How COVID-19 has impacted financial expectations in the UK

Research from the Financial Conduct Authority, the regulatory body, has found that many UK consumers are facing greater economic vulnerability as a result of the COVID-19 pandemic.

More than half (53%) of adults in the UK are in some sense considered to be financially ‘vulnerable’, according to a Financial Conduct Authority study into the impact of COVID-19 on the lives of consumers.

The regulator’s Financial Lives tracking surve, together with a supplementary COVID-19 panel survey of more than 22,000 adults conducted in October 2020, revealed that 27.7 million adults in the UK display characteristics of vulnerability, such as low financial resilience, poor health or recent negative life events.

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