FCA: 49% of UK adults financially vulnerable

FCA Financial Lives 2024 survey

Cameron Roberts
clock • 3 min read

The Financial Conduct Authority (FCA) has released its Financial Lives 2024 survey which took a snapshot of consumers’ attitudes and financial circumstances.

The survey, which quizzed nearly 18,000 UK adults in 2024, showed that 49% of UK adults showed characteristics of financial vulnerability, down from 52% from May 2022. The regulator defined four characteristics of vulnerability, which were: poor health, negative life events, low resilience and low capacity. MorganAsh managing director Andrew Gething said: "When you consider these important findings, it will simply not wash if your firm still says that you have a small percentage of vulnerable customers – or even none. "We know from other FCA research that this is a commonly held vi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA to extend bullying and harassment rules to non-banks

FCA to extend bullying and harassment rules to non-banks

Extension will apply to 37,000 firms

Cristian Angeloni
clock 02 July 2025 • 2 min read
Regulatory necessity: Why data is no longer a 'nice to have'

Regulatory necessity: Why data is no longer a 'nice to have'

Client-led, data-driven

Paul Bruns
clock 01 July 2025 • 5 min read
Targeted Support: One-off firm costs could approach £69m

Targeted Support: One-off firm costs could approach £69m

One firm estimated IT costs of £1m a year alone

Jen Frost
clock 01 July 2025 • 3 min read