According to UK financial regulator, a staggering 10% of Britons have no savings. Shocking statistics unveiled.

Millions of Britons are teetering on a financial tightrope, as revealed by a recent report from the Financial Conduct Authority (FCA). Shockingly, one in 10 adults in the UK are not saving any money at all, leaving them vulnerable to economic shocks and increasing bills. The FCA's Financial Lives survey, a comprehensive study of nearly 18,000 individuals, paints a concerning picture of the nation's financial well-being. Approximately a quarter of UK adults, totaling 13 million people, exhibit low financial resilience due to unmanageable debts, minimal savings, and missed bill payments. Despite the economic pressures caused by inflation and rising expenses, the overall situation has not deteriorated compared to previous years. However, a significant portion of the population still struggles with financial stress and anxiety, particularly those burdened by debt. Among the key findings of the report is the growing popularity of buy now, pay later services, which have seen a significant increase in usage in recent years. Additionally, a large number of individuals are dealing with persistent credit card debt and worry about their financial security in retirement. Debt advisers report a high number of cases involving individuals with mental health issues either caused by or contributing to financial troubles. They encourage those in need to seek help, as free debt advice is readily available and can make a positive impact without affecting credit scores. Furthermore, managing director of Debt Free Advice, Matt Dronfield, suggests establishing a savings habit by setting aside a portion of income each month. This simple practice can help build financial resilience and prepare for unexpected expenses. In light of these findings, it's essential for individuals to take control of their finances and seek assistance when needed to secure a stable financial future. savings, money, debt, financial conduct authority, personal finance