Tuesday 12 December 2017

We trust bankers about as much as used car dealers

REPUTATION: Financiers at new low

trust in bankers is now on a par with second-hand car sellers.

We also have little confidence in stockbrokers, lawyers or estate agents who all rank behind other types of workers such as hairdressers.

In fact, we now have more trust in gambling than we do in bankers.

The opinions were expressed as part of an EU-wide consumer study, which has revealed the depth of our disillusionment with the financial sector.


Ireland is not much different to other countries across the continent, according to the first survey of consumers' expectations and experiences.

The research was carried out as a way of determining how the EU's internal market can be improved. Variations emerged between countries but the majority said the least trustworthy were bankers, investment advisers, lawyers, estate agents and second-hand car sellers.

Insurance companies were also in the firing line.

The survey was organised by the European Commission.

Where Ireland differed from other countries was in the position allotted to airlines, which emerged as less trustworthy here than elsewhere.

This could be due to the country's largest carrier Ryanair's attitude towards consumer complaints which has been criticised in the past.

The survey looked at goods and services which account for more than 60pc of an average household's budget.

The items were ranked according to consumer satisfaction and whether the provider was trusted.

Our experience of public utilities such as electricity and water supplies is more satisfactory than in other countries.

Irish people are also happier with products such as meat, clothing, fruit and vegetables, compared to our European counterparts.


However, the survey suggested the economic hardship being experienced by many is turning us into a country of complainers. We are now seventh on the list of best complainers in the EU.

This is because we registered our dissatisfaction about 65,000 times in the past 12 months, averaging at one complaint for every 65 people.


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