Thu, 15 May 2025

Thu, 15 May 2025 One in 10 have no savings, financial regulator says

Stress and anxiety among those with debts remains high but help is available, a major survey finds.

* 13 million people (a quarter of the UK adult population) have low financial resilience, meaning they have debts that are hard to manage, low savings, and have missed a series of bill payments.
* 10% of those asked had no cash saved at all.
* 21% had less than £1,000 tucked away.
* The median average amount of debt outstanding among those with debt was £6,300.
* Among 18 to 34-year-olds with debt, the median average amount of debt outstanding was £12,500 (excluding student loans).
* Nearly half of adults have outstanding unsecured debt.
* The use of buy now, pay later has risen significantly in recent years, with 40% of lone parents and 35% of women aged between 25 and 34 using these products.
* Free help is available for those facing financial trouble.
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