More than 60,000 adults living in “financially vulnerable circumstances”

A TOTAL of 60,095 adults in Warrington are living in “financially vulnerable circumstances” according to a new study.

That’s 36 percent of the adult population – and a 15 percent increase since 2022.

The research by Fair4All Finance, the not-for-profit financial inclusion organisation, reveals 41 percent of adults in the North West are living in financially vulnerable circumstances.

• The North West ranks 4th out of all 12 regions of the UK in terms of level of vulnerability
• Financial vulnerability in the North West has risen by 19 percent in the past two years

Warrington is, however, faring better than some neighbouring towns.
Salford has 49 per cent of the adult population in financially vulnerable circumstances, Halton 48 per cent, St Helens 44 per cent and Wigan 41 er cent.
Only Trafford, with 32 per cent, Cheshire West and Chester, 29 per cent and Cheshire East, 27 percent,

The research says the rising tide of those struggling with financial vulnerability in regions across the UK is due inflation and rising living costs which eat away at the spending power of those who were already struggling to get by, as well as those who have fallen into difficulty for the first time.
It also highlights rising living costs, low or unstable incomes, persistent debt and a lack of “safety nets” such as insurance, credit and savings are among the factors which exacerbate financial vulnerability for millions of households.

Credit unions and community development finance institutions (CDFIs) could be a vital source of support for communities and households who have been rejected by mainstream banks. Many of them provide a range of innovative products that are tailored to people that might be in financial difficulty.
For more information on finding a local credit union, visit: https://www.findyourcreditunion.co.uk/
For more information on finding a CDFI, visit: https://www.findingfinance.org.uk/