Friday, March 29, 2024
The stakes are high when making big financial decisions and our latest survey of consumers in Philadelphia reveals some eye-opening stats around who we trust when it comes to making those big purchases. Here are some of the highlights:
Avoiding terms and conditions is common in Philly
Only 55% of consumers in Philly admit to reading the Terms & Conditions fully.
Nearly two in five people merely skimming terms and conditions before making large financial decisions, such as signing a rental lease, taking out a mortgage, or buying a car.
Nearly one in every five (19%) of respondents in Philly who don’t read the T&Cs fully say they have found themselves in financial or legal trouble because of it.
And there are many reasons why Philly consumers are shying away from reading the T&Cs:
- 39% say they can’t be bothered to read the print in full because it’s too long
- 32% say they don’t read the print in full because they trust the company they are dealing with enough
- 38% believe information they already have is sufficient
- 24% feel intimidated by financial jargon
Deciphering the fine print: A guide to understanding T&Cs
Nearly three-quarters (74%) of Philly 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 they trust for financial advice and leaning on them to help with buying decisions, including getting them to read through Terms & Conditions.
Nearly a third (31%) of Philly consumers rely on their partner.
Meanwhile, 29% turn to local financial experts.
Be careful who you trust
42% of Philly 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.
To learn more about how Ahonestreview can support your financial journey, visit the AhonestrevieFinancial Hub and read through our guide to big money moments.
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