More than 10 million adults in the UK are currently struggling with their bills.
People are admitting to purposely eating less, cancelling insurance policies, using their savings to pay for fuel and food, cancelling any memberships they have, such as the gym, and obtaining credit, a study undertaken by the Financial Conduct Authority (FCA) has revealed.
The FCA says the number of UK adults in financial trouble has grown by 3.1 million since May last year – and now represents one in five of the population.
The regulator’s survey, which had 5,000 responses, found the number of people who say they are struggling financially rose from 7.8 million in May 2022 to 10.9 million in January 2023.
Those are extremely worrying numbers.
We have to try everything we can to change that narrative. We need to reach these people, bridge the gap, and provide all generations with easy and secure access to financial education, guidance and, if sought, financial advice.
Access to quality information, guidance and support has a huge part to play in addressing the challenges we face.
Help. Guidance. Education. Support. Advice. That’s what people need right now.
#financialwellbeing #financialeducation #mentalhealthawarenessweek #mentalhealth #financialplanning #costofliving
