Alarm bells not jingle bells for vulnerable clients

'We're facing pressure on household finances not seen for a generation'

clock • 5 min read

While many advised clients will have the financial bandwidth to ride out economic difficulties others will be worried about how they will cope over the next 12 months, writes Nick Eatock. Here he explains how technology can help...

With rising inflation, warnings of a prolonged period of recession, soaring food costs and the largest rise in interest rates since 1989, it seems likely that the number of financial advice clients struggling to make ends meet is set to rise. According to recent Office for National Statistics figures, 76% of people have seen their cost of living increase over the last month, up from 62% a year ago, with most blaming the price of food (95%), followed by gas and electricity bills (68%). Mortgage costs too are on the rise, with UK Finance estimating that average payments for tracker mortgag...

To continue reading this article...

Join Professional Adviser

  • 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 Technology

Nick Eatock is chief executive at Intelliflo

Evolution in motion: The changing face of practice management systems

'The beating heart of adviser tech ecosystems'

Nick Eatock
clock 04 December 2023 • 5 min read
Is it time for a whole of life financial planning app?

Is it time for a whole of life financial planning app?

Engaging younger saves through apps is a work in progress

Paul Muir
clock 30 November 2023 • 7 min read
FCA speaks on how it is considering AI to improve its processes

FCA speaks on how it is considering AI to improve its processes

The regulator is looking to find opportunities from new technology

Hope Coumbe
clock 27 November 2023 • 1 min read