Blog Article

It’s time to protect your family and your finances

It’s time to protect your family and your finances

Date: 16 June 2021 | By: cosgrove

It's time to protect your family and your finances. The FCA’s recently published ‘Financial Lives survey’, conducted in February 2020, with a follow-up ‘COVID panel survey’ conducted in October 2020, revealed that 20% (10.7 million) of UK adults had low financial resilience even before the pandemic struck8
Adults described as having low financial resilience are often over-indebted, with little capacity to
withstand financial shocks. In the FCA’s survey, people with low financial resilience were unable to withstand a £50 drop in their monthly income or losing their main source of household income for just a week. The October survey revealed a further 3.5 million adults then had low financial resilience,
compared with the February data, those aged between 18-34 and employed adults. It's time to protect your family and your finances,

Nearly 40% of adults have seen their financial situation worsen overall because of the pandemic, while 48% of adults have not been impacted financially. The report outlines that, ‘Comparatively, the retired population has been better insulated from the financial impacts of Covid-19. This is perhaps not surprising as key sources of income for this group – the State Pension and defined benefit pensions –
have not changed.’

Improving your resilience
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8FCA, 2021