More and more people are feeling the need to seek out advice in the credit crunch, a coalition of charities claims.
Around 50 percent of credit crunch-hit Britons feel more inclined to seek out financial advice than they did last year, it has emerged.
According to a new report from charities including Citizens Advice and Youth Action, 80 percent are also "more worried" about their personal finances than they were at this point last year. The data was released by the group in a bid to promote financial advice.
Known as the Promoting Advice coalition, the organisation said in their report that the group who were most in need of a third opinion on their finances - low-income households - also had the lowest level of knowledge about how to go about getting advice. The report puts this trend in the wider context of other examples of financial assistance not getting through - such as the £9.9 billion in UK means tested benefits which remains unclaimed each year.
The credit crunch has already caused an upturn in unemployment figures, with jobless numbers growing to 1.72 million. Some analysts expect this total to hit two million by the end of the year.
David Harker, chief executive of Citizens Advice, said: "Time and time again we see how seeking advice can have a massive impact on people's lives, whether it's helping people speak to creditors, claim the benefits they are entitled to, tackle discrimination, or helping people stay in their home.
"Yet while recent increases in essential everyday expenses means many people are finding it increasingly hard to make ends meet, too many people are still missing out on money that is rightfully theirs, assuming they won't qualify or are too daunted by the process of making a claim. Anyone unsure about their benefit entitlements, legal rights or other problems should not hesitate to seek advice."
Barbara Rayment, director of Youth Access, added: "Young people are extremely vulnerable in an economic downturn. Already, increasing numbers are experiencing unemployment, poverty and the problems that result from that, such as homelessness and debt."
