The FCA has published findings from its 2024 Financial Lives survey.
Key findings from the latest report include:
- 1 in 10 people have no cash savings at all, and another 21% have less than £1,000 to draw on in an emergency;
- 1 in 4 people have low financial resilience, namely that they have missed scheduled payments, are struggling to meet their financial commitments, or do not have savings:
- Of the 1.7m people who had used a debt advice or management service in the last year, 61% reported their debts being more manageable as a result;
- 1.6% of adults had no current account, a reduction from 2.1% in 2022;
- 26.4m people (49% of all UK adults) showed characteristics of vulnerability; and
- 65% of adults were aware of the FCA, a figure that has not changed since 2022:
- 36% were aware of the Financial Services Register; and
- 30% were aware of the FCA’s consumer helpline.