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.