Understanding consumer vulnerability as a key to unlocking benefit from the Consumer Data Right

Vulnerability affects us all.

Principles that support policymakers, consumers, businesses, and regulators to act safely and well in their decisions and actions will help realise the potential social and economic value of the CDR reform.

CPRC’s most recent data and digital consumer survey tells us that 97% of Australians believe companies have a responsibility to protect consumers against their information being used in a way that makes them worse off, and 94% believe this responsibility is shared by government.

A Consumer Data Right that supports the autonomy and wellbeing of consumers, works against exploitation of vulnerability, and which provides for both businesses and consumers to gain fair value from consumer data will yield a stronger and more sustainable reform than one which leads consumers to feel they have been misled or manipulated into outcomes they did not expect. The challenge of achieving this is significant, but the cost of not attempting it will be higher.

CDR Report 3: Vulnerability, capability, opportunity Understanding consumer vulnerability as a key to unlocking benefit from the Consumer Data Right

The Consumer Policy Research Centre (CPRC) has been engaged by the Data Standards Body (DSB) to prepare a series of consumer research reports on how the Consumer Data Right will change the experience of Australian consumers transacting in the data economy.

This is the third instalment covering subjects identified as being priority topics by the DSB and CPRC, addressing issues that are of significance for government, industry and the wider community.