BUSINESS

Compare By Review Launch Niche Comparison Site In The UK

NEARLY 40% OF MILLENNIALS DON’T HAVE ENOUGH MONEY TO INVEST IN THEIR FUTURE - New survey finds that 39% of 25-34 year olds have no money left at the end of the month to invest in personal interests, savings or investment opportunities - A new survey conducted by The Resort Crowd shows that two in every five 25-34 year olds have no money left at the end of the month. The overseas property investment crowdfunding platform recently conducted the survey asking how 2,008 male and female millennials spend their last £50 as the month draws to a close. Just 2.5% of the respondents said they invest this money into investment schemes, whilst 14.44% put that £50 towards their personal savings. Alongside this, results also show that millennials are spending more on instant gratification than saving for their future, with over a quarter of the millennials forking out on health, beauty, lifestyle, clothing, travel and entertainment. The survey highlighted gender spending differences; with more millennial men (4.1%) donating to charity compared to women (1.6%), and women spending over 10% more on clothing and lifestyle (19.3%) than their male counterparts (8.9%). Kim Collier, operations director for The Resort Crowd, said: “It’s unsurprising that young people are finding it increasingly difficult to save, with figures showing average student debt now sitting at £44k. However, in these times of economic difficulty and rising cost of living, it’s more important than ever that millennials be putting money towards investment schemes which will help pay dividends in their future.” A higher percentage of 25-34 year olds are donating their spare money to charitable causes rather than investment opportunities that would potentially benefit their own future, with 2.8% donating to charity and 2.5% putting the money towards investment opportunities. GethinNadin, director of global partnerships at Benefex, said: “Millennials’ social conscience is typically strong; this affects who they work for, and in which sectors. However, the financial state of the nation is not helping people to get out of debt and into savings and investments. The average debt of Generation Z is over £3,000. 48% of young people aged 18-25 have debts outside of student loans and mortgages, and 47% of millennials spend half of their monthly pay on debt.” Michelle Pearce, chief investment officer at Wealthify, added: “The fact that more millennials don’t embrace investing is a huge missed opportunity and a crying shame, since as a group, they have a distinct and unassailable advantage over their older counterparts, namely time. Even with modest incomes and limited disposable income, it should be possible to put something away each month and by starting investing little and often today, they could give themselves a huge financial advantage later in life.”

Meet the direct-to-consumer startup disrupting the comparison industry

Compare By Review is the first and only comparison site which ranks providers based upon customer experience and product quality, not soley on price. In addition, this is done without the need for the customer to part with any personal information. Today the company covers pet, travel, health, life and home insurance.

With a recently launched website, Compare By Review provides an impartial and unbiased overview of the market, to help consumers make more informed decisions. Compare By Review comparison tables are not influenced by commissions or fees it receives from providers.

A team of researchers and editors use a number of tools and checks to review product quality and collect real user reviews across all third-party platforms, then through applying a unique algorithm provider scores are calculated out of 10 to give a simple to understand comparison table.This is all achieved without the customer having to part with any information.

Founded by Richard Brenkley and Mark Gordon, Compare By Review was born from a frustration over comparison sites only displaying providers who are paying to be there and having no due care to customer experience nor product quality.

Whilst comparison sites have established themselves as the main source for buying financial and insurance products, Richard Brenkley explains how the public are often unaware of the real mechanics behind these sites and why some providers are ranked higher than others.

“The stark reality of these comparison websites is that money talks. Your choices are quite limited in the comparison market; you can pick from a list of the cheapest policies or from a group of insurers that pay the comparison website the most money for your business.

“Over the last few years I have run many campaigns across the top comparison sites, the ones the public trust and use everyday. In two instances I was able to rank a brand new ‘never traded before’ insurance provider in the very top position of two very high-profile websites, based on offering to pay the most in commission. How can this be in the interest of the public?

“There is no measure of quality, no barometer for whether the provider you are handing over your money to will deliver the product you think you are buying, no gauge as to whether they deliver on their promises.”

Studies show that 94% of consumers would be more loyal to brands that practice transparency. The majority of consumers claimed they would be more loyal, and pay more, for particular insurance brands if they were more honest about the exclusions in their policies.

Brenkley claims that this transparency is what fuels Compare By Review.

“By approaching people on social media or inviting others to share their opinions of a provider, it encourages a sense of honesty and consumer-driven authenticity. Compare By Review prides itself on focusing on real life customer experience. By providing an honest and unbiased comparison, we allow consumers to find the best product to suit their needs, much in the same way Tripadvisor does for hotels.”

By responding to customers’ demand for transparency, Compare By Review is disrupting the comparison and insurance industry, simply by communicating directly with consumers to identify better financial products instead of focusing solely on cheap prices.

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