The Post Office found that one-fifth of people have hidden their money worries, with 78% yet to confess the true extent of their difficulties.
Furthermore, it discovered that the average person in the UK now owes £9,731.51, although many will only admit to owing half of this figure.
Doug Strachan, Director of Financial Services at the Post Office, said: “The most important thing to remember is that if you do need to borrow money make sure you are responsible about it and set out a clear re-payment plan.”
He added that the recession may have put financial pressure on people for the first time so knowing how to deal with it is problematic.
Recent inflation statistics suggest there could be further problems on the horizon for savers, as the consumer price index increased to 3.4%.
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