AFM Consumer Monitor

Representative Netherlands – Spring 2022

The AFM is committed to fair and transparent financial markets. As an independent conduct regulator, the AFM contributes to sustainable financial well-being in the Netherlands. The Consumer Monitor measures developments in consumer behavior over time. The Consumer Monitor was launched in 2004 and has been conducted every six months since then.

The primary objectives of the Consumer Monitor can be summarized as follows:

Describing the behavior and attitudes of financial consumers;
Describing market and product aspects in the financial market.

Guide to Reading This Report

This report contains the results of the Consumer Monitor for Spring 2022, concerning Representative Netherlands, part Financial Advice. The fieldwork period in the LISS panel ran from April 4 to May 1. The results in this report are a representative reflection of the Dutch population aged 18 and older. All mentioned differences between groups of consumers (such as age groups) and changes over time in this report are statistically significant.

Introduction

Contents

4 Financial Advice
7 Methodology
9 Background Characteristics

Financial Advice

A financial advisor is most often engaged for mortgage advice

50%
8%
9%
4%
4%
2%
5%
1%

Mortgage for a house
Savings plan for my pension
Funeral insurance and/or life insurance
Health insurance
Participation in an investment fund
A complex savings product (e.g., deposits)
Income insurance
Other

Services used from a financial advisor

Have you ever used the services of a financial advisor for any of the following matters? (multiple answers possible)
Was this before or after January 1, 2017?
What did the financial advisor do for you then? (multiple answers possible)

Representative Netherlands: n = 1028; respondents who used a financial advisor: n = 580

A financial advisor is most often engaged for mortgage advice (50% of the Dutch population has done this at least once). 8 out of 10 Dutch people (81%) who used a financial advisor for the mentioned services state that the advisor helped them purchase a financial product.
Approximately half (53%) of the Dutch population used financial advice for the above services before January 1, 2017, 4 out of 10 (41%) after January 1, 2017, and 6% no longer know exactly. More than 4 out of 10 (44%) state that they did not use a financial advisor for the presented services.

81%
24%
13%
12%
3%
6%
6%
6%
7%

Purchase of a financial product
Helped in choosing between different brands of financial products Helped to set out my financial goals Provided insight into possible future problems Organized my administration Created an overview of current income and expenses Created an overview of future income and expenses Proposed solutions for possible future problems Other

What did the financial advisor do for you then?

Dutch people are less satisfied with the financial advice received retrospectively than at the time of receiving the advice

40%
41%
14%
3%
2%

I was satisfied with the financial advice I received at that time

Totally disagree
Disagree
Neither agree nor disagree
Agree
Totally agree

Here you see a number of statements. Please indicate for each statement whether you disagree or agree.

Respondents who used a financial advisor: n = 580

36%
36%
16%
7%
4%

I am still satisfied with the financial advice I received at that time

At the time when financial advice was received, 8 out of 10 Dutch people (81%) were satisfied with the advice. At the time of completing the questionnaire, 7 out of 10 Dutch people (72%) were still satisfied with the advice.

Methodology

Sample

A representative sample (18+) was drawn from the LISS panel. The net sample consisted of 1,028 panel members.
The fieldwork took place in April 2022.
Response rate = 73%.

The LISS Panel

The LISS panel is a representative online panel of 4,500 households and 7,000 individuals (≥16 years);
The panel is based on a random sample from the population register (in cooperation with CBS) and is therefore a probability-based panel. Panel members cannot register themselves (no self-selection);
Recruitment is 'traditional'; households are contacted up to 10 times by phone and/or in person for an interview;
Households without internet access receive infrastructure via Centerdata (internet connection/computer);
Panel members fill in questionnaires monthly (approx. 30 min);
They receive a relatively high remuneration of €15 per hour.

Background Characteristics

Distribution by Background Characteristics

Education Level
Low and medium education • Primary education

VMBO (pre-vocational secondary education)
HAVO/VWO (senior general secondary education/pre-university education)
MBO (secondary vocational education)
Other
No education completed yet

High education • HBO (higher professional education)

WO (university education)

Gender, Age, and Education

Gender
Male 464 (45%)
Female 564 (55%)

Age
18 – 34 years 270 (26%)
35 – 49 years 253 (25%)
50 – 64 years 268 (26%)
65 years and older 237 (23%)

Education
Low and medium education 648 (63%)
High education 380 (37%)

Gender, Age, and Education

Gender
Male 464 (45%)
Female 564 (55%)

Age
18 – 34 years 270 (26%)
35 – 49 years 253 (25%)
50 – 64 years 268 (26%)
65 years and older 237 (23%)

Education
Low and medium education 648 (63%)
High education 380 (37%)