In 2008, only 30% of Romanians who were intending to purchase a financial product or service stated that they took the advice of professional financial advisers.
In 2008, only 30% of Romanians who were intending to purchase a financial product or service stated that they took the advice of professional financial advisers.
According to a survey conducted by Henley Centre Headlight Vision for Aviva plc in 2008, in central and eastern European countries customers are inclined to use friends, family, relatives or acquaintances as their main source of information, whilst on the mature western European and English-speaking markets, customers prefer to take the advice of professionals in the field. Therefore, in countries such as India or China, 75% and 74% respectively of respondents stated that they act on the basis of informal advice when they purchase financial products, whilst at the other end of the scale are Canada and the UK with 21% and 23% respectively.
Financial products have a tendency to become more complex and a lack of specialists leads people to favour informal recommendations rather than going to a professional and then not understanding the advice given, according to the findings of the Aviva survey.
Informal networks have played a fairly significant role in the purchasing decisions made by customers in the majority of central and eastern European countries, whereas as markets achieve maturity, an increase in the role of financial institutions and of the industry itself can be observed. In that way, the chances of customers receiving impartial advice, and of this then meeting their needs, increase.
The findings of the Aviva survey show that, on a global level, less than half of customers who purchase a financial service consider, at the point of purchase, that they have all the information that they need in order to choose the financial service or product that meets their needs.
In 2008, only 36% of Romanians stated that, at the point at which they purchased a financial product or service they had all the information that they needed.
"In the context of the international economic crisis, people's attitude towards financial services is one of scepticism and naturally so. The role of high-profile companies is to offer professional financial advice, so that customers can understand what their needs are and prioritise them, because only then can they be prepared for the less pleasant events - such as the case of the current financial crisis.
"Aviva recognises that the need to protect our families and those we hold dear is a priority for each and every one of us; for that reason, it has been providing financial protection products for over 300 years. The international stability of the Aviva Group, as demonstrated on a global level, regardless of financial circumstances, economic and political crises, puts us in one of the highest positions in the finance industry.
"By going through Aviva's financial advisers you can benefit from a free financial needs analysis, so that your choice can be a conscious one, and above all, informed," stated Shah Rouf, CEO of Aviva Group Romania.
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The point of contact for further information:
Lavinia Pavel - Brand Communication Co-ordinator
Telephone: 0723 310 378
E-mail: lavinia.pavel@aviva.ro
Note for editors:
None of the findings of the Aviva study may be reproduced without acknowledging the source: Aviva Group Romania.
The "Consumer Attitudes to Savings" survey was carried out in 2004 in 11 countries, in 2005 in 16 countries, in 21 countries in 2006 and in 2008 in 25 countries. 2006 was the first year in which Romania was included in the study. The countries in which the research took place in 2008 are: the UK, France, Germany, Italy, Spain, Ireland, the Netherlands, Poland, Turkey, Russia, Hungary, the Czech Republic, Romania, Lithuania, Belgium, China, India, Singapore, Hong Kong, Taiwan, Australia, Sri Lanka, Malaysia, the United States of America, Canada.
About the Aviva group
Aviva is the oldest insurance group in the world and the largest in Great Britain, dating back to 1696. Today, Aviva has 57,000 employees and 45 million customers in 27 countries across the world.
The group is the market leader for life insurance and pensions in Europe, leading on the majority of the markets in which it operates.
Aviva has revenue from insurance premiums* and investments totalling €49.2 billion and manages over £359 billions worth of funds**, putting Aviva in fifth place in terms of the leading international insurance companies.
Aviva Group Romania
Aviva Group Romania includes three companies: Aviva Life Insurance, Aviva Management Company for a Private Pension Fund, Aviva Investors Romania (purchased on 13 November 2007).
About Aviva Life Insurance and Aviva Management Company for a Private Pension Fund
Aviva began operating as a provider of life insurance in Romania in 2000 and currently insures over 1,100,000 customers. On 26 July 2007, Aviva received approval from the Oversight Committee for the System of Private Pensions to set up a company to administer private pensions (Aviva Management Company for a Private Pension Fund SA), and on 25 August received authorisation to administer its mandatory pension fund - Pensia Viva.
About Aviva Investors Romania
Aviva Investors Romania currently administers €15 million in four mutual funds, each of them based around a different type of investment: Aviva Investors (AI) Intercapital (a shares fund), AI Capital Plus (a diversified fund), AI Orizont (a fixed-income - bonds - fund) and AI Tezaur (a monetary fund). Aviva Investors Romania also administers individual investment accounts.
Aviva Investors Romania has shown throughout the years that it is one of the most dynamic and innovative administrators in the market. The company launched the first commission-free sales fund on the Romanian market (AI Tezaur) and the first bonds fund in Romania (AI Orizont). Aviva Investors Romania is also proud to support the growing investment funds market in Romania.
* according to data from 31 December 2007
** according to data recorded on 20 June 2007