Tuesday, April 1st, 2014

How many financial accounts do you have? How many PINs, how many BSBs to remember? How many banking log-in passcodes, superannuation or insurance member numbers, credit cards?

To coincide with the Federal Government’s first Financial System Inquiry since 1997, Roy Morgan Research has spotlighted the changing world of Financial Services in its latest State of the Nation Report, and found that Australians of all ages now hold more financial products across more institutions than ever.  

Australians now average around eight financial products across four different financial institutions, compared with seven products across three institutions at the time of the last federal Financial System Inquiry in 1997.  

Then and Now: Average Number of Financial Products Held 

Source: Roy Morgan Research; 12 months to Dec 1997 and Dec 2013. Base: Australian population 14+

Back then, Australians aged 35-49 had the most financial products on average (9.19); but while their number has grown (to 9.93), those aged 50-64 now hold more: 10.19, up from 8.23 in 1997—almost an extra two financial products on average.  

The average Australian over 60 held fewer than six financial products in 1997, but now had almost eight in the 12 months to December 2013. These Over 60s now match 25-34 year-olds for the number of financial products held.

The increase in the number of financial products held correlates to an increase in the average number of financial institutions we have dealings with, suggesting that expanding a product portfolio often means signing up with a new provider.

50-64 year-old Australians now deal with an average of 4.77 different institutions, up from 3.29 in 1997. The average 35-49 year-old now also deals with four or more different institutions, while the Over-60 and 25-34 averages, approaching four, are both higher now than the average of any age group in 1997.

Then and Now: Average Number of Institutions Dealing With

Source: Roy Morgan Research; 12 months to Dec 1997 and Dec 2013. Base: Australian population 14+

Roy Morgan Research CEO Michele Levine presented the latest State of the Nation Report in Melbourne and Sydney this week, spotlighting 17 years’ worth of consumer-focused financial metrics and a detailed perspective on the dynamics of this complex market.

With the 2014 Financial System Inquiry now underway, this report provides an invaluable update on the issues that shaped the 1997 inquiry and examines how they will inform the current one.

As usual, this quarterly State of the Nation report also contains the latest statistics on Australians’ attitudes and behaviours as revealed through extensive face-to-face interviews across the country.

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Roy Morgan Research

Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
Shaun Ellis
P: 03 9224 5332
W: www.roymorgan.com


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