Independent research publication by the Social Market Foundation, sponsored by Bacs, and expert panel discussion, delivered on 19 September 2017
On Tuesday 19 September, Bacs and the Social Market Foundation (SMF) partnered to deliver ‘Switching the measure: Vulnerable consumers in the current account market’ at a panel event held in central London.
The Bacs-sponsored SMF research assesses how the current account market is working for vulnerable consumers. It identifies three core groups who are especially challenged: the digitally excluded, repeat overdraft users and the unbanked, and recognises that customers can experience vulnerability at any point in their lives, due to market or personal changes.
The report - written by SMF economist Kathryn Petrie - also explores the idea of financial resilience, and how well consumers are able to withstand a financial shock such as being diagnosed with a terminal illness, or being made redundant.
The research concludes that an important first step for policymakers is to establish better measures for assessing whether progress is being made in delivering better outcomes for vulnerable groups, which will allow a more informed understanding of how market developments are affecting and impacting outcomes.
The panel event was chaired by Tricia Phillips, Personal Finance Editor at the Daily Mirror, with panellists Charlie Elphicke MP, Member of Parliament for Dover and Deal, Anne Boden, CEO of Starling Bank, James Daley, Managing Director at Fairer Finance, James Kirkup, Director at the Social Market Foundation and Anne Pieckielon, Director of Product and Strategy at Bacs.