FCA publishes findings from its latest Financial Lives cost of living recontact survey

April 12, 2024

The FCA conducted the ‘Financial Lives cost of living (Jan 2024) recontact survey’ between 8^th December 2023 and 28^th January 2024 and, where possible, it compared the results to those from its January 2023 survey.

A number of supporting information web pages were also published alongside the announcement of the recontact survey:

• Financial Lives cost of living (Jan 2024) recontact survey | FCA
• Financial Lives cost of living (January 2024) recontact survey: Questionnaire (fca.org.uk)
• Financial Lives cost of living (Jan 2024) recontact survey - Summary | FCA
• financial-lives-jan-2024-recontact-survey-data-tables.xlsx

The cost of living continues to have an impact on the financial lives of some adults in the UK. In January 2024:

• 7.4m (14%) felt heavily burdened keeping up with their domestic bills and credit commitments
• 5.5m (11%) had fallen behind or missed paying one or more domestic bills or credit commitments in the previous 6 months
• 14.6m (28%) were not coping financially or finding it difficult to cope
• 5.9m (11%) had no disposable income

Additionally, in the 12 months to January 2024, 11.8m adults cut back on insurance to save money or because they can’t afford it. Including cancelling an insurance or protection policy, reducing their level of cover of a policy, and/or choosing not to buy a policy.

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