One in Ten Have No Savings, FCA Finds: Why Expert Advice Matters More Than Ever
Millions across the UK are on a financial knife-edge, with one in ten adults having no savings at all, according to new findings from the Financial Conduct Authority (FCA). The latest Financial Lives survey reveals the deepening strain on personal finances amidst ongoing cost of living pressures.
The FCA’s comprehensive report, which surveyed nearly 18,000 UK adults, paints a concerning picture: 13 million people—around a quarter of the adult population—exhibit low financial resilience. This includes struggling with unmanageable debts, low or no savings, and missed bill payments. Despite these challenges, the data shows the situation has not deteriorated further since 2022.
For those facing financial uncertainty, speaking with an independent financial adviser can be a vital step. Whether you need guidance on budgeting, managing debt, or saving for the future, a certified adviser can help tailor a plan that meets your individual circumstances. Book a meeting with an adviser today to start regaining control of your finances.
Financial Stress and Mental Health
According to the report, nearly 12 million people feel overwhelmed when dealing with money, particularly those juggling credit or loans. Mental health issues are closely linked with financial instability, and this stress is felt acutely among those with persistent credit card debt or little savings.
These financial struggles are not limited to the young. About 3.8 million retirees worry their pensions won’t last through retirement—a clear signal that pension planning with a financial adviser is essential. Seeking the best pension advice now could help ensure your long-term stability. Book a meeting with an adviser to review your retirement strategy.
The Rise of Unsecured Debt
The use of “buy now, pay later” services has surged, with nearly 11 million people turning to these credit tools—many of whom are young adults or lone parents. Overall, nearly half of UK adults carry unsecured debt, with the median amount owed reaching £6,300. Among younger adults, this figure jumps to £12,500, although much of that may be student-related.
Financial experts stress the importance of seeking help early. Free, impartial advice is available—and speaking with an independent adviser can make a significant difference. They can work with you to consolidate debts, manage your budget, and set realistic financial goals. Book a meeting with an adviser to explore your options.
Saving for the Future
Worryingly, 10% of UK adults have no savings, and another 21% have less than £1,000 in reserve. With economic shocks more likely in an unpredictable environment, these households are dangerously exposed. The FCA recommends a shift in mindset—”pay yourself first”—by setting aside even a small amount when income is received.
An experienced financial advisor can help you build a realistic savings strategy, offering top-rated service and insight on finding the best saving tools available. For those just starting out or looking to protect their financial future, this is an ideal moment to act. Find a financial adviser and book a meeting to begin your savings journey today.
Moving Forward with Confidence
With nearly 10 million people struggling to access bank branches and many more dealing with rising bills, personal finance is an increasing concern across the UK. But help is available—and early intervention is key.
As a trusted UK independent adviser, we’re here to offer personalised guidance across a range of services, including pension planning, protection policies, and fee transparency. Whether you’re trying to find financial adviser services for the first time or looking for the best independent advice, our team is ready to support you.
Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom. Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.
