The regulator’s Financial Lives survey found that in rural areas – where there is a greater reliance on bank branches – a higher proportion of people have difficulty getting to a bank and tend not to be able to use online banking.

However, people in rural areas are more likely to be satisfied with their overall financial circumstances compared with those living in urban areas, who are less likely to be satisfied with their financial position and are more likely to use high-cost loans and on average have higher levels of unsecured debt.

The FCA’s survey of nearly 13,000 adults showed that across England, the highest proportion of adults with characteristics of potential vulnerability were found in the North West (55%).

Adults in London were found to have the highest levels of over-indebtedness (17% compared with 15% across the UK), while those living in Yorkshire and the Humber were most likely to be ‘in difficulty’ (11% compared with the UK average of 8%).

Only 13% of the adult population said they had no savings, but the report showed there was a clear north-south divide with more people in the North having no savings.

The FCA has released weighted data tables which provide details of the study’s findings so that local decision makers and other organisations can use the information to consider what they can do to help support people who may be struggling financially.

“This survey shows just how different the experience of financial services is for consumers across the country,” said Andrew Bailey, chief executive at the FCA.

“That’s important for us, as we shape financial services policy. 

“But it is also important for firms, as they decide how best to serve their customers.”