FCA Financial Lives Survey

FCA Financial Lives Survey.

The FCA has published the largest tracking survey of consumers and their use of financial services with over 13,000 consumers interviewed.  Its objective to understand what consumers are doing with the finances, pensions, debt etc and how best the FCA and the industry can better help consumers.

The report delivers results for six different age groups to show key themes at each life stage, from those 18-24 to those 65 and over.

Looking at the survey results from an age group perspective, the data reveal some interesting characteristics of UK consumers:  

• Single parents aged 18-34 are 3 times as likely to use high-cost loans: 17% compared to the UK average of 6%
• We describe 13% of 25-34 year olds as being in difficulty, because they have missed paying domestic bills or meeting credit commitments in 3 or more of the last 6 months
• Just 35% of those aged 45-54 have given a great deal of thought as to how they will manage in retirement
• Those aged 65 and over are least likely to check if an internet site is secure before giving their bank or credit card details

It is an interesting read and delivers many facts about savings habits, debts, risk of getting into financial difficulty and more.

Read the FCA Financial Lives Survey https://www.fca.org.uk/publication/research/financial-lives-survey-2017.pdf#page=14