Six in ten adults in the UK are struggling to keep up with their bills, new research has shown.
In total, 60% of adults, or 31.9mln people, are finding it a “heavy burden” or “somewhat of a burden” keeping up with bills, a 6mln increase from two years ago, according to a survey by the Financial Conduct Authority (FCA).
Of these, 7.8mln were finding it "a heavy burden" to keep up with bills, a 2.5mln increase compared to 2020.
One in four adults said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock, while 4.2mln people missed bills or loan repayments in at least three of the six months before the survey took place.
Adults living in the most deprived areas were nearly seven times more likely to be in financial difficulty than those is less deprived areas, said the FCA.
The data was collected as part of the regulator’s Financial Lives survey, with the latest research carried out among 19,000 people between February and June this year, with the full findings being published in early 2023.