In a new report the Financial Conduct Authority said 25.6m people in the UK are potentially “financially vulnerable”, with many flocking to high-cost credit products, such as payday loans and home collected loans.
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Half of British adults are ‘financially vulnerable’, says FCA
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The report, which is based on a survey of 13,000 adults conducted between January and April of this year, revealed that another 4.1m people, typically between the ages of 25 and 34, are already in “serious financial difficulty” having failed to pay bills in three or more of the past six months. The FCA identified a growing “wealth gap” between the young and the old in Britain, which it said is resulting in more young people experiencing debt problems.
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