56 per cent of respondents considered themselves to have sound financial knowledge, but the findings of the study suggest otherwise;

• Just over half (51 per cent) believed life insurance was compulsory for all UK adults
• Over 2 in 5 (42 per cent) believed having a credit card was mandatory for all UK adults
• 72 per cent believed (incorrectly) that student loans affect the credit rating of a borrower
• 61 per cent believed that a person must be over the age of 30 to qualify for a pension scheme (private or otherwise)
• 27 per cent of respondents believed they could only withdraw money from a bank’s ATM if they held an account with that bank

“I have to say, that I am worried about the number of Britons who have financial misconceptions,” Nick Swan, CEO and founder of VoucherCodesPro.co.uk, said. “These are very basic points that our respondents have got wrong, which could ultimately cost them. I would advise respondents to start getting clued up about these points and others. You and your finances will benefit from this knowledge, allowing you to plan and make better use of your money.”