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