Moodier Britain survey shows less trust in banks and more in supermarkets

by Jeremy Lee, Marketing 25-Nov-08, 08:30

LONDON - Research showing that 25% of the UK population have no trust in banks has confirmed the wisdom of supermarket brands such as Tesco in stepping up emphasis on their personal finance services.

By comparison, only 6% of those polled as part of a post-economic downturn update to McCann Erickson's Moodier Britain survey said they had no trust in supermarkets.

The swiftness with which supermarkets have acted, launching value offers in the face of rising food prices, is credited with creating the impression that they are helping in times of financial need, and they look set to benefit from this goodwill.

Meanwhile, banks, along--side politicians and the government, have been demonised following the credit crisis, with a further 50% of respondents claiming that they have little trust in them.

Last month, Tesco's financial director Andrew Higgins announced the retailer's plans to enter the mortgage and current accounts markets following the nationalisation of leading financial institutions, asserting that customers are 'looking for a service they can trust' (Marketing, 28 October).

Asda has also said that it is considering expanding its financial-services operation, which already comprises credit cards and personal loans, into the mortgage market.

Moodier Britain survey: consumer trust goes local in recession