Almost 11 million British adults are facing financial hardship as they struggle to pay their bills, new figures from the Financial Conduct Authority (FCA) revealed on Wednesday.
According to the FCA, there is a noticeable increase of 3.1 million people experiencing such difficulties.
Anadolu Agency said that the number of adults who defaulted on accounts or loans in at least three of the last six months also increased by 1.4 million, from 4.2 to 5.6 million in the same period.
Seeing the pressure on household budgets from the rising cost of living, the FCA urged individuals to seek help and support. It has been reported that the rising cost of living significantly impacts individuals’ mental states.
In January, around 28.4 million UK adults, around half the population, reported feeling higher anxiety or stress levels than six months earlier, attributing this to the rising cost of living.
Rising living costs
Sheldon Mills (Sheldon Mills), executive director for consumers and competition, emphasized the impact of the rising cost of living on people’s financial situation.
Sheldon said that their research highlights the real impact of the rising cost of living on people’s ability to keep up with their budgets.
In March, the UK’s annual rate of consumer price inflation eased slightly to 10.1 percent, but it was the seventh consecutive period in which it remained above 10 percent. The inflation rate has been far from the Bank of England’s target of two percent for more than two years.