UK Savings Crisis: One in Ten Adults Have No Savings

The UK is facing a savings crisis, with a recent report revealing that a staggering one in ten adults have no savings whatsoever. This alarming statistic is further underscored by the fact that a fifth of the population has less than £1000 put away. The Financial Conduct Authority's survey paints a concerning picture, particularly for young adults. A third of women aged 25 to 34 are using buy now, pay later schemes, contributing to an average debt of £1300 for 18-34 year olds (excluding student loans). "Falling behind on rent or mortgage payments, council tax and bills were the most common forms of debt," the report stated. Experts emphasize that free help is available for those struggling financially. This highlights the need for increased financial literacy programs and support services to help UK residents navigate these challenging economic times.