Today, the European Commission published the results of its new Eurobarometer survey on how Europeans interact with the financial services world in the face of its ever-increasing digitalization and the development of sustainable finance. The results show that with 86 percent, most European consumers said say they felt confident in managing their personal finances, and 73 percent feel confident with banking online – with varying results across Member States.
For this Eurobarometer, a total of 27,862 Europeans from all 27 Member States were asked to answer to 16 questions.
These are further insights:
- For their personal finances, European consumers main sources of information are recommendations by financial advisors, specialist product comparisons, and recommendations from friends or family. Just 5 percent of said they used information from social media and influencers to make financial decisions.
- About one in five respondents said their financial rights have been violated before when opening a bank account, making payments, or taking out a loan – 42 percent of those did not file a complaint.
- Most Europeans check their balance or make payments via a mobile banking app or website with identity authentication, but the of use of digital financial services varies across respondents in different Member States.
- In terms of sustainable finance, for more than 60 percent of Europeans it was important that their savings would not fund economic activities harming the planet. Yet 34 percent said they knew whether their private savings were invested into sustainable economic activities. 29 percent of respondents received information on the sustainability impact of financial products or services.
Mairead McGuinness, Commissioner for Financial Stability, Financial Services and the Capital Markets Union, said: “Financial services are an integral part of our lives – from opening a bank account and making payments, to taking out a mortgage or preparing for retirement. With digitalization and sustainable finance changing the way we bank, it is essential that Europeans are well informed, treated fairly, and aware of risks and opportunities, so that no one is left behind. This survey also illustrates the benefits of the Single Market, which allows Europeans to make the most of financial services at a time when every cent counts. These results will inform our policy work on topics such as the Capital Markets Union, instant payments, retail investment, data access in financial services, and a digital euro, with a central objective: empowering citizens to make informed financial decisions and be in control of their finance wellbeing.”
Source: EC
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