Quarter of UK Adults Report Low Financial Resilience
One-quarter of UK adults are suffering with over-indebtedness, few savings or low or erratic earnings, a survey by the Financial Conduct Authority (FCA) has found.
This means that the total number of adults reporting low levels of financial resilience increased from 10.7 million to 14.2 million last year during the COVID-19 crisis.
Moreover, there are now 27.7 million adults in the UK with characteristics of vulnerability such as poor health, low financial resilience or recent negative life events, up from 24 million last February.
The FCA described the findings as “worrying”, and warned that having one of these characteristics increases people's risk of harm.