Four key findings of the FCA Financial Lives Survey 2017
By Kirsten Hastings, 19 Oct 17
The FCA recently published its results of the Financial Lives Survey 2017. It hopes the data collected will help in the understanding of consumer needs and identify where they might be experiencing harm.
The survey found that 50% (25.6 million) of UK consumers currently display one or more characteristics that signal their potential vulnerability.
Data showed that 4.1 million consumers were in difficulty as they had already failed to pay domestic bills or meet credit commitments in three or more of the last six months.
Additionally, the survey found that 69% of those aged 75 and over and 77% aged 85 and over showed characteristics of potential vulnerability.
The FCA said vulnerability does not mean all people will suffer harm, but are at an increased risk, or would suffer disproportionately if harm occurred.