FCA warns that eight million are struggling to keep up with bills

8th November 2022 | News

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a ‘heavy burden’ or ‘somewhat of a burden’ keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

‘Our research shows that people up and down the country are struggling to keep up with their bills.

‘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.’

Internet link: FCA website

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

Global Association

News

Land Remediation Relief: How we can help accountants and their clients

Clients look for more than accounting services from their trusted accountants. Timely advice, recommendations, wider service offerings, or access to a network of trusted specialists can make a significant difference to your business and improve your professional...

The Register of Overseas Entities: It’s time to update

As of 1 August 2022, the Register of Overseas Entities (ROE) has been operational under the Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA) for over a year. This initiative aims to combat global economic crime by enhancing transparency regarding the...

© 2023 Williamson & Croft