FCA’s first Financial Lives Survey: 50% of UK adults potentially vulnerable

After collecting responses from over 13,000 UK consumers, FCA has revealed the results of its largest tracking survey of consumer behaviour and use of retail financial products and services. Aiming to tell the financial story for six age demographics (and key themes of each life stage), the survey found that 50% of the adult population shows one or more characteristics that signal potential vulnerability. The groups highest above the 50% average come from the unbanked and unemployed, with women accounting for a larger number of those with these characteristics than men.

The published report follows the publication of FCA’s Occasional Paper on the ageing population, and the regulator aims to publish an overarching strategy ‘Approach to Consumers’ later this year.