New research reveals most consumers have not reviewed their bank account terms and conditions in past year while over 40% have not checked account fees and charges – BPFI Consumer Financial Management Survey
- Only 23% of current account holders and 18% of credit card customers have looked for information on alternative products
- Younger people report more difficulty managing money compared to older age groups
- BPFI encourages consumers to actively seek information to ensure that they have the financial products that best suit their needs
Friday 18th April 2025 – New consumer survey research published today by Banking & Payments Federation Ireland (BPFI) shows that most consumers have not checked the terms and conditions on their current account, credit card or savings account or looked for information on alternative products in the past year. The survey, which looked at how actively consumers manage their finances also reveals that more than 40% of customers have not checked their current account fees and charges, while more than half have not checked the interest rate on their credit card account, savings or deposit account. The findings come as BPFI encourages consumers to actively seek information to ensure that they have the financial products that best suit their needs.
Key findings from the survey show that in the past year:
Review of accounts
- More than two thirds of customers have not checked the terms and conditions on their current accounts (76%), credit card accounts (72%) or savings/deposit accounts (70%).
- While consumers are more alert to fees, charges and interest rates, 43% have not checked their current account fees and charges and only one in five (21%) customers with overdraft facilities have checked the interest rate on overdrawn accounts.
- More than half of savings and deposit account customers (54%) and credit card customers (64%) have not checked the interest rate on their account.
- The research also suggests that the majority of customers are not looking at other product options with only 23% of current account holders and 18% of credit card customers having sought information on alternative products.
Managing personal finances
- Overall, current account holders generally reported feeling confident in managing their finances, including regularly checking account balances (92%), monitoring spending (69%) and preferring to save over borrowing for big expenses (81%).
- Younger people reported more difficulty managing money (34% of under 35s) compared to older age groups.
- When asked about their main source of learning about money or getting money management tips, 44% of respondents said family. Other sources included internet searches (29%), friends (27%) and traditional media sources such as newspapers/TV/radio (27%).
Speaking on the publication of the survey, Brian Hayes, Chief Executive, BPFI stated: “Today’s findings reveal that four out of ten customers have not checked their current account fees and charges in the past year, while more than half have not checked the interest rate on their savings or deposit account, or credit card account. The research also suggests that most customers are not actively shopping around, with only one in five current account holders and credit card customers having looked for information on alternative products.”
“However, it’s encouraging to see that the majority of current account holders generally reported feeling confident in managing their finances, including regularly checking account balances and monitoring spending, although younger people reported more difficulty compared to older age groups. Notably, two thirds of all respondents indicated that they save regularly, and the vast majority reported that they prefer to save rather than borrow for big expenses such as holidays or Christmas.”
He added: “When it comes to learning about money or getting money management tips, family was ranked as the most popular source of information. However, consumers are also using a wide range of other sources including friends, internet searches, traditional media, as well as government or other official sources such as the Central Bank of Ireland, the Competition and Consumer Protection Commission and the Money Advice and Budgeting Service. Nevertheless, almost one in five (18%) indicated that they were not learning about money at all nor seeking any money management tips.”
Mr Hayes concluded: “Ultimately, while it is positive to see that most consumers regularly take steps to keep their finances on a solid footing, a large proportion of customers are not actively engaged in reviewing their financial products. We strongly encourage more consumers to seek information on how their banking products work, to assess how much they cost or what savings they can accrue, and to ensure they have the products that best suit their needs.”
The BPFI Consumer Financial Management Survey was conducted by Amárach Research in February 2025 amongst a nationally representative sample of 1,000 people. The full survey report can be downloaded here.
ENDS/
Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
Contact:
Fiona Murphy, Head of Communications, fiona.murphy@bpfi.ie 087 9740046 or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie 087 9016880.
