The latest version of the Financial Conduct Authority’s Financial Lives Survey has found that the number of people with low financial resilience has climbed to just under 13 million as the cost of living increases.
The report, published today (26 June), surveyed more than 19,000 adults aged over 18 across the UK and found that the number of those with low financial resilience - meaning over-indebtedness or levels of savings or low or erratic earnings - has grown by around 1 million between February 2020 to a total of 12.9 million in May 2022. The regulator cited ongoing cost of living pressures as the primary driver for the increased levels of low financial resilience, along with growing levels of personal debt and missed utility bill payments. In the six months to January 2023, one in eight adu...
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