Salad Money Credit Where Its Due Report WEB SINGLES - Flipbook - Page 2
At least 1 in 3 adults (and between
11 and 20 million people1) may
have difficulty accessing affordable
credit from mainstream lenders, a
50% increase since 2016.2
Around 3 million people are now
estimated to be borrowing from illegal
moneylenders / loan sharks.3
A quarter of UK adults have less
than £100 in savings. 1 in 6
have no money put away.4
Between 7 and 9
million people are at
risk of exclusion from
affordable financial
services because of
flaws in credit scoring.5
“We have also found aspects of the
market that are not working well…market
failures and inherent difficulties in matching
new credit information can lead to poor
outcomes…”
“The Credit Information Market in
its current form harms access to
affordable credit, contributes to the
poverty premium and results in poor
consumer outcomes.”
Financial Conduct Authority (FCA),
Credit Information Market Study Interim Report and
Discussion Paper.
Theodora Hadjimichael,
Chief Executive, Responsible Finance.
1
4
2
5
Responsible Finance, 2023
PwC and Totally Money, 2021
3
Research by IPSOS for Fair4All Finance, June 2023
2
The gap in provision of
appropriate, fair and affordable
credit to people in financially
vulnerable circumstances is
predicted to rise to at least
£3bn by 2025.6
Money and Pensions Service, November 2022
Lexis Nexis data quoted in the Financial Times, 2022
6
Fair4All Finance, 2023
Credit Where It’s Due
