Midlands towns and cities appear on a new list of the ‘poorest’ places in England where residents face the biggest challenge to keep their heads above water. A new study by Fair4All Finance listed towns and cities based on the number of adults living in “financially vulnerable circumstances”.
It provides an insight into the areas where most households are struggling with cost of living pressures. Fifth on the national list was Stoke-on-Trent. Over half of residents in the Staffordshire city are classed as being financially vulnerable, many of them living hand to mouth and just about covering their monthly bills.
Also on the list, in 10th place, is Walsall where the rate is 52%. Coventry was listed in 16th on 51%. Many of the towns and cities were unsurprisingly in the north of England or the Midlands, although the poorest town was Harlow in Essex.
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That was followed by Sunderland, South Tyneside and Blackburn with Darwen. Experts said millions of Brits were barely scraping by and were potentially just one crisis away from financial catastrophe.
Diane Burridge, director of development at Fair4all Finance, said: “The rising number of adults living in financially vulnerable circumstances is a wake-up call for systemic change. With 38% of the UK adult population now facing financial difficulties, these findings underscore the urgent need for coordinated, system wide efforts to create a society where financial stability is not a privilege but a minimum standard.
“Access to cash is critical for millions who rely on it to manage their daily expenses, yet it’s increasingly out of reach for many communities. Beyond cash, we must prioritise improving financial inclusion by ensuring affordable and accessible financial services are available to everyone, especially in underserved areas.
“Policymakers, businesses, and financial institutions must work together to develop inclusive policies and products that provide people with the tools and resources to build financial resilience. Only by addressing these challenges collectively can we build a financial system that truly supports everyone, regardless of their circumstances or location.”