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In the next instalment of Gusto’s vulnerable customer research, we explore the topic further but also layer the impact of the Cost of Living crisis.
Key insights
- Emotions are high. The recent pandemic and CoL crisis are generating higher volumes of ‘vulnerable’ customers and an increase in anxiety is leading to a potential mental health explosion
- A lack of uncertainty and anxiety caused by rising prices and constant coverage by the media is resulting in the inability to plan, with many feeling their lives are on hold
- Whilst being ‘vulnerable’ is more widely accepted, the term and classification are still broadly rejected and viewed as undesirable with negative connotations
- Disclosure of vulnerabilities still remains an issue with doubt over the level of assistance that would be provided by financial providers and the long-term impact of such actions
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