Majority of consumers defined as vulnerable as Covid hits financial resilience

By Neasa MacErlean

Morethan half (53 per cent) of UK adult consumers can now be described asvulnerable, according to the latest ‘FinancialLives’ research carried out by the FCA. Some 27.7 million adults had“characteristics of vulnerability such as poor health, low financial resilienceor recent negative life events” in October 2020 when the last survey (of 22,000individuals) was done to estimate the effect of Covid — and numbers areprobably increasing, adds the regulator.