INSIGHTS ¦ Overlooked and financially under-served

PWC report

Summary
This comprehensive report examines the financially under-served population in the UK, highlighting its growth and the significant challenges it faces in accessing credit. Jointly conducted by PwC and TotallyMoney, the research uses a robust methodology to size and characterize this demographic, underscoring the pressing need for industry and regulatory changes to accommodate an increasing segment of society that struggles with financial resilience due to limited credit options and economic pressures.
Key Points

The financially under-served population in the UK is estimated to be 20.2 million people, or one in three adults, who find it challenging to access mainstream credit.
This segment has grown by approximately 50% since 2016, fuelled by economic factors including the pandemic and rising living costs.
The under-served population often lacks a robust understanding of their credit rating, impacting their financial decisions.
Cross-industry collaboration is vital t...