One in five Brits have no idea how much debt they’re in – how to get help with your finances
ONE in five cash-strapped adults have no idea how much debt they’re in, new research has found.
A poll of 2,000 adults has revealed 17% would rather not find out the exact figure they owe.
A further 21% don’t want to worry about something they feel they can’t do anything about.
But experts say this is worst approach to have, as burying your head in the sand will only make it harder to pay off your debt.
The research also showed how 16% don’t even bother checking their account on payday because seeing it all fly straight out to pay the bills and debt brings them down.
Another 22% don’t check because they assume their employer won’t make a mistake.
While one in 20 don’t even know how to access or get hold of their payslip in the first place.
It also emerged more than one in ten rarely check their account balance before making a purchase, but 16% have had their card declined for not having enough left in their bank.
The research, conducted via OnePoll, also found more than a quarter of people admitted to having a "bury their head in the sand" attitude towards their cash situation.
As a result, 36% are worried about the current state of their finances, and three in ten feel they don’t feel they have everything in order.
Maitham Mohsin, head of savings at Skipton Building Society, which commissioned the research, said: "We all deal with financial stress differently.
"We understand things can be overwhelming but it’s important to start addressing our financial well-being as much as it is our physical and mental health where there has been such focus in recent months.
"If the problem is left alone it’s likely to get worse and impact on other aspects of life."
The Sun has rounded up eight ways to help you get out of debt.
Plus, here are the best websites to look for a new job – and how to make sure you get a pay rise.
Furloughed workers are "three times more likely to have defaulted on a payment".