Some 12 million people in Britain are likely to struggle with bills and loan repayments as the COVID-19 pandemic continues to wreak economic havoc, a Financial Conduct Authority survey tracking consumer financial resilience showed on Thursday.

A man walks past a sign warning of fines for not wearing a face covering at Waterloo Station in London, Britain, on September 23. Photo: Xinhua

The survey, conducted in July, found 12 million people in Britain had low financial resilience and also found that one-sixth of those people had become financially vulnerable since February, after lockdowns to control the virus slashed incomes and led to thousands of job cuts.

The survey, in which 7,000 people took part, showed that almost a third of adults have suffered a drop in income, while income for households has fallen by a quarter on average.

Black and Minority Ethnic respondents fared even worse, with 37 percent reporting a hit to their incomes.

More than a third of respondents, who already had low financial resilience and had a mortgage, said they were likely to fall behind on mortgage payments, while 42 percent of renters said they were worried about falling behind on their obligations. And 36 percent of people feared falling behind on repayments linked to loans or credit cards.

"We want to remind consumers, especially those who are newly in financial difficulty that lenders are able to provide you with support," Sheldon Mills, the FCA's Interim Executive Director of Strategy and Competition said.

The regulator has put together a package of measures to ensure vulnerable households can access help after October 31.