One in ten Britons are unsure about their level of debt, according to new research.

A study by CreditExpert.co.uk has revealed that, although 96 per cent of respondents initially claimed to be familiar their finances, further probing proved that they were not.

It was also noted that only one in four people know how much they have left to pay back on their loans, while a fifth admit to only planning their finances every six months.

Jim Hodgkins, managing director for CreditExpert.co.uk, said that it was “alarming” people knew so little about the state of their finances, adding: “Keeping track of your commitments and planning for the future are always important.”

Other findings which emerged from the research included that people are not confident about applying for loans, with 23 per cent of those questioned expecting to be turned down for a loan of £1,000 and 42 per cent believing they would be refused £10,000.

In related news, MoneyExpert.com has revealed that some 38 per cent of people with debts are concerned about their ability to pay back their loans.