. This means around a quarter of adults living have no financial safety net to cope with the rising cost of living or unexpected bills - leaving many with no option but to get into debt. However, the figures also reveal that many people are already finding this difficult. Among the 79% of UK residents who use credit, two in five (43%) are now anxious about how much they owe. Over a third (35%) are worried about the number of different debts they have. 25% of adults have no money to fall back on ( Getty Images/iStockphoto) MaPS said 81% of people still avoid discussing their finances. Asked why, the most common responses were 'not wanting to be judged' (21%), 'fear of burdening others' (19%) and 'shame or embarrassment' (17%). MaPS chief executive Caroline Siarkiewicz said: 'Millions of people find it a challenge to save and this leaves them vulnerable when sudden expenditure items arise. When you add in the anxiety that they feel with their credit commitments, the weight of that worry can quickly become overwhelming. "By dealing with the problem head on, people can discover just how helpful free debt advice can be and see the importance of talking to their creditors early. They can also begin to find a way forward, no matter how difficult their situation might feel. 'Free help and guidance on how to do all of this is available via our MoneyHelper service and I'd urge everyone who needs it to get in touch today.' The Bank of England is also now warning the country could face its longest recession on){kind=link}
Nine million Brits have no cash at all in the bank to help with unexpected costs as prices soar, with no other option that to get into debt, financial experts say
Millions of households have no cash to fall back on as the cost of living soars, experts say.
Around nine million people have no savings, and another five million have less than £100 in the bank, according to new research from the Money and Pensions Service (MaPS).
This means around a quarter of adults living have no financial safety net to cope with the rising cost of living or unexpected bills – leaving many with no option but to get into debt.
However, the figures also reveal that many people are already finding this difficult.