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UK: Half of adults are financially vulnerable, watchdog finds

By  |  October 18, 2017

Half of the UK population are financially vulnerable with one in six people unable to cope with a £50 increase in monthly bills, according to a survey of Britain’s personal finances by the City regulator.

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    The Financial Conduct Authority’s biggest ever survey of households found that 4.1 million people are already in serious financial difficulty, falling behind with bills and credit card payments, with 25- to 34-year-olds the most over-indebted.

    The FCA’s Financial Lives survey of 13,000 consumers is an attempt by the regulator to assess how many individuals are facing financial harm – and it paints an alarming picture of growing debt and credit problems across the UK.

    The report reveals a deep generational divide, with just 1% of over-65s defining themselves as “in difficulty” compared with 13% of 25- to 34-year-olds.

    Full Content: Yahoo

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