10 April 2024
If you are covering the FCA’s latest Financial Lives survey, please find a comment from Jordan Clark, financial planner at Quilter:
"In the face of a lingering cost-of-living crisis, the latest FCA Financial Lives survey sheds light on the resilience and challenges of millions. While we’re seeing signs of improvement, with a notable decrease in the number of people struggling to make ends meet, there’s still a significant journey ahead.
“Over seven million Britons continue to grapple with bills and repayments, down from nearly 11 million last year, but still above pre-crisis figures. More than five million have missed payments recently, though that’s an improvement from the previous year. And while 2.7 million sought help and nearly half found relief, too many are still hesitant to speak up about their financial woes.
“It’s clear that renters, single parents, minority communities, and those in the north-east are disproportionately affected. And despite a three-percentage point uptick in disposable income, one in nine still have none. Women are feeling the pinch more than men, with 30% struggling financially.
“If you’re wrestling with mortgage bills or other debts, it’s not a lost cause. Throughout the cost-of-living crisis, the FCA has reminded lenders to work with their customers, not against them. Though we might have past the peak of interest rates, with high energy costs and stubborn inflation, we’re not out of the woods yet.
“So, what should you do? Don’t stick your head in the sand. Firms have a duty to assist, and there’s help out there. Work out what you can pay back, talk to your lenders, and explore payment options. The FCA’s new Consumer Duty is all about ensuring firms act in your best interest, so make sure you hold them to that promise.”
