Four key findings of the FCA Financial Lives Survey 2017
By Kirsten Hastings, 19 Oct 17
The FCA recently published its results of the Financial Lives Survey 2017. It hopes the data collected will help in the understanding of consumer needs and identify where they might be experiencing harm.
Confidence
The survey found that 24% of UK adults have little or no confidence in managing their money. While 46% of all UK adults report low knowledge about financial matters.
It found that two million UK adults say they have a defined contribution pension, have read their annual statement in the last year and did not understand it very well or at all.
Data showed that 18–24 year olds rate themselves as the least confidant and knowledgeable of all UK adults about managing money and financial matters.
