There has always been a debate about whether verified reviews or personal recommendations from friends and family are the biggest influence on an individual’s purchasing decisions.
New research from reviews and customer insight company Feefo, has found that, at least when it comes to financial decisions, young people place a huge amount of trust in verified reviews. In a survey where the company asked over 1,000 UK consumers between 16 – 34 about their attitudes to financial sectors, 85% said that they trust verified reviews more than any other source.
That means that young people trust reviews more than their own friends and families when it comes to financial decisions.
“This is compelling evidence that verified reviews have a major influence on younger adults when they take big financial decisions,” said Matt West, CMO at Feefo.
“Banks, lenders and insurers that fail to offer trustworthy, easy-to-use review systems are sacrificing a huge commercial advantage among young adults, who are looking for mortgages and loans as they start out in life.