One in four people in the UK have low financial resilience, according to a new survey from the Financial Conduct Authority. This means they either miss payments, struggle to keep up with financial commitments, or don’t have savings to help them through difficulties. Some 21% of those surveyed have less than £1,000 to draw on in an emergency.

The FCA also reveals that 1.6 million adults (3%) had received support from mortgage or credit lenders to assist with repayments in the previous two years – this was 6 million previously.

In light of these numbers, the regulator is urging consumers to reach out to their lender if they’re struggling with their payments since lenders have a range of options available to help people under pressure with repayments.

As part of its new strategy, the FCA is working to improve people’s access to help, guidance and advice so that everyone can access the support they need, at a cost they can afford, to make informed decisions for their financial future.

The FCA pointed out from the data that when consumers sought support it made financial pressures more manageable.

Commenting, FCA executive director of consumers and competition Sarah Pritchard said: , “Our data shows that finances are stretched for many – with some unable to save for a rainy day. And we know that some do not have the confidence to invest. But there are improvements – more people with current accounts and less digital exclusion. Our strategy will build on this to help people better navigate their financial lives.”