As payments evolve, millions of vulnerable adults face exclusion. This whitepaper explores how PIN reliance and digital shifts risk leaving people behind.
Across the UK and Europe, over one billion card transactions are processed each day. Whether by smartphone, smartwatch, contactless card or chip and PIN, payment systems are evolving rapidly, and for most of us, they work. But for millions of vulnerable adults, this pace of change has created barriers rather than bridges.
In the UK alone, more than 10 million adults are identified as financially vulnerable (FCA, 2022). Many are older people, those with cognitive or physical impairments, or individuals facing mental health challenges. For them, the loss or forgetting of a PIN does not just mean inconvenience – it can result in disconnection from their money, embarrassment at the checkout and an increased risk of financial abuse.
According to the FCA Financial Lives Survey 2024, 48% of adults with learning, understanding or concentration difficulties, and 50% of those with behavioural or social conditions, report low confidence in managing their money (p. 40). These groups are overrepresented in the population identified as having low financial capability. Furthermore, a significant proportion of these individuals disagree with statements such as “I consider myself to be a confident and savvy consumer” (p. 38), underscoring the gap between traditional financial services and the needs of vulnerable adults.
While digital banking tools and mobile apps provide convenience for many, they are not a universal solution. A large number of vulnerable people do not own a smartphone, cannot memorise complex passwords or PINs, and may find online interfaces inaccessible or overwhelming. Despite industry progress in contactless and digital payments, the continued reliance on PIN authentication excludes millions.
