Debt Free Advice welcomed a senior official from the Financial Conduct Authority (FCA) to its flagship advice centre at Toynbee Hall this week, as new national data confirmed the growing scale of financial vulnerability across the UK.
Sarah Pritchard, Executive Director for Supervision, Policy and Competition at the FCA, joined Debt Free Advice Managing Director Matt Dronfield for a visit and joint interview with BBC Cost of Living Correspondent Kevin Peachey.
Their meeting followed the release of the FCA’s 2024 Financial Lives Survey, which found that 13.1 million adults—24% of the UK population—are living with low financial resilience. The data highlights that:
- 7.6 million adults have little or no savings
- 7.3 million are heavily burdened by bills or credit
- 4.5 million have missed three or more bill payments in the last six months
- 7.5 million with credit or loans report stress or anxiety due to their debt
- 1.7 million people sought debt advice in the past year, up from 1.5 million in 2022
We have seen these trends firsthand, having supported nearly 24,500 Londoners in the past two years and helped secure more than £36.5 million in financial aid.
“Our clients tell us again and again that debt isn’t just about money — it’s about stability, mental health, and dignity. As demand for help grows, we’re expanding our services so people can get the support they need, when they need it.”
We provide personalised support through a combination of benefit entitlement checks, financial planning, and access to emergency relief. For clients experiencing a mental health crisis, we also help facilitate access to the government’s Breathing Space scheme, pausing debt enforcement and interest charges during treatment.
During the visit, Sarah Pritchard praised the role of frontline advice services in supporting vulnerable people, noting that the FCA’s findings "highlight the continued pressure many households are under".
We set to broaden our reach further in 2025, with new partners joining our coalition and nearly 4,000 more people expected to benefit from our services in the coming year.
Debt Free Advice helpline can be reached seven days a week, 8am to 8pm, via phone, WhatsApp, video, WhatsApp, video call and in-person appointments across more than 30 London locations.