The Financial Conduct Authority has reported that the number of British adults struggling to pay their bills and debts has now risen to nearly 11 million.

According to the FCA, around 3.1 million more people faced difficulties in January 2023 than they did in May 2022, and 11% of adults had missed a bill or loan payment in at least three of the previous six months.

Sheldon Mills, the FCA’s executive director of consumers and competition said…

“Our research highlights the real impact the rising cost of living is having on people’s ability to keep up with their bills, although we are pleased to see that people have been accessing help and advice…

“We’ve told lenders that they should provide support tailored to your needs.”

Thanks to inflation, everyday prices are now 10% higher than they were this time last year. Additionally, researchers report that 29% of adults with a mortgage and 34% of renters have seen their payments increase in the six months to January this year.

The same researchers found that people are now cancelling things like life insurance policies in an attempt to reduce their monthly outgoings.

The FCA stated that its survey suggested around half of UK adults now feel more pressure due to the rising cost of living.