DUBLIN, Ireland–Credit unions in Ireland have once again finished atop a national poll as the “most trustworthy” financial providers, but the survey also reveals a “noticeable age distinction in the preferences for traditional and modern forms of banking.”
The survey of 1,000 people across Ireland conducted by Peopl Insurance found fintech challenger banks like Revolut and N26 are the financial service providers in which Irish adults place the least trust, while credit unions top the list of the most trustworthy.
Peopl Insurance operates through Ireland’s credit unions.
The survey further found just one in 10 Irish adults have a low level of trust in An Post with 43% of respondents over the age of 55 saying they have a high level of trust in the national postal service, according to the Irish Times.
According to the survey findings, just over half of respondents said they had high levels of trust in their local credit union, with only 8% saying the opposite.
Low Levels of Trust
Some 27% of adults, meanwhile, said they have low levels of trust in traditional banks, second only to fintechs, in which 37% of respondents said they had little trust, the Times reported.
“However, the results of the poll suggest a noticeable ‘age distinction in the preferences for traditional and modern forms of banking,’ Peopl said, with 77% of those aged 18-24 placed a high trust value in fintechs, compared with just 8% of over 55s,” according to the Times.
In its analysis of the findings, Peopl Insurance added, “Relatively small percentages across the age groups have low levels of trust in credit unions when compared with the other financial institutions.”
‘What is Interesting…’
“As a cornerstone of local communities throughout Ireland for generations, it’s perhaps unsurprising to find that credit unions and An Post garner such a high level of trust among the general public,” said Paul Walsh, chief executive of home and life insurance company Peopl. “What is interesting however, is that so few people extend the same sentiment towards banks that have been part of the financial landscape of this country for decades.
“Banks have the highest proportion of low trust sentiment among consumers, perhaps due to the banking crisis post 2008, the tracker scandal, and recent closures nationwide. These may compound to erode public trust over time,” Walsh added.
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