There are a few factors that may contribute to vulnerability.
These include but are not limited to:
Health related factors – physical or mental disabilities or illnesses that affect the ability to carry out daily tasks, or to make an informed decision.
Adverse Life events –major life events resulting in temporary or long term financial hardship such as unemployment, or death or total permanent disability of the main breadwinner.
Financial Resilience – low ability to withstand financial shocks such as individuals who are overly-indebted or experiencing cash flow problems, or have no savings.
Financial literacy – possessing limited knowledge of financial matters or low confidence in managing finances, or low capability in other relevant areas such as literacy, language or digital skills.
Age – Senior citizens, in particular tend to have a lower technological proficiency.