| Link(s): | Financial Lives cost of living (Jan 2024) recontact survey – Summary | FCA financial-lives-cost-of-living-jan-2024-recontact-survey-findings.pdf (fca.org.uk) |
Context
The FCA conducted the ‘Financial Lives cost of living (Jan 2024) recontact survey’ between 8 December 2023 and 28 January 2024 and, where possible, it compared the results to those from its January 2023 survey.
Key points to note and next actions
The cost of living continues to have an impact on the financial lives of some adults in the UK. In January 2024:
- 7.4m (14%) felt heavily burdened by their domestic bills and credit commitments
- 5.5m (11%) had missed any of these bills in the previous 6 months
- 14.6m (28%) were not coping financially or finding it difficult to cope
- 5.9m (11%) had no disposable income
Additionally, in the 12 months to January 2024, 11.8m of adults cut back on insurance to save money or because they can’t afford it. Including cancelling an insurance or protection policy, reducing their level of cover of a policy, and/or choosing not to buy a policy