Context
The FCA has published the detailed results of its 2024 Financial Lives Survey. The survey itself was a significant piece of work, with nearly 18,000 people completing a very detailed survey (1,300 questions) across the whole range of financial services. Given that several questions are on demographics, this data may be useful for work on vulnerable customers as the FCA has broken down the information by the demographic factors (sex, age, ethnicity, employment status, housing tenure, household income and characteristics of vulnerability). The FCA’s Financial Lives Surveys are often cited as a data source.
The FCA has also updated the contents of its Financial Lives cost of living (Jan 2023) recontact survey web page.
Key points to note and next actions
The FCA’s Financial Lives Surveys are often cited as a data source. The headline focused on people’s lack of savings, so general insurance and protection was not mentioned in the main press release.
- The FCA publishes a detailed slide pack for each sector, the general insurance and protection pack being over 140 pages.
- The FCA has also published the underlying chart data for the 2024 reports.
- It may be useful for firms to benchmark their areas against sections of the report and whether there are any nuggets that would be useful to pull across and include in the forthcoming Consumer Duty Board Report.