TORONTO – No matter what age bracket they fall into, consumers are seeking out problem solving and benevolence in their financial institutions.

The Filene Research Institute recently completed a study of how people of different generations select a financial institution, which led researchers to these common themes along the way. The three reasons people join financial institutions are 1) competitive loan rates; 2) trust; and 3) reputation, according to Filene Director of Research George A. Hofheimer. In addition, Gen Y-ers also said they would choose based upon a recommendation from family or a friend. He explained that this made sense because this group is "at the beginning of their borrowing years."

Trust was a big theme, Hofheimer said, and it was described in a variety of ways across the generations, but the top explanations included competence, benevolence (truly understanding they are making a loan to buy a car for the borrower to get to work), integrity, problem-solving skills, communication, and resemblance (do the front line people look like me in age, ethnicity, etc.). However, the terms that spanned all three generations studied-Gen Y, Gen X, and baby boomers-were problem solving and benevolence.