Characteristics of Financial Products and Services

What you can do at this level

• Kdigitaldaily-lifelarge-majority

  Aware of the different types of financial products and services available (including those delivered via digital means and those available only in specific regions or Member States)

• Kdaily-lifelarge-majority

  Knows which features are the most important to consider when choosing financial products and services

• Kdaily-lifelarge-majority

  Knows that financial services change over time

• Ksustainabledaily-lifelarge-majority

  Knows that the financial product or service that is appropriate for an individual depends on a number of personal and household factors which may include economic, sustainability, or cultural preferences

• Ksustainabledaily-lifelarge-majority

  Knows that some financial products and services are designed to meet specific economic, sustainability, or cultural preferences

• Kdaily-lifelarge-majority

  Aware that some financial products such as savings, credit, pensions or insurance (depending on national circumstances) may be offered through non-financial organisations such as employers, shops, religious groups, leisure clubs and non-financial companies

• Kdaily-lifelarge-majority

  Aware of the potential risks of using financial products offered by non-financial organisations and ways of reducing these if necessary

What you can do at this level

• Ssustainabledaily-lifelarge-majority

  Accounts for personal preferences, including sustainability preferences when considering different financial products or services and their characteristics.

• Sdaily-lifelarge-majority

  Actively seeks information on the important features of a financial product when making a choice

• Sdigitaldaily-life

  Uses comparison tools to evaluate the fees and other characteristics of financial products and services

• Sdaily-lifelarge-majority

  Checks whether a financial product is covered by a guarantee before buying it

• Sdaily-lifelarge-majority

  Periodically reassesses the suitability of financial products held

• Sdaily-lifelarge-majority

  Takes into account the potential cost of redeeming financial products in the event of a change of circumstance

• Sdaily-lifelarge-majority

  Demands high-quality financial products and services

• Sdaily-lifelarge-majority

  Changes providers in the event of poor service or uncompetitive prices

• Sdaily-lifelarge-majority

  Takes note of relevant financial products and services offered through non-financial organisations and makes an informed decision about their suitability

What you can do at this level

• Adaily-lifelarge-majority

  Motivated to periodically re-assess satisfaction with the service provided and change financial service provider if relevant

• Adaily-lifelarge-majority

  Confident to ask financial service providers questions about their products and services

• Adaily-lifelarge-majority

  Confident to assess the level of trust that can be invested in a particular financial service provider

• Alarge-majority

  Confident to negotiate terms with financial service providers when necessary

• Asustainabledaily-life

  Motivated to gain insight on how financial service providers define sustainability and integrate it in certain products and services offered