Consumers more confident about using comparison sites

Web-savvy consumers are becoming increasingly confident about using comparison websites without seeking advice about financial , according to a new poll.

The latest research by ComparisonCheck, polling firm YouGov’s quarterly survey of comparison site users, shows that almost half (47%) of respondents say that they are more confident using comparison sites than they were last year, with a similar proportion (46%) stating that they are now making more financial decisions on their own, without advice.

And consumers are scoring value, price and products features ahead of brand names. Those rating brand trust as important has dropped from 78% to 75% in the last three months and brand recognition has dropped from 69% to 65%.

Comparison sites are the most popular channel for researching car insurance (79%), buildings or contents insurance (72%), motorcycle insurance (59%), and van insurance (58%). For almost all other products listed, comparison sites closely followed internet searches as the most commonly consulted source of information.

Of those who have bought a financial services product through a comparison site in the last 3 months, over half have bought car insurance (53%).

The second most commonly purchased product was buildings or contents insurance, with just under a third purchasing this product (30%). More people bought car insurance and motorcycle insurance this quarter than they did last quarter.

Car insurance and buildings or contents insurance top the list as the most browsed for products in the past 3 months- of those who have browsed, 59% searched for car insurance and 35% searched for buildings or contents insurance.

Todd Davis, director of financial services consulting for YouGov commented, “This confidence and control appears to have produced an increasingly demanding consumer. The financial services sector is one which consumers historically have been hesitant to embrace.

“However, thanks to the rise of comparison sites, consumers now have access to a wide array of information and are thus becoming both increasingly knowledgeable and increasingly demanding of their financial products.”