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.’
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