Younger Australians set to switch banks

The study, conducted by Blackmarket Research, found 40 per cent of those aged 20-34 said they are likely to consider changing institutions, with interest rates, fees and charges, honesty and trust, and customer service voted the top reasons for moving elsewhere.

Of those who are considering the switch, 26 per cent said it’s likely to happen in the next 12 months, while 50 per cent said they are likely to consult their institution about their financial future.

COBA chief executive officer Mark Degotardi said the results show people are serious about looking for a better offer.

“A significant segment of consumers are clearly prepared to move elsewhere,” he said.

“For too long consumers have either sat on their hands or thrown them up in the air in despair but it now appears people are prepared to vote with their feet.”

The results also showed twice as many (61 per cent) customer-owned banking customers were “very satisfied”, compared to big four customers (28 per cent).

“As the poll results show, consumers understand that our model allows Australia’s customer-owned banks, credit unions and building societies to deliver in ways our major competitors simply can’t match,” Mr Degotardi said.