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19 June 2023
In our premiere episode, Steve Coppard speaks with Ben Perkins, Head of Partnerships at Plain Numbers to discuss the UK's numeracy levels and the role companies play in supporting and communicating with their customers.
Numeracy was identified by the FCA as one of the risk factors for consumers of financial services that should be addressed in attempts to recognise consumer vulnerability.
In fact, nearly half of the working-age population in the UK has the expected numeracy level of a primary school child. The FCA also found that 34% of adults in the UK have poor - to - low levels of numeracy involving financial concepts.
With Consumer Duty placing an onus on firms to communicate information as simply as possible – what can be done to ensure customers can understand financial concepts and communicate with numbers confidently?
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