Irish consumers want more clarity around certain financial products, according to a survey of consumer markets across the European Union.
The 2010 EU Consumer Markets Scoreboard, published today, assesses how the internal market is performing for consumers in terms of choice, competitive prices and satisfaction.
The research focused on several areas of consumer interest including, online shopping habits, consumer complaints, unfair practices and financial services for consumers.
It found more consumers in Ireland were asking for the simplification of financial products such as mortgages and credit cards than their EU counterparts.
The survey found Irish consumers ranked third in terms of buying online with 53 per cent of respondents saying that they have made at least one online purchase in the last 12 months.
When asked if they made a purchase from another EU country, 44 per cent of Irish respondents said they had, ranking Ireland third behind two other small open economies, Malta and Luxembourg where 48 per cent and 47 per cent of respondents said they have made one or more cross border internet purchases.
Director of the European Commission Representation in Ireland, Martin Territt, said the results of the survey Irish people are making full use of the internal market and are amongst the most likely to buy online.
“The survey, however, shows that action needs to be taken so that the various financial products are simplified and better explained," he said. "This will ultimately allow Irish consumers to make a better choice on what mortgage, credit account or bank account suits their needs."
On a positive note, the survey indicated that consumers here ranked third in the EU for resolving disputes with retailers through alternative dispute resolution processes without recourse to legal action.
Irish retailers ranked first in the EU for their awareness of such alternative dispute processes.
The survey found Ireland was fourth in the EU in terms of consumer trust in the consumer environment, which included trust in both consumer organisations and in retailers to protect their consumer rights.
It also indicated the percentage of consumers who encountered problems with purchased products was low, and that few retailers received complaints about product safety.
More than half of Irish consumers admitted to having changed their consumer behaviour as a result of a published media story, the report noted.
Minister for Enterprise, Trade and Innovation Batt O’Keeffe said the survey showed Irish consumers were among the most empowered in the EU.
“Empowered consumers, confident that regulation safeguards them from major risks, can boost Europe’s innovative capacity by driving demand for new goods and services,” he said.
