How Google Search Results Can Cost Consumers Money
Google’s search engine is a common place for users to start looking for the best of everything like sunscreen lotion. Top finance and budgeting tools will help users get the most out of their money. However, a new study from personal finance website WalletHub found that Google search results for financial products don’t always provide accurate or useful information.
WalletHub evaluated Google results for common queries related to credit cards and banking terms and found that instead of showing searchers the best results, the search engine often led people to spend more money than necessary.
Costly Search Results
WalletHub analyzed search results to determine the cost to consumers. For example, when searching for “best credit cards for bad credit,” the top non-sponsored result directed users to Mastercard’s website. This exclusive showcasing of Mastercard products can limit consumer choices and potentially lead to higher costs.
WalletHub CEO Odysseas Papadimitriou explained that Google’s search results may not always present the best options to consumers. In the case of credit cards for bad credit, the cards listed on Mastercard’s website may not be the best available options.
According to WalletHub, searches for terms like “best credit cards to build credit” and “best jumbo money market rates” could result in consumers spending over $1,000 on products from the top search results.
Deceptive Practices
Papadimitriou highlighted that Google’s search results may deceive consumers by not showing the best available options. For example, if Google displays accounts with a 4.5% interest rate as the top search results, consumers may miss out on accounts offering higher interest rates.
Preference for Big Brands
WalletHub’s survey revealed that 75% of consumers believe Google favors big brands in its search results. Other shortcomings of Google’s search results include poor matching of searcher intent, results shown only to advertisers, and lack of transparency.
Papadimitriou emphasized that consumers should not blindly trust Google’s search results and should be aware of potential biases in the results.
