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FCA looks at banking data for understanding consumer wellbeing

FCA has published an occasional paper in which it looks better to understand consumer financial wellbeing through looking at responses to surveys, analysing banking data and considering objective factors most closely associated with money management stress. The paper investigates potential indicators of low subjective wellbeing, like demographics, averages balances, use of credit, digital banking usage patterns and the role of volatility in spending, income and account balances.

One of the findings of the paper is that it is worth doing further research on the metrics of irregular income or expenditure.

Emma Radmore