Financial meltdown looms for one in ten as soaring cost of living continues to bite into household finances
Surging mortgage costs and hikes to bills has left 9 per cent of adults facing a financial crisis, according to a report from pension and investment firm Royal London.
Those aged between 30 and 49 are most affected – some 16 per cent are either in or close to an emergency money situation.
Meanwhile, only two in five of this group are satisfied with their standard of living.
There are some signs of improvement to household finances, says the report, as 59 per cent of those surveyed say they have money left over at the end of the month compared to 49 per cent last year.
Plus, there was a small rise in the average amount people have saved in cash – £15,864 this year compared to £15,549 in 2024.
Sarah Pennells, of Royal London, says: 'While it's encouraging that some people have been able to start to build up their savings, it's very concerning that one in five have less than £100 in savings – the same percentage as in March 2023, when we first asked this question.
'It's been unchanged for the past two years.'
She advises reviewing direct debits and subscriptions to see if you can save money in small ways, which will build up over time.
You can also create a savings buffer to account for an unexpected bill or take advantage of cheaper energy deals if you want to build your financial resilience.
l.evans@dailymail.co.uk
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You could be owed cash if you left your contract early 💷 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... BT has refunded £18 million to EE, Plusnet and BT customers after breaking contract rules Ofcom found over 1.3 million sales were made without clear pre-contract information At least 1.1 million customers may have been wrongly charged early exit fees Affected customers have been contacted, but some may still be owed money Where refunds weren't possible, BT donated £440,000 to 17 UK charities More than a million customers of multiple phone and internet providers could be due money back after a telecoms giant was forced to refund a massive £18 million — and you might be one of them. The payout to customers of EE, Plusnet and BT could follows an Ofcom investigation which found the latter broke consumer protection rules by failing to give customers key information about their contracts before signing up. Advertisement Hide Ad Advertisement Hide Ad Since June 2022, telecom firms must provide clear details upfront — including contract length, speed, cost, and early exit fees — but BT failed to do so in at least 1.3 million sales. BT, which owns EE and Plusnet, was fined £2.8 million by Ofcom last year after breaching regulations designed to protect consumers and small businesses. (Photo: CHRIS J RATCLIFFE/AFP via Getty Images) | AFP via Getty Images At least 1.1 million customers were affected — and many may have been charged early exit fees unfairly after leaving contracts they never properly agreed to. The regulator demanded BT refund any customers who had paid such fees. Where refunds weren't possible — such as where the customer couldn't be contacted — BT was ordered to donate the equivalent to charity. So far, £440,000 has been given to 17 UK charities. Advertisement Hide Ad Advertisement Hide Ad A spokesperson for BT said: 'We're sorry that pre-contract information and contract summary documents were not available to some of our customers in a timely manner. 'We have proactively contacted affected customers and refunded them where appropriate.' BT added that it has worked with Ofcom to fix its sales processes and ensure compliance going forward. Advertisement Hide Ad Advertisement Hide Ad How to find out if you're owed a refund If you were an EE or Plusnet customer between June 2022 and early 2023 — and left your contract early — you could be due a refund. BT says it has proactively contacted those affected, but if you think you've been missed: Contact your provider directly (BT, EE or Plusnet) Check past bank statements for early termination charges Ask for written confirmation of whether your contract met the legal requirements If you've since switched providers or changed contact details, it's especially worth following up, as BT may have struggled to reach you. Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
