And finally…more than a quarter of Brits have no idea how much they owe

The research found that a third (33 per cent) of Brits have borrowed money this year, with the preference being to borrow from family members (12 per cent) or take out a credit card (11 per cent). To date in 2016, Brits who have borrowed money have taken out an average of £446 in new debt - and 38 per cent of adults who are in debt also admitted to being concerned about the total amount they currently owe.

This year Brits who have borrowed money, borrowed the most from:

When it comes to having a hold on finances, the research found that more than a quarter (28 per cent) of Brits who have a current account do not know how much they have in the account, while there is also a lack of awareness when it comes to key monthly outgoings.

Over a quarter of Brits who owe money on their bills (27 per cent) are unable to confirm what they owe, and 47 per cent are not clear what they owe on their mortgage. Despite being unclear of the details of their general financial situation, nearly a third of these adults (32 per cent) are unconcerned about lacking this financial knowledge.

Brits aged between 18-24 have the loosest grip on their finances, with 31 per cent of those with a current account admitting to having no idea how much money they have in their account. Regionally Londoners are least likely to know their numbers with 40 per cent unable to confirm the amount in their current account, whilst those from the East Midlands are savviest with just 18 percent unaware of this amount.

Despite this, it seems the age Brits reach a financial turning point is dropping, with the research revealing that the average age attitudes to money change significantly is 36, two years younger than in 2015.

The study also highlighted that being debt free (74 percent), owning a house (63 per cent) and being able to put money into savings each month (62 per cent) were the three key things that make Brits feel financially secure.

Claire Davenport, Managing Director at VoucherCodes.co.uk says: “Having an awareness of the money you have at your disposal, as well as your monthly outgoings is key to managing your finances and preventing yourself getting in unnecessary debt. Whilst it’s good to see that the age people are sitting up and paying attention to their finances is dropping, it still seems that a large proportion of Brits are turning to borrowing in order to manage their finances.

“Keeping tabs shouldn’t be a chore, check out the many apps out there for managing your finances such as banking apps, budgeting tools and money saving apps like VoucherCodes.co.uk, which can help you make savings on all sorts of items when you’re out and about shopping.”