The recent Financial Conduct Authority Financial Lives Survey was a really interesting read, with findings showing that 13 million people – that’s 1 in 4 adults – have low financial resilience.
In our line of work, this didn’t come as much of a surprise. We see it every day reflected in our Lived Experts Research Community, where:
– 40% are living on a low or erratic income;
– 1 in 5 are persistently in debt;
– 41% have less than £500 in savings;
– 26% lack confidence in managing money.
This matters because financial vulnerability can have a huge impact on someone’s life, from triggering mental health conditions, to affecting physical health.
Businesses providing support and communicating with this group in the right way can make a huge difference to their well-being, which may also impact how this group interacts as a customer.
It’s essential for businesses to open up the conversation and start listening.
We have found by hearing directly from people living with this common reality, the businesses we work with are able to better understand how to provide the type of support needed, and the best way to deliver it.