UK adults are almost "10 years behind" when it comes to money planning, Octopus Money has found.

In research by the firm, which is part of the Octopus Group, it was revealed that Brits have an average ‘money age’ of 32, compared to the average age of the UK population (41 years old).

It was found that people in the North tend to be "savvier" than those in the South when it comes to money planning. The North West has the oldest ‘money age’ of 35, whereas those in London were slightly above the UK national average (33 years old).

The East Midlands had the youngest ‘money age’ of 32.

Men (35) have an older ‘money age’ than women (32), scoring more highly for their understanding and decision making across investing, savings, pensions and protection.

For different aspects of money management, people are most likely to be puzzled by pensions, bringing the UK’s ‘money age’ down and generating the lowest scores when it comes to understanding and action.

Almost three quarters (70%) of those surveyed say they understand pensions, however a quarter (23%) didn’t know the age at which they could start taking income from a workplace pension.

Furthermore, just one quarter (24%) of those surveyed said they have started contributing to ta workplace or private pension.

It was also found that 62% of women felt they were not equipped for retirement, compared to 45% of men.

When it comes to retirement, half (50%) of Brits said that the cost-of-living crisis has made them worry about how much they have at the end of the month, with a knock-on effect to later life plans.

More than two in five (43%) of those aged 35-54 said they haven’t ticked off a number of important money planning tasks like making a will, paying into a private pension pot, speaking to an adviser to increasing their workplace pension contributions.

One third (33%) of those aged 55 and over said the same.

Head coach at Octopus Money, Kelly Atkins, said: "With our money age campaign and quiz, we want to kickstart the nation’s financial journey and provide everyone with the help they need to make a good money plan.

“Our research shows that the UK is about 10 years behind where they should be when it comes to money planning, with an average money age of just 32. We know it’s a very tough time for lots of us when it comes to money. But the key to being on track for our long-term financial goals is to take action as early as you can – even small steps can help.

"Lots of us don’t want to think about the future but it’s important to realise that it might not be as daunting as we think. Making a plan now is the best way to make a difference."

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