The Financial Conduct Authority (FCA) published the key findings of its Financial Lives May 2024 survey on 16 May 2025, reporting that the number of adults holding a current account rose to 52.5 million, up from 50.8 million in 2022, with a corresponding reduction in the unbanked population to 0.9 million, down from 1.1 million in 20221.
The survey found that 13.1 million adults had low financial resilience in May 2024, 24% of all UK adults, which the FCA said was not statistically different from May 2022, when the figure was 24% and 12.9 million1. The number of adults with characteristics of vulnerability was 26.4 million in May 2024, 49% of all UK adults, a decrease of 0.9 million since May 2022, when the figure was 52% and 27.3 million1.
Fieldwork for the survey took place between 5 February 2024 and 16 June 2024, with 17,950 adults participating and just under 45% completing it in May 2024, more than in any other month1. The survey covered nearly 1,300 questions1.
On insurance, the FCA reported the biggest rise in consumers experiencing problems was among insurance policyholders, at 16%, up from 12% in 2022, mainly because more policyholders said their policy cost more than expected1. Motor insurance had the highest switching rate in the last three years at 61%, up 9 percentage points from 52% in 20221.
"An increase in the number of adults who hold a current account (52.5m, up from 50.8m in 2022) and a corresponding reduction in the unbanked population (0.9m, down from 1.1m in 2022)"
Why it matters for households
The rise in current account holding and the fall in the unbanked population mean fewer adults are outside the banking system than in 2022. For those without an account, opening a bank account involves applying and providing documents, and applications can be refused. The survey also covers how a current account works and the range of types of current account available.
The figures on low financial resilience and vulnerability describe the position in May 2024 and are not statistically different from 2022 for low financial resilience. The survey does not report what has happened to these numbers since the fieldwork ended in June 2024.
The insurance findings relate to policyholders' experiences of problems, with the FCA attributing the rise mainly to more policyholders saying their policy cost more than expected. The motor insurance switching rate covers the last three years and is not a measure of what any individual household paid.
What happens next
The FCA said it will make the 2024 survey data available through GeoDS by September 20251. No further publication dates for the Financial Lives survey have been reported.
MoneyHelperFree, impartial money and pensions guidance, set up by government
FSCSProtects your money if a bank, insurer or investment firm fails
Financial Ombudsman ServiceFree, independent help when a complaint about a firm is not put right
Citizens AdviceFree advice on money, consumer and legal problems in England and Wales