FCA suggests half of individuals in the UK are 'financially vulnerable'

A survey carried out by the Financial Conduct Authority (FCA) has suggested that 50% of individuals in the UK are 'financially vulnerable', with many having to make use of loans in order to pay bills and make ends meet.

19 Oct 2017

A survey carried out by the Financial Conduct Authority (FCA) has suggested that 50% of individuals in the UK are ‘financially vulnerable’, with many having to make use of loans in order to pay bills and make ends meet.

According to the FCA’s Financial Lives Survey, 25.6 million UK adults ‘display one or more characteristics that signal their potential vulnerability’.

The FCA found that 13% of individuals aged between 25 and 34 are in financial difficulty, whilst single parents aged between 18 and 34 are the most likely to use high-cost loans.

In addition, 24% of UK adults stated that they have ‘little or no confidence’ in managing their finances, with a further 46% of individuals reporting that they have ‘low knowledge’ of financial issues. 

Meanwhile, only 35% of those aged between 45 and 54 have thought about how they will manage financially once they retire.   

Commenting on the findings, Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said: ‘Just because individuals could be vulnerable doesn’t necessarily mean they will experience actual harm, but these results help regulators and firms alike to understand where we should target our efforts.’

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2018 Blue Spire Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com


Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK