In February 2020, the Financial Conduct Authority conducted its second Financial Lives survey1, which it followed up with further research in October 2020, to see how people had coped with the financial impact of the pandemic.
The results indicate a rise in financial vulnerability for many people over the period, largely due to negative life events such as redundancy and reduced working hours.
Between March and October, the number of people with low financial resilience increased by 3.5 million to 14.2 million people.
Those with low financial resilience now account for 27% of UK adults. The pandemic has had a disproportionate impact on those of working age, particularly younger working adults and the self-employed.
It’s never been more important to take care of you and your finances.
1https://www.fca.org.uk/publications
Catch up on our other blog posts:
MORTGAGE LENDING CONTINUES TO SOAR
Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...
MAJOR BARRIER TO PROPERTY PURCHASE
Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1. Climbing from 54% in December last year and just 40% last June, raising a deposit is...
DO YOU KNOW YOUR HOMES TRUE WORTH?
Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less? Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25%...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Flexible appointments
Or call —02380224925