Friday, March 29, 2024
Making big purchases like buying a home, taking out a mortgage or signing a rental agreement are intimidating and having to put your trust in others during the process can be downright overwhelming.
But who we choose to lean on when making those important decisions is vital as the wrong choice can have legal and financial consequences.
Our latest survey of consumers in Washington DC shows some insightful trends when it comes to trust when making important financial decisions. These are some of the highlights:
Not reading the terms and conditions is common
Only (53%) of consumers in DC admit to reading the Terms & Conditions fully.
Nearly two in five merely skim them before making large financial decisions.
Nearly one in every five (19%) of respondents in D.C. who don’t read the Terms & Conditions fully say they have found themselves in financial or legal trouble because of it.
And there are many reasons why D.C. consumers are shying away from reading Terms & Conditions in full:
- 41% say they can’t be bothered to read the small print in full because it’s too long
- 29% of D.C. respondents say they they trust the company they are dealing with enough
- 34% of D.C. respondents believe the information they already have is sufficient
- 23% of D.C. respondents say they feel intimidated by financial jargon
Deciphering the fine print: A guide to understanding T&Cs
Nearly three-quarters (74%) of D.C. residents just consult two people or less when making big financial purchases of $5,000 or more.
Loved ones are a source of support in those big money moments
Consumers are turning to other sources for financial advice and leaning on them to help with buying decisions, including getting them to read through Terms & Conditions:
Nearly a third (30%) rely on their partner.
Meanwhile, 31% turn to local financial experts.
Be careful who you trust
24% of D.C. residents say they regret trusting a third party to read through the Terms & Conditions.
Trusting others when making such big financial decisions can be overwhelming, especially when these purchases often come with a load of industry terminology and rules that we don’t come across in everyday life. Researching and validating the credentials of the people you choose to support you in those crucial moments is vital to save yourself from any legal or financial implications and make the process as smooth as possible.
Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. Sail away from the safe harbor.
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