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.
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