A new report has highlighted the extent to which British consumers are deluding themselves about their own debt management awareness.

Figures compiled on behalf of CreditExpert show that almost all adults feel that they have a good handle on their own financial situation but only a quarter can accurately estimate how much they owe to their creditors.

In addition, around one in ten people cannot say with any degree of certainty how big their debt problems are and close to a quarter of 18 to 34-year-olds admit to being bad managers of their own money.

"It’s alarming to see that while almost the entire UK population think they are on top of their finances, many aren’t," said Jim Hodgkins, managing director for CreditExpert.

Meanwhile, MoneyExpert reported recently that an increasing number of British consumers are becoming fearful of their own debt management prospects in light of the worsening economic climate.