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Two million households are living on a financial knife-edge and are susceptible to an economic downturn, according to a Financial Services Authority (FSA) report.
A further half million households have difficulty meeting debts.
Academics at Bristol University questioned over 5,000 consumers about their personal finance knowledge, the largest survey of its type ever conducted.
The results revealed an alarming lack of knowledge amongst consumers. Half a million households are in serious financial difficulty, even in current benign economic conditions.
John Tiner, Chief Executive at the FSA stated: "There is a real problem amongst the young. Today's 18-40 year olds are faced with greater challenges than were faced by their parents.
"The cost of not having the necessary skills to make sound financial decisions is becoming increasingly significant. We have to find new innovative, creative ways to grab the attention of young people."
The Authority has pledged £10 million to improve financial knowledge amongst consumers.
Source:
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