FCA: Financial Lives Survey 2024

FCA has published the latest results of the survey.  The regulator is concerned that one in ten people have no cash savings at all, and another 21% have less than £1,000 to draw on in an emergency, and one in four people in the UK have low financial resilience   FCA also raises concerns with regard to the amount of holdings in DC pensions, noting that 33% of adults have less than £10,000 saved.  However, FCA also highlights progress with regard to debt management services, access to basic banking services and digital inclusion.  FCA also notes that 61% of people with more than £10,000 in investible assets held at least three-quarters of these assets in cash rather than investments – the regulator wants to see more people holding mainstream investments to improve long-term returns.  FCA is urging consumers to reach out to their lender if they are struggling with their payments and get help with pensions and investment decisions to improve their long-term financial health.  FCA has provided slide-based individual reports on various sectors  and products which can be downloaded individually from the survey webpage (second link below).