Almost two thirds (64%) of UK adults, equating to 35 million people, believe they have missed out on financial opportunities in life, research by Moneybox has suggested.

Over a third (35%) of those who said that they have missed out blame a lack of financial knowledge, with 29% citing low financial confidence.

Moneybox found that those who are at this financial disadvantage on average miss out of £65,000 over the course of their lives.

The digital wealth manager’s research revealed that if these consumers were better supported to make financial decisions with greater confidence, this could equate to a potential £2trn of spending power to the UK economy.

Moneybox added that because most people in Britain never received any financial education in school, most have been left to figure out how to manage their finances and plan for the future through trial in error.

Research revealed that a quarter (26%) of those surveyed do not feel they have ever learned how to manage their finance, with 21% admitting they don’t know where to start.

Among those who feel they have educated themselves on financial matters, three in five (61%) have turned to family and friends for guidance and advice.

Almost half (47%) said they have learned via freely available financial information online or in the media, with over one in seven (14%) speaking with a financial adviser.

Head of personal finance at Moneybox, Brian Byrnes, said: "When we are young, our financial lives are typically quite simple - but without pointers in the right direction and confidence in our financial decisions, opportunities can be missed and mistakes can be made.

"These snowball into long-term consequences, and when we are older - and often have more complicated financial situations - we can’t afford the financial advice we need. A lack of education, knowledge, and most of all confidence, is having a direct impact on the money in people’s pocket each and every day."

---