In January 2025, UK inflation unexpectedly rose to 3%, prompting TransUnion to publish new research indicating that 20% of UK adults, about 11 million individuals, identify as financially vulnerable. These individuals face significant harm due to personal circumstances such as health issues and life changes. The study reveals that 68% of these vulnerable individuals experience stress related to finances. In response to high living costs, many adults resort to credit cards and loans from friends or family, with some relying on programs like Buy Now, Pay Later to maintain their lifestyles.
With the economic climate looking like it could remain uncertain throughout 2025, many people in the UK are turning to borrowing to help manage their money and make ends meet.
According to the FCA, financially vulnerable consumers are susceptible to harm, due to their personal circumstances, including poor health, life changes like new caring responsibilities, or difficulty handling financial or emotional stress.
Collection
[
|
...
]