Financial Planners, of course, concentrate on the better off. They need to focus on people able and willing to pay their fees and that’s perfectly reasonable, indeed it's a business requirement.

I know many planners also generously do pro bono work, often helping money charities and organisations like Citizens Advice Bureau. Sometimes they help people who will never be able to afford to be clients.

This is a generous thing to do but it does not help the people at the bottom of the heap, the ones who struggle all the time.

We know Financial Planner clients themselves have found the current economic turmoil - and recent threats to impose inheritance tax on unused pension pots - an unwelcome distraction. Good Financial Planning advice will help with that but what of those who would never be able to afford financial advice?

I was reminded of this during the week with a report we’ve run on Financial Planning Today.

One study, based on a survey of 4,000 adults and carried out by Royal London, found that one in 10 Britons say they are on the brink of a financial crisis and one in 50 are already in one. Mid-life adults aged 30 to 49 are the worst affected age group, with 16% either in or close to a financial crisis. 

Families with children under 18 are, we are told, under acute pressure with almost half, 47%, saying they are close to financial crisis or are feeling the pinch.

I have absolutely no doubt these people are struggling but I am puzzled by one thing. For a full time worker the minimum wage now for anyone aged 21 or over equates to approximately £25,000 a year. A couple working full time would be on a joint salary of £50,000 a year and that’s just those on minimum wage. £50,000 sounds like a decent amount to me so is something else going wrong? Is it impossible to live on £50,000 a year?

One big factor is costs. The cost of buying or renting a house has risen astronomically in the UK over the past 20 years and I suspect swallows up a large chunk of people’s income. In London, anecdotally, I gather it's common for people to spend 40% or 50% of their income on housing costs.

Some people may also struggle generally to budget and live within their means. Of course, these are simplistic responses and everyone’s circumstances will be different. Life will look very different if you are a single parent looking after two or three children and relying on part time work and state benefits. Struggle for them is a way of life.

There is no doubt, however, that something is fundamentally wrong with the UK’s personal finances and government has barely touched the surface of what to do.

For what it’s worth, easy answers are few but I would like to see a huge increase in social housing, capped rents in the private sector and more efforts to help people to budget. This is not revolutionary talk in my book, just common sense. Only when we tackle the underlying problems of poor personal finances and affordability will we see a happier and more content population. One that doesn’t fear the next council tax or utility bill increase.

Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days.  Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Follow @FPT_Kevin 

> Follow me on Twitter / X at @FPT_Kevin for breaking news and key updates