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.
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