When it comes to financial products consumers favour simplicity over price

3rd March 2016

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The single most important attribute people look for in a financial product is simplicity, according to research from SunLife

The firm surveyed 3,388 people responsible for household financial decision making and more than a quarter said simplicity was the most important feature when looking to purchase a financial product – 8% more than the number who said low cost was the key factor.

The research, found that 96% said it is important that a product that is “simple and easy to understand” with more than half saying it is very important.

The quality or performance of the product was important for 97% of people, the highest; but was only the most important factor for 17%.

Top five attributes of financial products in order of importance:

  1. Simple/ easy to understand products
  2. Low price/ cost
  3. Quality or performance of the product
  4. A known name I can trust
  5. A product that meets all my needs

SunLife’s managing director Dean Lamble said while the financial services industry puts a great deal of effort into serving and designing products for high net worth customers and those who may get guidance from a financial adviser, but this can mean everyday customers can be underserved.

He added: “People want to protect themselves and their families, but they don’t always want to pay for advice – in fact, having someone to talk to about the products was low on the list of importance. People are looking for products that are simple and easy to understand so that they can research and confidently purchase them themselves.

“We believe that buying financial products should be – and can be – easy and engaging. So at SunLife we’re focused on making our products and experience as accessible and straightforward as possible, to help people the protection they need easily – and feel good about having done so. And in fact, 91% of our customers say we are the UK’s most ‘straightfordable’ insurance company.”

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