One in six adults in the South West have no savings. Overall, almost a quarter of adults have less than £100 put away.

Almost half of people who use credit are anxious about how much they owe.

Over a quarter are anxious about the number of credit products they have.

Free help is available, but four in five people still struggle to talk about money.

Almost three quarters of a million people across the South West have no savings and another 300,000 have less than £100, according to new research from the Money and Pensions Service (MaPS).

The survey of 222 adults, carried out for Talk Money Week (November 7-11), shows that one in six (16 per cent) have nothing put away and another one in 14 (7 per cent) have £100 or less.

This leaves almost a quarter of adults in the region living without a financial safety net to cope with the rising cost of living or unexpected bills, meaning some may have to use credit.

Although credit is an important tool when used and managed well, it’s crucial that people understand what they can afford and have a plan to pay it off.

However, the figures also reveal that many people are already finding this difficult. Among the 74 per cent of South West residents who use credit, almost half (47 per cent) are now anxious about how much they owe. One in four (27 per cent) are worried about the number of different products they have.

As cost of living pressures start to hit home, it’s more important than ever to talk about money before problems set in. However, the survey also reveals that 81 per cent of people still avoid discussing their finances.

Asked why, the most common responses were ‘not wanting to be judged’ (24 per cent), ‘fear of burdening others’ (23 per cent) and ‘shame or embarrassment’ (15 per cent).

During Talk Money Week, everyone is being encouraged to open up about money, plan for their financial future and take free debt advice as soon as they need it.

Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service, said: 

“Over a million people across the South West find it a challenge to save and this leaves them vulnerable when sudden expenditure items arise. When you add in the anxiety that they feel with their credit commitments, the weight of that worry can quickly become overwhelming.

“This Talk Money Week, we want everyone to start the conversation with family or friends and share the burden of any money worries. By dealing with the problem head on, people can discover just how helpful free debt advice can be and see the importance of talking to their creditors early. They can also begin to find a way forward, no matter how difficult their situation might feel.”