Why do people feel they cannot talk to their bank?

I have read that our desire to feel valued is linked to how we evolved millions of years ago.

When you think someone does not value you, it triggers innate fears that you will be kicked out of the social group.

Before societies evolved, ostracization like this could be a matter of life and death.

Today, solitude is a luxury rather than a survival threat, but nevertheless it can pose challenges.

Do you feel valued?

According to our survey of high-net-worth individuals, just 32% say they feel valued by their bank. And more than two thirds (71%) feel that during a big life event, such as having a child or losing a loved one, they are not sure they can speak to their bank about how they can support their financial wellbeing.

Not that I am saying that estate planning is as bad as being eaten by a lion, but our report shows that when banks do not appreciate their clients it pushes them away, so they can often feel like they must deal with challenging financial decisions alone.

The importance of relationship banking

Good financial advice can make a substantial difference to your financial wellbeing. In almost all areas of life, the right expert can provide insight and guidance that would not be available in isolation. You would not try to fix a car by yourself, or treat a long-term physical ailment alone, why would you do so with your finances?

At Arbuthnot Latham we truly value our clients. When you bank with us you are paired with an expert banker who is there to understand your needs, and when you call them, they answer the phone.

If you visit our office, you will meet your relationship manager in a private client room, so that you feel comfortable to talk about any topic you need to. And if you cannot travel to our office, we can often come to you so that we can have a proper conversation in person.

This is particularly important because our survey of a cross section of high-net-worth individuals found people feel even less valued by their bank outside of London. Just 14% of high-net-worth individuals in the South West say their bank values them. We understand the importance of being where our clients are, which is why we have offices in Bristol, Manchester, Exeter, and London.

Banks need to do more to treat clients like individuals and demonstrate how they value them. Feeling valued builds trust, and trust is the foundation of better quality financial conversations.

How to talk about your financial wellbeing

Not everyone finds it easy to talk about personal matters that intersect with their finances. In fact, bankers sometimes say they feel more like therapists.

Banks can help by having a consistent point of contact and using a client’s preferred method of communication.

But do not make assumptions about this. Although younger clients are digital natives, our research shows 64% of under 35s would consider talking to their bank about how they can support their financial wellbeing during a significant life event. That compares with only 19% of over 65s.

It is important that we encourage people to speak up about their financial wellbeing.