FCA publish results of their Financial Lives Survey 2017
Financial Lives is the FCA’s largest tracking survey of consumers and their use of financial services, drawing on responses from just under 13,000 UK consumers aged 18 and over.
Understanding the financial lives of UK adults provides a series of statistics setting out consumer understanding of financial services products based on 12,000 online interviews and 900 face-to-face interviews conducted by the FCA.
Key findings include:
- One in ten (10%) UK adults, or 5.1 million people, have a motor finance agreement now or have had one in the last 12 months – covering HP, PCP and personal loans.
- 41% of those with a motor finance agreement compared products from different providers before taking out their policy.
- 50% of consumers display one or more characteristics that signal their potential vulnerability.
For more guidance on identifying and supporting vulnerable customers please click here.