Nearly four in 10 adults feel their finances are in a state of chaos, as bills, taxes, food prices and transport costs put a strain on their income.
A poll of 2,000 UK adults found 27 per cent are currently in some kind of unsecured debt, estimating it will take them over three years to clear it.
As a result, 79 per cent of those are concerned about the amount of debt they have, although 87 per cent feel they have a good understanding of how they can decrease their outstanding balances.
The research also found older generations are more likely to rely on credit cards, with 70 per cent of 55 to 64-year-olds having at least one, as well as 62 per cent of over 65s.
But, of those that use credit cards monthly, older adults are more likely to use them to pay for food and transport, while those under the age of 34 cover the cost of subscriptions, childcare and mortgage or rental payments.
Mark Gregory, CEO & founder of Equity Release Supermarket, which commissioned the research having recently launched smartER – a personalised equity release comparison tool – said: “The nation is facing a cost-of-living crisis, which is having a compounded impact on people’s finances and seeing more and more hit by debt and struggling to fill the void.
“Our research has shown that many are in need of support, and perhaps most shockingly have never reached out for help to gain the financial advice they fundamentally require.
“But it’s important to seek help sooner, rather than later, otherwise things can become overwhelming and there are several ways in which people can ease and improve their financial outlook, with equity release being a possible solution.”
The study also found 40 per cent of adults have specific financial goals set for their future.
But 72 per

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