vulnerability: key drivers and figures key figures 76% …
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SPECIAL REPORT: VULNERABLE CUSTOMERS
CISI.ORG/REVIEW 19
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KEY FIGURES76%ofadultswithcharacteristicsofvulnerabilitydonotseethemselvesasvulnerable
42%ofadultswithpoormentalhealthorlowmentalcapacityfounddealingwithcustomerservicesonthephoneconfusingordifficult
33%ofadultswithdisabilitiesfaceddifficultiesgettingtobankbranches
20%ofadultswhohadarelationshipbreakdownhadfallenintodebt
57%ofadultswithlowcapabilityregardingmoneyandfinancesfeltnervous,overwhelmedorstressedspeakingtofinancialservicesprovidersorfounditdifficulttofindsuitablefinancialproductsorservices
WHAT IMPACT HAS COVID-19 HAD?FEB 2020 VS OCT 2020UKadultswithcharacteristicsofvulnerability
46%(24m)vs53%(27.7m)
Poorhealth
6%vs5%Negativelifeevent
20% vs29%Lowfinancialresilience
20%vs27%
Lowcapability
20%vs20%
CAPABILITY•LOWKNOWLEDGEORCONFIDENCEIN
MANAGINGFINANCES
•POORLITERACYORNUMERACYSKILLS
•POORENGLISHLANGUAGESKILLS
•POORORNON-EXISTENTDIGITALSKILLS
•LEARNINGDIFFICULTIES
•NOORLOWACCESSTOHELPANDSUPPORT
LIFE EVENTS•RETIREMENT
•BEREAVEMENT
•INCOMESHOCK
•RELATIONSHIPBREAKDOWN
•DOMESTICABUSE(INCLUDINGECONOMICCONTROL)
•CARINGRESPONSIBILITIES
•LEAVINGCARE,ASYLUMSEEKING,HUMANTRAFFICKINGANDSLAVERY
HEALTH•PHYSICALDISABILITY
•SEVEREORLONG-TERMILLNESS
•LOWMENTALCAPACITYORCOGNITIVEDISABILITY
•MENTALHEALTHCONDITIONORDISABILITY
•HEARINGORVISUALIMPAIRMENT
•ADDICTION
RESILIENCE•INADEQUATE(OUTGOINGSEXCEED
INCOME)ORERRATICINCOME
•OVER-INDEBTEDNESS
•LOWEMOTIONALRESILIENCE
•LOWSAVINGS
VULNERABILITY: KEY DRIVERS AND FIGURES
AllfiguresarefromtheFCA’s Financial lives survey 2020