The Financial Lives Survey 2017 is the first time the FCA has designed a survey of this kind in terms of its scale, its robustness of design, its content and the potential for further analysis. Based on nearly 13,000 face-to-face and online interviews, Financial Lives is the FCA's largest tracking survey on consumers and finance. It reveals a wealth of information about different types of consumer and their experiences of financial products and services. It is the key source of information that underpins the FCA's consumer protection work and also provides valuable insights for any organization focusing on consumers and finance.
The survey aimed to:
estimate the number of UK adults holding any one of around 70 products and to profile those who do and do not hold these products
understand consumers as people, and observe the financial behaviors and experiences they have in the context of their everyday lives
analyse results in different ways, to see, for example, where the young and old differ in their behavior, or where some characteristics such as low income affect people in the same way whatever their age
demonstrate differences in behavior and experiences by sector
identify and quantify harm or potential harm
Market research is often designed to answer specific questions, namely to test particular hypotheses, and the Financial Lives Survey 2017 provides ample opportunity to do this. This survey provides data that can be used to identify where consumers may be experiencing harm, and it has already provided consumer evidence in a number of pieces of FCA work including the Financial Advice Market Review (FAMR) Baseline report.
Link to publication