Including vulnerable groups in financial services: insights from consumer satisfaction

Abstract

The crisis brought into relief problems within the financial sector which seriously affected consumer trust. This paper provides new evidence on the experiences of two socio-economic groups associated with potential vulnerability – the less educated and the elderly – with financial service markets across Europe. We find that the less educated and the elderly are less satisfied and experience greater difficulties than other consumers as regards complaining, comparing offers, or switching, in the mortgage, and investment product and bank account markets, respectively. This evidence is of use to policy-makers seeking ways of improving financial regulation from a consumer perspective.

Keywords:

• financial services
• consumers
• satisfaction
• regulation
• vulnerable consumers

JEL Classifications:

• D12
• D18
• G20
• G28