Are British people struggling financially?

More people than ever are struggling to live on their current income - while just a third say they are living comfortably, according to new research. Rising prices and sluggish pay increases have put many people's finances under strain in recent years. A record 26% now say making ends meet is difficult.

Are people in the UK struggling financially?

One in 10 working-age adults are juggling low income and debt, insecure tenancies and high rents, and problems accessing NHS care. They are at least twice as likely as the rest of the population to report mental stress, sleeplessness and isolation.

How many Brits have no savings?

Approximately 16% (8.4 million) of people in Britain have no savings.

Are most people in the UK in debt?

Excluding debt which is not regulated by the FCA (like student loans, loans from friends and family and buy now pay later) and excluding transactors (adults who hold credit cards but pay the full statement balance every month), 48% of UK adults held some form of credit or loan in May 2024.

How many people are struggling with the cost of living?

The Financial Conduct Authority found that 24% of adults were finding it difficult to cope financially in May 2024, compared with 28% in January 2024 and 36% in January 2023.

Struggling families and businesses hit by 'awful April' hikes to bills and taxes | ITV News

Is quality of life in the UK declining?

Living standards for all UK families are set to fall by 2030, with those on the lowest incomes declining twice as fast as middle and high earners, according to data that raises serious questions about Keir Starmer's pledge to make working people better off.

Are people struggling to pay bills?

Age matters: Nearly 1 in 4 (24%) of adults under 30 didn't pay all of their bills compared to just 9% of those 60+. Racial disparities: 11% of white adults and 13% of Asian adults fell behind on their bills compared to 32% of Black and 26% of Hispanic adults.

How much is the average Brit in debt?

The debt capital of the UK

Compared to the rest of the country, the average person in Britain is £1,228.78 in debt – which across all adults in the UK equates to over £65 billion. People aged between 35 and 44 also revealed that they have the highest level of debt (£1,912) compared to all other age groups.

What nationality has the most debt?

The United States owns the largest amount gross external debt (public and private debt combined) in the world. The nation's whopping $14 trillion -- and growing -- tab has eaten away at the GDP income at an escalating rate in recent years.

What is the average savings in the UK?

Savings statistics in the UK

6.50% have absolutely no savings. 25.95% have less than £1,000 in savings. Although the average savings amount of all people we surveyed was £35,361.09, if we remove the highest and lowest savers from the mix, the middle 66% of people we surveyed have an average savings balance of £9,633.30 ...

How much money does the average person have in their bank account?

How Much Money Does the Average American Have in Their Bank Account 2025? According to data from the Federal Reserve's Survey of Consumer Finances, the average American holds $62,410 in their accounts, checking accounts, money market accounts, call deposit accounts, and prepaid cards.

How much savings should I have at 40 UK?

In your 40s, you should continue to save – it's beneficial to aim for about 20% of your income. However, by this age, you're likely to be earning quite a bit more money than you did when you were in your teens, 20s, or 30s. According to Indeed, the average salary of a person aged between 40 and 49 is £39,491.

Is the UK losing its millionaires?

The UK is expected to suffer the largest outflow of millionaires globally in 2025, according to data from Henley & Partners, marking a bleak reversal for a country once seen as a magnet for global wealth.

Is Britain's economy struggling?

UK labour statistics are also signalling a difficult path ahead for the economy. The number of job vacancies has been falling since April 2022. Unemployment in the country has been on the rise since August 2024, and sat at 4.7% in May, the highest level in four years.

How can I get money if I'm struggling?

What do you call a person who doesn't pay their bills?

However, so-called deadbeats in the credit world also do not rack up bills they never pay, so they do not generate significant losses for credit card companies like real deadbeats, who do not pay their bills.

What happens to people who can't pay their bills?

Bills will probably be turned over to an independent collection agency. At that point, you will no longer be able to negotiate with the person or company you owe money to. Collection agencies can be aggressive, but you do have certain rights. Collection agencies can't use abusive language or threaten you with violence.

Is living in the UK still worth it?

Living in the UK is appealing if you appreciate a multicultural environment with access to quality healthcare and education. The UK is particularly attractive for those considering studying abroad or looking for diverse visa options. However, it's essential to be comfortable with the cost of living and the climate.

Why is Britain no longer a rich economy?

There have been two phases to the UK's low productivity. From 2008 until 2019, British productivity stagnated relative to pre-Recession trends, but this was also true for many developed nations. Since 2019, however, it has stalled further, and other countries have begun to leave the UK behind.

What are the warning signs for the UK recession in 2025?

Economic uncertainty is on the horizon, with experts raising concerns about a potential UK recession in 2025. Warning signs like persistently high interest rates, stagnant growth, and global supply chain pressures have left many SMEs wondering how best to prepare.

Is 40k a lot of money saved?

While $40,000 is a good start on the road to building a nest egg, you probably want to retire with a lot more money than that. But it may be more than possible if you commit to saving and investing in a brokerage account consistently for the remainder of your career.