Just one in four British adults are in charge of their finances, and women are the worst culprits, according to a recent study by IFA Promotion.
Only 25 per cent of adults made a budget and stuck to it, while 31 per cent say they tried to budget but failed.
Even fewer 14 per cent – have never even tried to budget, 16 per cent worry about their finances and think they need to start, and 5 per cent have abandoned all hope of ever being financially in control.
IFAP chief executive David Elms says: The twin ideas of budgeting and thrift seem almost lost to history; and while over half of us claim to work to a budget, most are unable to stick to it in the face of temptation.
“The uncomfortable fact is that few people can expect the bank of mum and dad to bail them out if borrowing costs rise, and the State no longer provides a comfortable retirement for those who refuse to save for the long term.