Millions of UK adults are teetering on a financial tightrope, with one in ten saving absolutely nothing, according to the Financial Conduct Authority’s latest Financial Lives survey.
That’s over 5 million people with zero cash set aside for emergencies, and another 21% with under £1,000 in savings—leaving 13 million, or a quarter of the adult population, stuck in a low-resilience cycle of difficult debts, scant savings, and missed bills.
Despite soaring living costs, the FCA notes that overall financial resilience has held steady since its 2022 survey. Still, many are feeling the strain:
Persistent debts: 2.8 million people carry ongoing credit-card balances.
Financial stress: Nearly 12 million adults report feeling overwhelmed by money worries; for those with credit or loans, 40% say it sparks anxiety.
Retirement fears: 3.8 million retirees worry their funds won’t last.
Access issues: Almost 10 million find it hard to reach a bank branch.
Sarah Pritchard of the FCA emphasizes that while many can’t yet build a “rainy day” fund, free support is out there.
Buy now, pay later on the rise
Unregulated buy-now-pay-later schemes are booming—used by 40% of lone parents and 35% of women aged 25–34. In total, nearly half of adults have some form of unsecured debt, with the median amount at £6,300. Young adults (18–34) owe a median of £12,500—though strip out student loans, and that falls to £1,300.
Getting help and building savings
Debt advisers like Matt Dronfield of Debt Free Advice say most callers fall behind on rent or mortgage payments, council tax, and utility bills. Many juggle multiple jobs yet still struggle with essentials.
Dronfield’s advice is simple:
Reach out: Talking to a free, independent debt adviser won’t hurt your credit score—and it’s as sensible as seeing a doctor for health worries or a mechanic for car trouble.
“Pay yourself first”: As soon as you get paid, transfer a small, manageable amount into savings. It builds a habit without jeopardizing your ability to pay priority bills.
With the average savings pot sitting around £5,000–£6,000, even a few extra pounds each paycheque can make a real difference. If you’re feeling the pinch, remember: free advice is just a phone call away, and it could be the first step toward financial breathing room.