Britain: 12 million people will likely struggle in paying bills, says watchdog
Coronavirus impact on Britain economy
About 12 million people in Britain are likely to face difficulties in paying bills and loans due to economic challenges caused by coronavirus pandemic, a Financial Conduct Authority survey said on Thursday.
The survey to track consumer's financial resilience found that 12 million Britons had low financial resilience and one-sixth out of these people had become financially vulnerable since February when lockdown imposed to contain the spread of Covid-19 led to cut in income levels and thousands of lay-offs.
As many as 7,000 people participated in the study that was conducted in July, which also revealed that nearly one-third of adults' income has been cut and households income declined by 25 per cent on an average.
It also showed that black and minority ethnic respondents have been affected the most with 37 per cent of respondents' incomes taking a toll.
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At least 36 per cent of respondents feared falling behind on loan and credit card repayments.
Over a third of people who are already facing financial woes and had a mortgage said they were likely to lag behind on mortgage payments.
As many as 42 per cent of renters also said they would fall behind their commitments.
"We want to remind consumers, especially those who are newly in financial difficulty that lenders are able to provide you with support," said Sheldon Mills, the FCA's Interim Executive Director of Strategy and Competition, as quoted by news agency Reuters.