People can face difficult financial choices throughout their lives. From investing safely and successfully, to managing debt, to preparing for a rainy day or retirement. Those decisions can have a significant impact on people’s financial wellbeing, now and into the future.
We want financial services supporting consumers in these decisions. And we want people to have the trust needed to access the right products, services and support for them.
We set out our outcomes and metrics for this theme below.
| Outcome | Metric description | Source | Baseline value |
|---|---|---|---|
| Consumers are better able to withstand a change in circumstances | Increase in the proportion of consumers who hold certain key products | Financial Lives survey | 2024Day-to-day account 98% Pension in accumulation among adults aged 18-54 70% General insurance 84% Any savings account 71% |
| Consumers are better able to save and invest more for later life | Increase in the proportion of consumers (with £10k or more in investible assets), who hold any mainstream investment | Financial Lives survey | 202456%
|
| Consumers have more consistently positive experiences when engaging with financial services | Increase in consumer satisfaction with their financial services providers | Financial Lives survey | 20247.7 (out of 10) |
Why we have chosen these metrics and limitations
The metrics we have chosen are from our Financial Lives Survey of consumer experiences and perceptions of financial services.
Our first metric on increasing the proportion of consumers holding certain key products, covers the range of key products consumers hold that will help them make financial decisions and access services. These products include:
- Day-to-day accounts, which form a core part of basic access to wider economic activity, as well as to broader financial services.
- General insurance, such as home contents insurance, to support consumers when things go wrong.
- Savings accounts, encouraging planning for the future and preparing for the unexpected.
- Pension savings to prepare for the future and ensure resilience in older age.
There will be consumers who choose not to have these products, so we recognise these figures will not see 100% take-up, but we would like more consumers to have access to, and make use of, a broader range of products and services to support their financial wellbeing. And whilst there were only a small proportion of consumers who did not have a day-to-day account, this represents over half a million consumers and was higher amongst those who are younger, from low-income households or from minority ethnic groups.
These metrics do not show how products are being used or account for consumers using alternative products for a similar purpose. For example, consumers may have savings held in current accounts or hold a savings account with a low or zero balance. However, holding these products shows a level of engagement with financial services and is an important step in building financial resilience over time.
We also intend to develop a new metric on access to credit, particularly mortgages.
Our second metric is the proportion of consumers with £10,000 or more in investible assets investing at least some of their money in mainstream investments. While there will always be a need for accessible cash, we want consumers to have the ability and confidence to invest larger sums in ways that make the most of their money over the longer term. As the economy grows, we want consumers to be able to see the benefits of this.
Our third metric covers consumer satisfaction with financial services providers. The average satisfaction score is a composite index showing consumers' overall satisfaction with their providers. It is a weighted average, which takes account of ownership levels of each product so that they contribute to the average in correct proportions.