May 6th, 2022, Samuel Tan
Whether a financial company can ensure the “safety and security of my money” is what consumers in Singapore most consider when choosing a bank, payment service, investment platform or insurance provider – with close to three-quarters (72%) saying this is an important factor.
Research by YouGov also reveals that low or no fees (63%), good interest rates (62%) and good customer service (61%) are the next three most significant factors. Over half also take into account access to digital services (56%) when deciding on a financial service provider.
Where do various generations in Singapore differ when choosing a financial service provider?
Across all generations, more than two-thirds of consumers say “safety and security of my money” is an important consideration when choosing a financial service provider, although Baby Boomers (born 1946 – 1964) are most concerned (76%) and Millennials (born 1981 – 1996) the least (69%).
Gen Z (born 1997 – 2009) is much less concerned about enjoying good interest rates (57%) when choosing a financial service provider compared to other generations, but much more concerned about paying low or no fees (67%).
For Millennials, attractive incentives to switch / continue with a financial service provider (e.g. welcome gifts and other perks) are a much more important consideration (43%) compared to other birth cohorts.
Meanwhile, Gen X (born 1965 – 1980) are relatively least concerned about paying low or no fees (59%), while Baby Boomers are relatively most concerned about enjoying good interest rates (66%).
A financial service provider that offers good customer service is a significantly more prevalent consideration among Baby Boomers (72% vs 61% average) than for other birth cohorts, while one that offers access to digital services is a significantly more prevalent consideration among Gen Z consumers (67% vs 56% average).
Significantly more Baby Boomers say that a financial service provider’s ethical values is an important consideration (54% vs 40% average), while Gen Z consumers are most likely to say that a financial company’s stance on environmental sustainability (e.g. actions to reduce the environmental impact of their operations) is an important consideration (26% vs 23% average).
Read YouGov's latest consumer research in the finance sector:
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What are consumers' top concerns about using digital financial services in Australia, Hong Kong, Indonesia, Singapore?
How does consumer trust in traditional versus digital-only banks vary across different markets and age groups in APAC?
How does consumer trust in digital wallets and Buy Now Pay Later services vary across different markets and age groups in APAC?
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Methodology: YouGov Custom Research is a full end-to-end service from YouGov experts, from sample framing and questionnaire design to analysis and more, which provides bespoke market intelligence and research insights. Singapore data figures (N = 1,063) have been weighted by age, gender, and ethnicity to be representative of all adults in Singapore (18 years or older), and reflect the latest Singapore Department of Statistics (DOS) estimates. APAC data figures (N = 5,653) include the following markets: Australia, China, India, Indonesia, Hong Kong and Singapore. Learn more about YouGov Custom Research.