Special report: Financial decision-making 2014
Are financial decisions a priority? Which tools would you use to help you manage money day-to-day? ING surveyed more than 12,403 people in 13 countries in Europe about these questions – and more. The results are published in this new special ING International survey entitled ‘The “me” generation: In control of financial goals and pursuing their dreams’.
Executive summary
1. When asked in the ING International Survey on Mobile Banking, Social Media and Financial Behaviour 2014 where the primary responsibility for their financial decisions lies, most of the 12,403 people surveyed say it is with them not with their bank. It suggests that these self-directed individuals are in control of financial goals and pursuing their dreams.
2. Almost four-in-five – or 79% – disagree with the statement “I am not interested in financial matters”. It sends a clear signal that money does matter to the vast majority.
3. Despite this passion for managing their financial futures, people in Europe are facing challenges. Most say managing money is more difficult now than it was 10 years ago. The financial landscape has changed a lot in the last decade, with the global financial crisis hitting employment rates in many places and technology (such as mobile and contactless) providing new ways to manage money.
4. One important way banks can help their customers is by trying to stop them making mistakes. The top three most popular features people in Europe say they would use if they were available are alerts – to flag up if their balance falls below a set amount, if they are overspending or if debt is not being paid off as quickly as planned.
5. These findings come from a set of questions on financial decision making included in the ING International Survey on Mobile Banking, Social Media and Financial Behaviour 2014. More than 12,403 people in 13 countries in Europe were surveyed by Ipsos between 20 February and 14 March 2014.
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