New research on money worries highlights need for proactive approach to customer vulnerability, argues MorganAsh

03 September 2026

New research highlighting the widespread impact of financial stress should prompt financial services firms to examine whether they do enough to proactively identify customers who may be struggling, according to MorganAsh.

The findings from the Building Societies Association (BSA), published ahead of UK Savings Week, found that, for 22% of UK workers, money worries have negatively affected their performance at work – while 19% have taken time off due to illness caused by financial stress. The new research also found that 27% of UK adults have less than £1,000 in savings, with 21% unable to cover an unexpected expense of £300.

While the research highlights the wider consequences of financial insecurity, MorganAsh says that the research should prompt firms to consider whether they would recognise a customer who was struggling financially – particularly where that customer has not explicitly disclosed their circumstances.

Andrew Gething, managing director of MorganAsh, said:

“The BSA’s findings show just how far the consequences of financial difficulty can extend beyond the pounds and pence. It can have a detrimental impact on a person’s health, their confidence, their ability to work and ultimately, their ability to engage with financial services firms and make important decisions. The big question for these firms is: would they actually know if one of their customers was struggling?

“Financial difficulty can be an important indicator that a customer’s resilience is under pressure, but it may not be something that a customer is willing to disclose. Furthermore, customers may not consider themselves to be vulnerable – particularly if they are managing to cover their main commitments. Without that deeper understanding of the client’s wider circumstances, a firm may not see any otherwise obvious signs of difficulty.

“This is why firms need to take a genuinely proactive approach to identifying customer vulnerability, supported by the right systems, processes and data. Rather than waiting for customers to share difficulties or relying on front-line staff to spot signs of financial distress, we need to proactively identify potential indicators of a customer’s change in circumstances. We should have clear processes in place to modify products and services where necessary and to provide appropriate support.”

The need for firms to adopt both proactive and reactive measures of identifying customer vulnerability was recently highlighted by the FCA. MorganAsh has long called on firms to adopt both methods of identification, as part of a digital-led customer vulnerability management strategy.

Andrew adds: “Consumer Duty has reinforced the importance of firms understanding their customers and delivering good outcomes, and effective identification and management of customer vulnerability is a critical part of that. The better firms become at recognising when someone may be struggling, the earlier they can step in with the right support – potentially preventing a difficult situation developing into a far more serious one, all while building trust and loyalty among their customer base.”

MorganAsh is a specialist in Consumer Duty and customer vulnerability. The firm provides its multi-award-winning MorganAsh Resilience System (MARS) to help firms understand and monitor vulnerable customers and deliver good outcomes – as required by Consumer Duty. It is in use across financial services and the utilities sector, enabling businesses to adopt a consistent approach to identifying vulnerable characteristics and generate an objective Resilience Rating – much like a credit score.

To find out more about MARS or access a free trial, visit: morganash.com/mars or phone: 0330 159 8162.