More than half of adults classed as 'vulnerable' under Consumer Duty

Financial services providers can make a ‘huge difference’

Isabel Baxter
clock • 1 min read

More than half (56%) of adults would be identified as vulnerable under upcoming Consumer Duty regulation terminology, according to research from Watermelon.

Just 8% of people with physical, mental or financial vulnerabilities said they have a financial goal and only 3% said they are able to save money easily, the research found. It added that almost a third of people (29%) living with a physical or mental vulnerability were struggling to keep up with bills and payments. A third of vulnerable people (33%) cited reducing debt as a financial ambition - twice the number for non-vulnerable customers (14%). Meanwhile, 82% of vulnerable customers said that their priorities and preferences have changed because of the cost-of-living crisis. ...

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