According to the 5th study conducted by ING International Survey, in 2013 70% of Luxembourg consumers haven’t noticed any impact of the current economic situation on their finances

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The objective of ING International Survey is to gain a better understanding of ING clients’ needs and expectations.

28/06/2013 |

Philippe Ledent, économiste ING.

Social media is a very nice platform to provide people with financial advice, notably in terms of savings. ING Luxembourg is very aware of this and we already provide our internet followers with tips about saving both on social media and on our Internet site

Luc Verbeken, CEO ING Luxembourg

Thereby, after a fist study dedicated to savings; a second one dealing with financial competence; a third one related to pensions; a fourth one to residential real estate; the fifth study focuses on financial behaviour, mobile banking and social media.

This IIS polled 12,000 people in 12 countries in Europe.

What do Luxembourg residents think?

Financial behaviour
To the question “How has the current situation affected your finances during the past 3 months?”, only 22% of the Luxembourg residents believe their situation deteriorated in the first months of 2013 because of the crisis, versus 40% at European level on average, which is nearly twice as much!

Mobile banking
Concerning the question about the use of mobile banking, it appears that Luxembourg residents are more likely to use mobile banking services compared to consumers in neighbouring countries, with 41% for Luxembourg and 25% for France, 26% for Belgium, 33% for Germany and 37% for the European average.

Use of the social media in the relationship with the bank
As far as social media is concerned, Luxembourg residents are less willing than their European neighbours to use them for banking related matters. The most common use of social media platforms for banking related matters in Luxembourg is getting general information (39% in Europe and 21% in the Grand-Duchy).

“Social media is a very nice platform to provide people with financial advice, notably in terms of savings. ING Luxembourg is very aware of this and we already provide our internet followers with tips about saving both on social media and on our Internet site”, explains Luc Verbeken, CEO ING Luxembourg.

Macroeconomic view of the situation of the Grand-Duchy
From a macroeconomic point of view, ING’s vision was introduced by Philippe Ledent, Senior Economist ING, who has detailed the outlook for the Grand-Duchy. After showing the situation of the leaders of the world economy (China and the USA), he explained that, at European Union level, Luxembourg has an economic outlook that is better than the Eurozone average.

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