It was also found that people are not sure how much they regularly put towards utility, council tax and insurance costs.
Financial expert Alvin Hall said it has become increasingly important for people to understand where their money is going.
He explained: "For many of us there's a two-part barrier to understanding financial products and making the best decisions about them.
"The first is the language barrier - the legalese and jargon. The second barrier is emotional - we have preconceived ideas about the complexity of these products and we are spooked before we even start our research."
A study by the Co-operative Bank recently found that first-time buyers are cutting back on luxuries such as holidays to get onto the property ladder.
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