Over 13m people in UK face ‘tough’ financial problems

The concerning lack of ability for some people to cope with unexpected costs has been revealed as new data showed one in ten (10 per cent) of UK adults have no cash savings whatsoever, leaving them vulnerable when faced with increased bills.

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More than 13m people across the nation are thought to be facing tough conditions financially, including amassing debt, have little savings or have missed paying bills.

While the headline figure of ten per cent having no savings at all is a worry, findings from the Financial Conduct Authority (FCA) actually show a far greater scale of people who have minimal ability to manage any sort of shock to their income, with a further 21 per cent having less than £1,000 saved.

Most financial experts agree that individuals or families should aim to build an emergency savings buffer of three to six months’ worth of essential expenses, depending on circumstances, according to the Independent.

This can aid to continue paying bills and essential costs like groceries, rent or mortgage repayments in the event of sudden pressures, like health emergencies, loss of work or even surging inflation.