Which financial services do Europeans prefer?

10/11/2022

Last October, the European Commission published the results of a Eurobarometer on the use of financial services by European citizens, taking into account digitalisation and the development of sustainable finance.

The survey is based on answers to 16 questions from 27,862 European citizens from all 27 Member States, and the results are as follows:  

• 86% of Europeans feel confident in managing their personal finances and 73% feel confident with banking online.
  • o Among respondents who have a current account, 12% hold a current account in another EU Member State, indicating progress in the use of the Single Market compared to the 2016 Eurobarometer, although results vary by country.
  • o Europeans use three main sources of information for their personal finances: recommendations from financial advisors, specialised product comparisons, and recommendations from friends and family. Only 5% use information from social media and influencers to make their financial decisions.
  • o Only 1 in 5 Europeans consider that their rights as a customer have been breached, for instance when opening a bank account, making payments or taking out a loan. Among them, only 42% filed a complaint, which may indicate the need for improved channels for citizens to enforce their rights.

• The results vary across countries, gender, age, and level of education, which seems to indicate a continuing need for financial education.
  • o Most citizens report using digital financial services (a mobile app or website) to check their balance or to pay for online purchases, although habits differ between countries, for example, in the frequency with which they do so.
  • o Most Europeans find it easy to withdraw cash in the area where they live, although again the results vary by nationality.
  • o 1 in 3 Europeans have heard of the digital euro: although they admit that they are not very clear about what it means, they are interested in finding out more about it.

• In terms of sustainable finance, 6 out of 10 Europeans find it important that their savings and investments do not fund economic activities that have a negative impact on the planet, but only 34% acknowledge that they know whether this is the case and only 29% receive information on the sustainability impact of financial products or services. This shows the need to improve information in this respect so that they can make informed decisions based on sustainability criteria.

You can find all the information on the EurobarometerAbre en ventana nueva website.