One in six adults have no savings

This leaves around a quarter of adults living without a financial safety net to cope with rising living costs or unexpected bills, meaning some may have to use credit.  

The research was carried out for Talk Money Week, which takes place this week and aims to help people have more open conversations about their money.  

The figures also reveal that people are finding it difficult to pay off the credit they owe. Among the 79% of UK residents who use credit, 43% are now anxious about how much they owe, while 35% are worried about the number of different products they have.  

Additionally, the survey reveals 81% of people still avoid discussing their finances. When asked why, the most common responses were “not wanting to be judged” - 21% - “fear of burdening others” - 19% - and “shame or embarrassment” - 17%.  

The MaPS’s chief executive Caroline Siarkiewicz said: “Millions of people find it a challenge to save and this leaves them vulnerable when sudden expenditure items arise. When you add in the anxiety that they feel with their credit commitments, the weight of that worry can quickly become overwhelming.   

“This Talk Money Week, we want everyone to start the conversation with family or friends and share the burden of any money worries. By dealing with the problem head on, people can discover just how helpful free debt advice can be and see the importance of talking to their creditors early.  

“They can also begin to find a way forward, no matter how difficult their situation might feel.”