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Financial Planning > Behavioral Finance

Survey: Consumers Claim To Research Financial Decisions Thoroughly

By Staff Writer

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NU Online News Service, June 3, 2003, 12:49 p.m. EDT – Many consumers say they perform thorough research before making important financial services decisions, according to R.R. Donnelly & Sons Inc., Chicago.

Researchers used an online survey to poll more than 10,000 U.S. adults for Donnelly earlier this year.

Eighty-two percent of the participants said they “read the fine print” before making financial services decisions, and 79% said they “collect a lot of information” to support their decisions.

But 89% of the participants said they wished product descriptions were in plain English.

Although nearly two-thirds of the participants were using the Web to research financial services, 51% said they were confused enough that they needed to schedule face-to-face meetings before they could make financial services decisions.

Some other survey results:

? 44% of survey participants said they rely on a financial services company with a brand name they trust, rather than researching competing providers.

? 44% said the length of time a firm has been in business is a key driver in choosing a financial services provider.

? 42% said they found it easy to switch financial services providers when they were dissatisfied.