People are able to manage and improve their finances better when receiving bank statements through the post rather than online, a new research reveals.
A new study by London Economics shows that people understand information better and are therefore able to make better financial decisions when they receive their financial statements by post rather than online. The study from October 2014 aims at investigating how the way people receive information influences their understanding of the information, the choices they make and the actions they take.
The study shows that people receiving financial mail by post rather than electronically are better able to retain information (82% vs. 32% were able to identify how much money was in their account), make better financial decisions (90% vs. 77% found ways to reduce their spending), and are more likely to take action (80% vs. 54% responded to the study when it was attached to their bank statement).
As a result, the study concludes that receiving paper correspondence may help people avoid detrimental situations, such as running into debt unconsciously or spending beyond their means.
Keep Me Posted EU welcomes these findings showing that respecting the citizen’s right to choose how they receive important information is beneficial.
A report of the study can be found here:
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