Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn’t have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Being left hanging on the telephone while waiting to speak to a financial firm may seem like an all-too-familiar experience.
The hold music played while waiting to speak to a call handler may seem like a soothing distraction for some – but to many others, it’s more like an assault on the eardrums!
In fact, one in seven (13%) under-35s say they would ditch their bank simply on the basis of how irritating they find its call waiting tunes, new research has found.
The survey, from financial services review website Smart Money People and its sister site Be Clever With Your Cash, found that more than a third (35%) of under-35s cite hold music as a frustration with their financial provider.
A similar proportion of respondents (34%) harbour gripes about a lack of access to human support, while nearly three in 10 (29%) say that even being able to track down a phone number for their provider in the first place is a problem.
Smart Money People commissioned the survey of 2,000 UK adults with Opinium Research in June.
Overall, it also found that just over two-thirds (68%) of under-35s are satisfied with their financial services provider, compared to a slightly higher national average of 76%.
The research was carried out as part of a campaign by Smart Money People called ‘Your Money, Your Voice’.
Jacqueline Dewey, CEO of Smart Money People, says: “It’s so important that people take the time to give feedback on both good and bad experiences.”
There may be some ways people can minimise spending time listening to annoying jingles, however.
Trying to call during less busy periods may help for starters. While this may be tricky to gauge, and trends may vary between firms, it may help to avoid lunchtimes, for example, when lots of other people may also be calling during their work break.
Making the most of financial firms’ apps could also help. Chatbots may be able to answer more generic questions and if the query isn’t urgent, an email rather than a call may do the trick.
And if you’re really fed up, then switching might be the best option for some people. If it’s a current account provider, the Current Account Switch Service (Cass) can help make the process go smoothly.
More generally, reading independent reviews, as well as browsing alternative options on comparison websites, may also help you to make up your mind about which provider is best for you.
Andy Webb, money expert at Be Clever With Your Cash, adds: “Don’t just stick with a bank or provider that doesn’t deliver. You can find accounts with advanced apps, regular rewards, better customer service and much more. There is a lot of choice on the market, so don’t settle for mediocre.
“Talk to friends, watch videos, read reviews and shop around before picking an account or policy – it’ll help you avoid any problems later down the line. And if you have experiences, good or bad, share your opinions too to help others.”
