Almost half of UK adults are financially overweight, with over 10% of people verging on ‘financially obese’, according to the Lloyds TSB Bank Mass Index.

Based on the Body Mass Index, the Lloyds TSB Bank Mass Index (£BMI), developed by Professor Stephen McKay of the University of Birmingham, calculates financial health.

By answering a few simple questions about savings, investments, pensions, home ownership and levels of unsecured debt, it works out whether a person is financially fit, financially overweight or financially obese.

A test of the nation’s fiscal fitness, revealed an average £BMI score of 28, classing the nation as ‘financially overweight’, with 42% people admitting that they have no savings.

Perhaps unsurprisingly, the younger generation are the most financially obese with 18-24 year olds scoring an average of 31 and those aged over fifty five scoring a much fitter 24. Women are also in poorer financial shape, scoring an average of 28 versus 27 for men.

But it is not all doom and gloom, the Lloyds TSB Bank Mass Index acted as trigger for one in five who are now motivated to start sorting out their finances, with 16% planning to take immediate action. Over a third also said that although they are not in a position to sort out their finances immediately, they plan to take action in the near future.

Ian Larkin, managing director of consumer banking at Lloyds TSB, said: “Our physical health is something that the nation is taking increasingly seriously. Most of us know our Body Mass Index, but our financial health seems to be less of a priority and often people have misapprehensions about the real state of their money.

“As a London 2012 Partner, physical fitness is at the forefront of our minds but financial fitness is equally important. The Lloyds TSB Bank Mass Index is a great wake up call for people who might have been neglecting their financial affairs – helping to put them on the right track. There has never been a better time to get Britain financially fit.”