The FCA has released its latest Financial Lives survey (FLS), looking at consumers’ financial situations, the financial products they choose and their experiences of engaging with financial services firms.
The FCA concluded its FLS research in February, and ran an extra survey in October in order to understand the impact of the Covid-19 pandemic on the financial situation of consumers.
According to the October survey, there are now 27.7 million adults in the UK with characteristics of vulnerability such as poor health, low financial resilience or recent negative life events. Having one of these characteristics means that these consumers are at greater risk of harm. This figure is up 15% since the FCA completed its FLS in February, when 24.0 million displayed characteristics of vulnerability.