Credit, collections & insolvency news
A new survey by LiveMore has revealed a lack of trust in financial service providers among those aged 50 to 79.
LiveMore’s latest findings closely mirror those of a similar survey conducted by the compnay in October 2022, which reported a trust shortfall of 58%.
Women were slightly more mistrusting than men, with percentages of 61% and 57% respectively. Even more concerning is that the 70-79 age group displayed the highest level of mistrust, standing at 69%.
Leon Diamond, CEO and founder of LiveMore, emphasised the human aspect of these findings said “The industry needs to recognise that these aren’t just statistics, they’re individuals whose lives are being adversely affected.”
“Behind these stark numbers are real individuals grappling with financial insecurity, often leading to postponed retirements, mental health issues, and concerns about affording basic necessities like heating their homes.”
“As we look to the future, it is crucial that the 59% statistic falls sharply. We can achieve this if we all adhere to Consumer Duty guidelines and put the customer first.”
