If you ever wanted to know more about the financial lives of UK adults, now you can

If you ever wanted to know more about the financial lives of UK adults, now you can

The survey is the largest tracking study the FCA has commissioned.

The survey is trying to:

  • estimate the number of UK adults holding any one of around 70 products and to profile those who do and do not hold these products
  • understand consumers as people, and observe the financial behaviours and
    experiences they have in the context of their everyday lives
  • analyse results in different ways, to see, for example, where the young and old differ in their behaviour, or where some characteristics such as low income affect people in the same way whatever their age
  • demonstrate differences in behaviour and experiences by sector
  • identify and quantify harm or potential harm

Pages 14 – 15 are providing few insights, such as:

  • 50% of UK consumers currently show one or more characteristics of potential vulnerability (25.6 million) – they may be at increased risk of harm, or would suffer disproportionately, if harm occurred. Potential vulnerability does not mean all people with these characteristics will suffer harm.
  • People showing characteristics of potential vulnerability are twice as likely to have used high‑cost credit in the last 12 months as other UK adults.
  • At least 4.5 million UK adults say they have been declined a financial product in the last two years. Around half say they were unable to get the product they needed at all, while some say they ended up paying more or being subject to different terms and conditions.
  • Satisfaction with financial circumstances only notably increases from the age of 55: 21% of those 75 and over have low satisfaction.
  • 18‑24 years olds are least satisfied with their financial circumstances. 60% have low satisfaction.
  • 24% of UK adults have little or no confidence in managing their money, and 46% of all UK adults report low knowledge about financial matters.
  • 13% of 25‑34 year olds are in difficulty, having missed paying domestic bills or credit payments in three or more of the last six months.
  • 12.9 million adults (25% of all UK adults) have been overdrawn in the last 12 months.