Approximately 7.8 million people in the UK are struggling to keep up with their bills, an increase of around 2.5 million people since 2020, the FCA has estimated.

Figures from the regulator also showed that 60% of UK adults, a figure equal to 31.9 million people, are “finding it a heavy burden or somewhat of a burden” to keep up with their bills, which is an increase of around six million people since 2020.

The FCA has published a snapshot of the latest edition of its Financial Lives survey, which was carried out between February and June 2022. The survey is the largest of its kind the UK, with more than more than 19,000 people interviewed.

It has revealed that one in four UK adults are in financial difficulty or could quickly find themselves in difficulty if they suffered a financial shock, and that 4.2 million people have missed bills or loan payments in at least three of the six months before the survey took place.

Furthermore, the survey has also indicated that 24% of UK adults, the equivalent of 12.9 million people, now have “low financial resilience” – a figure up by more than two million on 2020 when it stood at 10.7 million. The FCA defines this group as people who are in financial difficulty, or who could quickly find themselves in difficulty if they suffer a financial shock.  

“Our research shows that people up and down the country are struggling to keep up with their bills,” commented FCA executive director, consumer and competition, Sheldon Mills.

“If you are facing financial difficulty, you don’t need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.”

The FCA stated that the full findings of its Financial Lives survey are to be published in early 2023.

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