A number of households in the UK are overpaying their bills by £2,650 per year as a result of poor finance management, it has been claimed.
A datamonitor study, commissioned by new website allfiled.com, has revealed that just five per cent of UK families use a specific system to manage their payments.
More than one-third of the survey’s respondents admitted that they are disorganised when it comes to controlling household outgoings.
As a result, many people could receive late payment fines and miss out on "money-saving deals", the website warned.
Stephen Bennett, founder of allfiled.com, said: "The combination of Brits leading hectic lives due to family commitments, busy jobs and more supplier paperwork through increased regulation could be the reason why so much money is wasted on household costs every year."
The risk of incurring fines could encourage those who have property assets to seek alternative routes to finance such as equity release schemes.
These allow property owners to release funds from their assets in order to boost their income.
