Almost one in four Brits – 23 per cent – are financially vulnerable, with more than half expecting their situation to get worse over the next year, according to new research.

A study by Open Banking platform Tink found that the majority of those who are in financial difficulty – 51 per cent – think that banks should provide financial support to customers during the cost-of-living crisis.

The report, which surveyed over 2,000 consumers in the UK earlier this year, revealed that many of those struggling with their finances have had to make difficult choices.

A fifth of the financially vulnerable respondents said that they have missed a monthly mortgage or rent payment.

A further 22 per cent have cancelled financial products such as insurance.

“It is clear there is an appetite for more support from banks amongst those experiencing financial distress,” said Tasha Chouhan, UK and IE banking lead, Tink.

The research also revealed that over two-fifths said they would like to learn more about managing their finances , while nearly 60 per cent think banks should make financial services more universally accessible.

Almost half – 45 per cent – of financially vulnerable Brits would switch to another bank if they had better deals or money saving opportunities for their monthly outgoings.

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