The City regulator has issued a stark warning that one in ten Brits have no cash savings, raising concerns that hundreds of thousands could be left unable to meet emergency expenses.
New findings from the Financial Conduct Authority (FCA) suggest that a fifth of people have less than 拢1,000 readily available, as reported by .
These revelations will heighten worries about the financial resilience of 海角视频 citizens in the face of sluggish economic growth and persistent inflation.
Data reveals that a quarter of individuals have either missed payments, are finding it difficult to meet financial obligations, or lack a safety net for unexpected bills.
Sarah Pritchard, the FCA's executive director of consumers and competition, stated that the survey demonstrated "finances are stretched" and many were ill-prepared for a "rainy day". Oliver Morley, head of the government-backed financial advisory platform MoneyHelper, highlighted the toll financial insecurity was taking on people's health and relationships.
"We can help make your money and pension choices clearer by cutting through the complexity, explaining what you need to do and how you can do it," Morley assured, speaking on behalf of the free service offered to Brits.
These findings coincide with separate research by the Centre for Economics and Business Research (CEBR), which revealed that small and medium-sized firms are owed an alarming 拢112bn in late payments, leading to calls for faster technology deployment.
An examination of 1.2 million anonymised invoices issued by HR software platform Sage, which sponsored the CEBR's report, revealed that these are "choking cash flow[s]" and hindering investment, researchers found.
On Wednesday, industry bodies including the Federation of Small Businesses and Enterprise Nation met with government officials, pressing the Department of Business and Trade to prioritise the digitisation of payment systems through artificial intelligence.
Be smarter with your savings, FCA says
A new report on savings from the FCA indicated a growing interest in incorporating technology into banking services. FCA analysts described it as "good news" that access to basic banking services had expanded as more people were turning to advisory firms for debt management assistance.
Britons are increasingly banking online, with only about 2% of the population, or just over 1 million individuals, categorised as "digitally excluded", a significant decrease from nearly 7 million in 2017.
However, almost two out of five adults have limited knowledge of their employer's contributions to pension schemes, while one third of adults with a defined contribution pension have less than 拢10,000 saved. Estimates provided by The Private Office and Legal & General suggest that retirees draw an income exceeding 拢10,000 annually.
The FCA is urging Britons to manage their finances more wisely by reaching out to lenders or pension providers for advice on payments and savings.
