Eleven million Britons struggling to pay bills

Nearly 11 million adults in the UK are struggling to pay bills and debts, according to new figures from the Financial Conduct Authority (FCA). Compared to May last year, an additional 3.1 million individuals faced financial difficulties in January. The FCA’s research found that 11% of adults had missed bill or loan payments in at least three of the previous six months. The financial strain has been caused by rising living costs, including energy, food and fuel prices. 

The FCA has encouraged individuals to seek help and assistance, emphasising that lenders should provide tailored support. The current cost of living crisis has impacted people’s ability to meet financial obligations, but the FCA notes that access to help and advice has been positive. 

Researchers also discovered that mortgage holders and renters experienced increased payment burdens, with 29% and 34% respectively facing payment hikes in the six months leading up to January.