Britain, 1 in 10 people have no savings - Financial regulator: 1/4 of citizens have low financial stability
Millions of people are walking a tight financial path, with one in 10 adults in the UK not saving any money at all, according to a recent report.
This leaves citizens highly exposed to economic shocks and vulnerable to rising bills, according to the Financial Conduct Authority (FCA) survey. Furthermore, levels of anxiety and stress were relatively high, particularly among those burdened by debt.
But the regulator said the situation had not worsened since the cost of living crisis began and free help was available for those facing problems.
The Financial Life Survey is a benchmark for the state of the country's finances, with nearly 18,000 people asked about how they handle money.
The data suggests that 13 million people, or a quarter of the UK adult population, have low financial resilience. This means they have debts that are difficult to manage, low savings and have left some bills unpaid.
This remained unchanged compared to the previous survey, published in 2022, despite the pressure caused by inflation and rising essential bills on personal finances.
Around 10% of those surveyed had no money saved at all, while 21% had less than £1,000 in savings. A total of 2.8 million people have ongoing credit card debt.
Nearly 12 million people feel overwhelmed or stressed due to financial issues, including 40% of adults with credit who say they suffer from anxiety.
About 3.8 million retirees are worried that they don't have enough money to make it through the month.
The report also suggests that the use of "buy now, pay later" has increased significantly in recent years. About 40% of single parents and 35% of women aged between 25 and 34 use these credit products.
Overall, nearly half of adults have outstanding unsecured debt, where the borrowed money is not backed by assets.
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