A majority of adults in the UK have claimed that they do not know how manage their finances in a responsible manner, with just 34% feeling “in control”, while over half (57%) were not aware exactly of how much they had in their account, according to a survey conducted by Creditfix.

Furthermore, the research revealed that only one in five British adults log their outgoings each month to keep track of their finances, while 14% admitted that they would only check their balance twice a month.

When questioned on the reasons why they did not keep a closer eye on their finances, 31% claimed that they did not have time to log their outgoings each month, while 15% simply stated that they did not checking their balance often.

Commenting, Creditfix marketing manager Taylor Flynn said: “It’s worrying to see just how few British adults feel in control of their finances. It’s understandable of course, but it is concerning.

“There are simple ways to manage finances and thanks to apps and technology advances, there are more things available than ever before that can be used to make this easier. Setting a realistic weekly budget will allow Brits to monitor how much they can spend to avoid going into any unwanted debt.

“By scheduling monthly bills, this will help to control any outgoings as it can be monitored effectively. Creating a monthly log to track spending on items such as bills, food shops and social activities is also helpful and doesn’t need to take endless amounts of time. This will make life easier in the long run and can prevent debt and financial difficulty along the way.”

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