Simplicity is the most important attribute people look for in a financial product, according to research from SunLife.

The life insurance firm surveyed over 3,000 people and more than a quarter cited simplicity as the most important feature when looking to purchase a financial product.

Significantly this was 8% higher than the number who said low cost was the key factor.

An overwhelming 96% said it is important that a product that is ‘simple and easy to understand’ with more than half saying it is very important.

The top five attributes of financial products in order of importance were:

1. Simple and easy to understand products

2. Low cost

3. Quality of the product

4. A known name I can trust

5. A product that meets all my needs.

SunLife’s managing director Dean Lamble, said: “The financial services industry puts a great deal of effort into serving and designing products for high net worth customers and those who may get guidance from a financial adviser, but this can mean everyday customers can be underserved.

“We believe that buying financial products should be – and can be – easy and engaging. So we’re focused on making our products and experience as accessible and straightforward as possible, to help people get the protection they need easily.”