The Facts

The number of people with dementia in the UK is forecast to increase to more than 1.1 million by 2025, and more than two million by 2051

Six million people in the UK experience hearing loss at a level where they would benefit from wearing a hearing aid. This is set to increase to 10 million by 2037

Depression affects around 22% of men and 28% of women aged 65 years and over

44% of women and 36% of men aged 80+ have at least one limitation with Activities of Daily Living.

49% of women and 38% of men aged 80+ are often troubled with physical pain

There are an estimated 10 million people in the UK suffering from arthritis

Only one in four English people aged 50+ can perform a simple compound interest calculation (one in three men and one in six women). Yet greater numeracy is associated with higher saving levels and better planning for care

One in five people aged 50-64 are carers

 

Why help?

In an ageing society, more and more of us are likely to become vulnerable consumers, even if just temporarily.

The likelihood for example, of physical disability, serious illnesses, digital exclusion and dementia increase with
age. And as our society is ageing we are witnessing a higher proportion of our population in old age with a
growing number of people reaching their eightieth year and beyond.

There is also a need to better serve vulnerable consumers. The FCA has argued that the “financial services
market is not serving many consumers in vulnerable circumstances consistently or well”. In fact, they go as far as saying that “customers in vulnerable circumstances are being let down by their financial service providers”.

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