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10:29 2nd February 2009
According to moneysavingexpert.com, there is not enough financial education available in the UK to make people aware of what benefits they are eligible for.
Martin Lewis, creator of the financial website, said many people suffer from financial hardship through a lack of awareness of what benefits they are entitled to and that the problem is particularly bad when it comes to debt.
He also said there should be more opportunities for people to seek financial training to leave them better prepared to sort their financial situation.
While speaking about the amount of child benefit that goes unclaimed in the UK each year, Mr Lewis said: "The biggest problem, for me, is that there is no financial education in schools and there is no financial education for adults."
The financial expert added that the recession could have a dramatic impact on how people approached their money and savings.
Home study courses could help people learn more about finance while in the comfort of their own living room.
Figures from Creditaction show that Britons had racked up personal debt worth nearly £1.5 billion by the end of November last year.
