FCA survey reveals 4.1 million people in financial difficulty

credit card in a man's handA major survey by the Financial Conduct Authority (FCA) has revealed that an estimated 4.1 million people are in financial difficulty owing to missed domestic or credit bills.

These consumers, most likely to be in the 25 to 34 age range, have failed to pay bills in three or more of the last six months.

Other findings:

  • 15 million people had low levels of resilience to a bill shock
  • 8 million were struggling with debt
  • 100,000 had used an illegal money lender in the last 12 months

The Financial Lives research, the first of its kind by the regulator, revealed a range of concerns among consumers at a time of weak wage growth and low-cost credit.

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