The coronavirus pandemic continues to have an impact on the UK economy and on people’s personal finances.

According to the most recent Financial Conduct Authority Financial Lives Survey, an additional 3.5 million adults now have low financial resilience, leaving them unprotected against the twists and turns of life. Faced with a major shock such as a bereavement or a more mundane expense such as a broken boiler, millions of people have little option but to turn to credit or other forms of borrowing to get by.