We are launching a discussion with industry, consumers and their representatives, regulators and academics to understand the changing financial needs across generations for UK financial services markets.
To ensure financial markets work well, we need to understand how socio-economic changes impact both markets and individuals.
We want to publicly outline our understanding of the issues different generations face, bring together stakeholders to pin point issues that need a response and identify specific action we can take to help the market meet these changing consumer needs.
This Discussion Paper presents data, demographic and socio-economic trends to look at the financial needs of 3 generations of consumers – Baby Boomers, Generation X and Millennials.
This paper is relevant to FCA-regulated firms, particularly banks, insurers, mortgage lenders, and consumer credit and pension providers. It may be of interest to a wider range of stakeholders, including industry groups or trade bodies, policy-makers and regulatory bodies, consumers, charities and civil society groups, industry experts, academics and think tanks.
This consultation has now closed.