Thousands of Brits ‘don’t deal with finances’

Figures from Picture Financial also demonstrate that the lack of action does not there as around eight million Britons take steps to organise their money only once a year or even less often.

Additionally, the recent study suggests that around 16 per cent of people in the UK have difficulty when it comes to fully understanding the details of financial products and services, which equates to nearly 7.5 million consumers.

Julia Dallimore, marketing director of Picture Financial, commented: “Keeping a track of our incomings and outgoings and being clear about what we want to achieve with our money management can also make a real difference to our bank balance.”

Earlier this week, head of mortgages at Bradford & Bingley Andy Wiggins reflected that online resources could have a positive impact in terms of improving financial awareness around the country.