{"id":975,"date":"2021-06-01T13:31:25","date_gmt":"2021-06-01T11:31:25","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=975"},"modified":"2024-02-13T08:45:39","modified_gmt":"2024-02-13T07:45:39","slug":"millions-had-low-financial-resilience-before-the-pandemic","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/millions-had-low-financial-resilience-before-the-pandemic\/","title":{"rendered":"Millions had low financial resilience before the pandemic"},"content":{"rendered":"<p><em>The FCA\u2019s recently published \u2018Financial Lives survey\u2019, conducted in February 2020, with a follow-up \u2018COVID panel survey\u2019 conducted in October 2020, revealed that 20% (10.7 million) of UK adults had low financial resilience even before the pandemic struck.<sup>1<\/sup><\/em><\/p>\n<p>Adults described as having low financial resilience are often over- indebted, with little capacity to withstand financial shocks. In the FCA\u2019s survey, people with low financial resilience were unable to withstand a \u00a350 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, with the largest growth amongst\u00a0 those aged between 18-34 and employed adults. Nearly 40% of adults have seen their financial situation worsen overall because of the pandemic, while 48% adults have not been impacted financially. The report outlines that,<\/p>\n<p><em>\u2018Comparatively, 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 \u2013 the State Pension and defined benefit pensions \u2013have not changed.\u2019<\/em><\/p>\n<p><strong>Improving your resilience<\/strong><\/p>\n<p>Improving your financial resilience and your ability to withstand financial shocks will stand you in good stead for the future. You can achieve this in many different ways, for example by building up a savings buffer or taking out protection insurance. We can help you shore up your financial resilience.<\/p>\n<p><sup>1 <\/sup>FCA, 2021<\/p>\n<p>\ud83d\udea8Think carefully before securing debts against your home. \u00a0Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n<p>\ud83d\udea8 Data accurate as of the date of publication \u2013 01.06.2021.<\/p>\n<p>\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n<p>Source: Quilter Financial Planning \u2013 Essentially Mortgages Q2 2021<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FCA\u2019s recently published \u2018Financial Lives survey\u2019, conducted in February 2020, with a follow-up \u2018COVID panel survey\u2019 conducted in October 2020, revealed that 20% (10.7 million) of UK adults had low financial resilience even before the pandemic struck.1 Adults described as having low financial resilience are often over- indebted, with little capacity to withstand financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":976,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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