We’ve All Got Bank Accounts… So Why Aren’t We Saving?
According to the latest FCA press release, financial inclusion is improving in some areas, but troubling gaps remain. While more people in the UK now have bank accounts, 1 in 10 adults still have no cash savings whatsoever. That’s right—no rainy day fund, no emergency cushion, nothing.
It’s a worrying stat, but also a wake-up call for consumers trying to get ahead, and for consumer credit firms who serve them.
Why It Matters for Consumers
Life is unpredictable. Whether it’s a surprise expense or an income shock, not having any savings can lead to long-term financial stress and dependency on credit.
Savings = Safety Net
Even a small emergency fund can prevent reliance on high-cost credit and reduce financial anxiety.
Small Steps Count
You don’t need to start big. Saving £5 or £10 a week can add up over time—and build the habit.
No Shame, Just Strategy
If you’re one of the 10% with no savings, know that you’re not alone. The important thing is to take a first step—free budgeting tools and advice services are widely available.
Why It Matters for Consumer Credit Firms
For lenders and brokers in the consumer credit space, these figures are more than just statistics—they highlight real customer vulnerabilities that need attention.
Understand Your Customer Base
Many customers may have bank accounts and steady income but live pay day to pay day, with no buffer for emergencies.
Tailor Support and Products
Can your firm offer more flexible products? Encourage better financial habits? Add features that promote saving?
Educate and Engage
Align with the FCA’s Consumer Duty by helping customers build financial resilience, not just access to credit.
Bridging the Gap Together
This isn’t just a regulatory issue—it’s a shared responsibility. The FCA’s findings serve as a call to action for both individuals and institutions.
If you’re a consumer, the message is clear:
Start where you are. Every pound saved is a step toward control and confidence.
If you’re a credit firm:
There is certainly an opportunity in this space, but there is also a regulatory scrutiny that goes along with that! Definitely research and understand your consumer and ensure that your broking, lending and collections activity is fully compliant!
Think beyond affordability—think sustainability. Help customers avoid recurring financial stress.
Further Reading
📄 FCA Press Release – One in Ten Have No Savings
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Take action now with ALPH Legal & Compliance services!
With all the regulatory shifts on the horizon, now is the time to act. Don’t wait until compliance gaps appear—engage with ALPH Legal & Compliance today to ensure your firm is ahead of the curve. Whether you need tailored guidance, compliance support, or strategic insights to drive new business, ALPH Legal & Compliance is your trusted partner in navigating FCA regulations with confidence.
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