Customer vulnerability: is money affecting your mental health?

Almost 13 million adults in the UK say they suffer physical or mental health issues today, with not having enough money impacting most on every aspect of a person’s life. Charities are hearing from vulnerable older people who have not turned the heating on all winter, who are cutting back on the food they eat and who live in fear of the next bill.

Worryingly, this issue is becoming increasingly prevalent as businesses across the UK have seen an unprecedented level of customer vulnerability in recent years, with the cost-of-living crisis immediately following the pandemic.

What is customer vulnerability?

The Financial Conduct Authority’s definition is someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a business is not acting with appropriate levels of care.

One in four UK adults say looking after their money has caused them to lose sleep, and 23% believe money has contributed towards their poor mental health, according to recent analysis from Standard Life, part of Phoenix Group.

Aston spoke customer vulnerability expert Riffat Tufail.

Photo by Colin Watts on Unsplash