A major new report from the Financial Conduct Authority (FCA) has revealed that one in 10 UK adults has no savings at all. The findings suggest that millions of people are financially vulnerable and living with little to no buffer against rising costs or unexpected bills.

The FCA’s Financial Lives survey, which questioned nearly 18,000 people, found that around 13 million adults – about a quarter of the population – have low financial resilience. This means they have trouble managing debt, little or no savings, and have missed multiple bill payments.

According to the report, 10% of adults have no money saved. A further 21% have less than £1,000 set aside. This lack of savings leaves many people exposed to financial shocks, especially as the cost of living remains high.

Debt levels are also a concern. About 2.8 million people are stuck in persistent credit card debt, and nearly half of all UK adults have some form of unsecured borrowing, such as credit cards or personal loans. The average debt among those who owe money is £6,300.

Among younger adults aged 18 to 34, the average debt figure is much higher – £12,500. However, when student loans are excluded, that number drops to £1,300.

Financial stress is affecting mental health. Nearly 12 million people say they feel overwhelmed when dealing with money matters. Of those with credit or loans, 40% report anxiety or stress caused by their financial situation.

The use of buy now, pay later (BNPL) services has increased sharply. Around 11 million people used BNPL in the past year – 2 million more than in the previous survey. These services are most commonly used by lone parents (40%) and women aged 25–34 (35%).

BNPL products are still unregulated, and their increasing use raises concerns about more people taking on debt they may not be able to repay.

The report also found that 3.8 million retirees are worried their savings won’t last throughout retirement. In addition, nearly 10 million people are facing difficulties accessing a bank branch as more services move online or close down altogether.

Despite these challenges, the FCA notes that the situation has not worsened compared to the last survey in 2022. However, that does not mean things are improving – many are just getting by.

The FCA stresses that free help is available for those struggling with money. But awareness of these services remains low, and some may feel too stressed or ashamed to seek support.

The FCA’s findings show that a large portion of the UK population is living with fragile finances. Savings are low, debt is common, and financial stress is widespread.

To address this, there needs to be better access to advice, improved regulation of lending services like BNPL, and more support for those most at risk – including younger people, lone parents, and pensioners. The financial pressure may not be getting worse, but for millions, it’s far from under control.