The Financial Conduct Authority (FCA) has found that one in ten people have no cash savings at all, and another 21% have less than £1,000 to draw on in an emergency, as it reports its Financial Lives survey today. The regulator’s research also shows that one in four people in the UK have low financial resilience, meaning that they have missed payments, are struggling to keep up with commitments, or don’t have savings to help them through difficulties.
However, there is also good news. The FCA found when consumers seek support it makes financial pressures more manageable. Of the 1.7 million people who had used a debt advice or debt management service in the previous 12 months, 61% said their debts were more manageable as a…
