsma/10-05-14-data_digest_how_cust...

All the best,
Reineke