Investment - Articles - Key findings from the FCA Financial Lives 2022 survey

 The survey helps the FCA to identify harm and respond to it. They use it to help track and monitor consumer experiences, and they make the data available for others interested in helping drive improvements in consumer outcomes.

 The survey takes place approximately every 2 years and is designed to provide longer-term trend data. This is the FCA's third Financial Lives survey and was conducted largely in May 2022. In this report, they compare the results with those from 2 previous surveys in 2020 and 2017. They also draw on a short survey conducted in January 2023 that focused on the impacts of the rising cost of living on people around the UK.

 This executive summary is in 3 parts:

 first, the FCA show the detrimental impact of the rising cost of living on consumers’ finances
 
 against this backdrop, they explain the importance of the Consumer Duty and explore some of the Financial Lives results that are relevant to the outcomes it seeks to achieve
 
 finally, they look at how the wider market has evolved since their earlier Financial Lives surveys and changing trends in product holdings, access, use of digital services, trust, fraud and scams, and vulnerability

 Full Financial Lives 2022 survey - Key findings from the May 2022 survey: Executive summary