Most people struggle to manage their own money, says new study

Two out of three people find financial matters too confusing to make the best choices with their money, according to a survey.

The results of the Learndirect poll, which questioned 3,000 people, raise concerns about households’ financial knowledge at a time when family budgets are being squeezed.

Four of out five are unsure which benefits and allowances they are entitled to.

Others struggle to get value for money or understand the small print.

More than a quarter of those asked said they are clueless about how to shop around for the best electricity, gas, mobile phone and television packages.

John Rhodes, head of financial capability at Citizens Advice, said: “We are seeing more and more people coming to us for debt advice, and with money worries.

“There is a need out there for people to have the skills to manage their cash.”

Learndirect is to launch a free guide outlining ways to budget, spend wisely, choose products and look for a job.

The poll results lend support to a range of advice organisations that have been calling for more education on financial matters in schools. 

Source: introducertoday.co.uk