The EBS Universität für Wirtschaft und Recht has today published the results of a representative study on consumer acceptance and assessed usefulness of compulsory consulting protocols and product information sheets for financial products.
The study with 1.041 participants, which was conducted by the PFI (Private Finance Institute), found that:
- The majority of consumers value compulsory consulting protocols and product information sheets for financial products. As such only 9% (11%) claimed that consulting protocols (product information sheets) where only little or not at all helpful.
- Yet, financial literacy determines the assessment of benefits: While consulting protocols and product information sheets were deemed useful by consumers with higher financial literacy, less literate consumers did not see any additional value in both.
- The assessment of benefits also depends on the comprehensibility of consultation and the generated knowledge growth: If the protocol or the product information sheet could enhance the overall comprehensibility of the consultation or the financial product, both were assessed more favorably.
Further information can be found here.
Source: EBS Universität für Wirtschaft und Recht