More support is needed to “level the playing field” when it comes to wealth generation in the UK, according to savings and investment platform, Moneybox.

The firm published research which revealed that individuals who are more confident in their personal finances have an average net worth (£145,000) which is double the size of those that lack confidence (£78,000), regardless of income.

Moneybox’s analysis found that those who identified as financially confident regarding savings, investing and managing their personal finances overall are more likely to seek out financial information, guidance, and advice proactively across a variety of sources (80%).

Around half of this group, 48%, turn to family and friends for financial advice and a third use freely available expert information as their sources.

Furthermore, the study suggested that those with greater confidence typically devote more time to understanding and actively managing their personal finances (52%), compared to just 12% of those lacking in financial confidence.

“Part of the enduring legacy of poor financial education in this country is that most people do not feel equipped to make financial decisions with confidence,” commented head of personal finance at Moneybox, Brian Byrnes.

“Everyone wants to do more with their money but many feel overwhelmed when faced with financial choices they don’t feel they fully understand. Our analysis clearly underlines the need for more to be done to help people achieve their financial potential in life.

“While it cannot be overstated how important it is to build and embed positive financial habits early in life, the truth is that people figure out how to manage their money throughout life, often through trial and error, and opportunities are missed. That is why we as an industry need to evolve to offer more targeted support and guidance to help guide and support people as they grow their financial knowledge and confidence over time.”

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