Wealthier Australians are less satisfied with their bank

Original article by Roy Morgan
Market Research Update – Page: Online : 20-Nov-19

Satisfaction levels with the banking industry are related to an individual’s level of wealth, new research from Roy Morgan shows – with the wealthiest 30% of Australians less likely to be satisfied with their banking relationships (75.4%) than the middle 40% (80.1%) or the bottom 30% (84.7%). The wealth-linked difference in banking satisfaction levels has grown more extreme over time. In 2013 the satisfaction level of the wealthiest Australians was 80.8% and that of the poorest Australians was 82.8%, a gap of just 2%. This figure has more than quadrupled to 9.3%. Six years ago there was no significant difference between the satisfaction of the middle 40% and that of the wealthiest 30%, but these levels have also grown steadily apart, opening up a gap of 4.6%. These insights come from Australia’s most extensive, longest study of consumer financial behaviour. Running continuously for more than 20 years, it involves over 50,000 in-depth, face-to-face interviews in respondents’ homes each year.

CORPORATES
ROY MORGAN LIMITED

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