New research has revealed not only that a vast minority of Australians have a solid grasp on the state of their finances, but also how many consumers are eager for financial support.
UBank’s Know Your Numbers Index revealed just 20% of those surveyed knew the specifics of their home-loan related fees or charges, and 76% were unaware of how much they’re spending on financial fees and charges over the course of a year as a whole.
The two most common reasons the respondents attributed their lack of financial knowledge to were complexity (27%) and a shortage of time (18%).
Brokers are ideally suited to establish the lasting relationships and provide the personalised financial support for the demand that these results indicate exists in the current market.
“When you look at a mortgage, for most households in Australia, it’s the biggest expense that they have on their monthly budgets. The work that mortgage brokers do and the competition that we bring is crucial to Australians and to the Australian economy. We want to continue to reinforce that,” said Mark Haron, director of Connective.
While the survey results showed that home loan related fees ranked third as a service for which Australians were not willing to pay more, 26% of those surveyed said they were prepared to pay additional fees for better service, while 15% would pay more to guarantee they’d speak to the same customer service team member every time.
With 96% of customers reporting being either satisfied or very satisfied with what their broker has done for them, mortgage brokers are well positioned to continue to provide the best consumer outcomes to Australians seeking guidance and support.
