A new study just released by the financial institution ING Direct has shown that people aged between 22 and 52, commonly referred to as Generation X and Y, who are seeking financial advice would prefer to do it in person and face to face instead of by the electronic communication means available such as email or social media.
ING Direct surveyed 1,000 people in this age demographic with an interest in learning their attitudes towards communicating their financial ambitions and desires, and over 50% of all respondents that replied indicated a preference to speaking to a financial advisor in person as their preferred method of communication when dealing with such matters of importance.
Generation X And Y And Social Media
The preference for social media and electronic communication platforms such as Facebook, Instagram and now traditional emailing by Generation’s X and Y is well known, and it is easy to assume that this choice of communication method would spill over into all forms or their daily and personal lives, but not so according to this latest study by ING Direct.
Upon the release of this study Mr Mark Woolnough, who acts in the position of Head of Third Party Distribution at ING Direct, reiterated the importance of personal relationships in regards to financial dealings and matters of related concerns.
Whilst Mr Woolnough noted that online communication also has a part to play in customer relations, there will be never be a substitute for real in-person, face to face dealings when it comes to financial advice giving.
In Person And Online Complimenting Each Other
For mortgage brokers and their clients the issues of transparency and trust continue to be very important factors when the two parties are working together to formulate and implement better financial solutions and outcomes.
Transparency and trust are best built in person and this will continue to be the way into the future, though online communication can certainly play a part and help build these two virtues together.
Of the two demographics surveyed Generation X is the more dominant player of the two in the Australian mortgage market, thought the demographics of the market will change in the coming years as Generation Y comes of age and enters into home loan seeking and attaining themselves.
To this end mortgage brokers will need to continue to play close personal attention to their client’s needs in both offline and online worlds to ensure that satisfactory outcomes for all concerned continue to be delivered.
Marc has been a professional lender for 28 years. After beginning his career in 1990 with a UK Building Society, he moved to Australia where he held several different retail banking roles. In 1999 it became clear to him that a mortgage broker would eventually become an obvious choice for someone looking for a home loan so he took the plunge and became an independent broker. He hasn’t looked back since!