A REPORT by the Financial Conduct Authority has found a quarter of all UK adults are struggling financially thanks to Covid.
According to the FCA a quarter of UK adults expect to continue to struggle financially as the Covid pandemic goes on.
The body also found 15.9 million people, one in three adults, believed their household income would fall during the next six months when surveyed.
According to the FCA, there are now 27.2 million UK adults living with ‘vulnerable’ characteristics, poor finances. Their report also found a third of adults said they were likely to cut back on essentials, while 11 per cent reported they would use a food bank, and 16 per cent expected to be in more debt.
Only around 14 per cent of adults said their financial situation had improved since the Covid pandemic began.
The report was based on a poll of 22,000 people. The FCA said: “Since the start of the pandemic, the number of people experiencing low financial resilience or negative life events has grown
“The pain is not being shared equally with a higher than average proportion of younger and BAME adults becoming vulnerable since March. It is likely the picture will have got worse since we conducted the survey.”
The news comes after it emerged the European economy will recover more slowly this year.
The European Commission cut its forecast for growth this year from 4.2 per cent to 3.8 per cent and confirmed recovery would be largely down to restrictions being eased towards the summer, allowing businesses to start working again.
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