One in 10 have no savings, financial regulator says
Summary
A report by the Financial Conduct Authority (FCA) reveals that one in ten UK adults have no savings, leaving them vulnerable to financial shocks and rising bills. The survey also found that many people face high levels of stress over money issues, and a significant number are struggling with debt. Despite these challenges, the FCA notes that the situation hasn't worsened since the cost of living crisis began, and free help is available for those in financial trouble.Key Facts
- One in ten UK adults have no savings at all.
- 13 million people in the UK have low financial resilience, meaning they struggle with debt and have minimal savings.
- 40% of adults with credit or loans experience anxiety and stress about their finances.
- Nearly 12 million people feel stressed or overwhelmed by financial issues.
- 2.8 million people have persistent credit card debt.
- Nearly 10 million people find it hard to access a bank branch.
- The use of "buy now, pay later" services has increased, especially among lone parents and young women.
- The average debt for UK adults with debt is £6,300, which increases to £12,500 for 18 to 34-year-olds.
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