FCA finds 60% of adults are struggling with cost-of-living increases

Six million more than 2020

The Financial Conduct Authority has revealed an “alarming rise” in the financial vulnerability of UK adults amidst the growing cost-of-living crisis.

In a study, the FCA found that due to the widespread cost hikes one in four UK adults now have "low financial resilience". These are people who are in financial difficulty, or who could quickly find themselves in difficulty if they suffer a financial shock. This was two million people more than in 2020, 12.9 million today versus 10.7 million prior. UK inflation hit another 40-year high this week, indicating just how much costs have risen, breaching double digits for the second time this year - 10.1% for August. Economists have forecast inflation to rise even further in the final part ...