More than half of Britons either do not have a household budget or do not stick to it, research from StepChange Debt Charity has found.
The charity said that 43% of adults it surveyed, equating to 21 million people across Britain, do not set down details of their outgoings and the amounts of money they have coming in.
A further 13% of those surveyed, who have a budget, admit they do not stick to it, which would be six million people if the figures were projected across the country.
The findings from the survey of more than 2,000 people were released to mark the start of Debt Awareness Week.
StepChange said that a thorough budget is "vital" in being able to manage money effectively, especially for those who are struggling to meet their living costs.
It also recommends that people should take better control of their finances by opening bills and statements immediately, paying priority debts first such as mortgages, rent and energy bills and seeking help with unmanageable debts early.
Mike O'Connor, chief executive of StepChange Debt Charity, said: "Many people are living on the edge of their financial means and even a small reduction in income or increase in living costs can tip them into problem debt.
"It is crucial that people do not feel scared or embarrassed by having a money problem, but instead take positive steps to bring their finances under control."
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