The sight of those mounting bills, complicated financial statements and waning credit card balances can be enough to make anyone want to throw their hands up in the air and run for cover. Many people go so far as to use a financial adviser or planner to take care of their finances for them. Even in the best case scenario of having a financial planner who is competent and reliable in what they do, this may not be the best course of action.

A complex deemed "financial phobia" has arisen in greater numbers in recent years, with a recent U.K study pinning it at just under 20% of the population. The numbers in America are uncertain, but considering many households in America suffer from even worse financial woes than those of the U.K, in likely just as high or even higher than those U.K figures.

Respondents cited issues such as dizziness, racing heart, illness and immobilization as just some of the issues that plague them when dealing with or even thinking about their financial affairs. This has led to an increased number of people relying on others to handle their financial affairs, and naturally, to an increased number of people putting their affairs in the hands of the wrong people. In the worst case scenario people may completely avoid their bills, leaving them unopened or even throwing them out after or without looking at them. Against their wishes these bills will not simply disappear with the trash, but will continue to build and grow worse, increasing the anxiety in the subject even more.

Perhaps one of the more shocking findings from this study is that anyone is at risk of "financial phobia". Many of the subjects were of high intelligence, worked in white collar sectors, and were otherwise completely competent in their everyday lives. It may be less surprising that women at a higher risk of this affliction than men, and that younger people are also more inclined to suffer from this, though this would likely be as a result of their more unsettled situations in comparison to older people.

There's no doubt money management can be difficult, and people may not trust themselves to deal with their own finances, which leads them to seek help elsewhere. The problem is that many advisers do not necessarily have the client's best interests at heart, making it a risky proposition to trust a stranger with your money. It can also be argued that those who look after their own affairs are at less risk of stress than those who leave it up to others, those this wasn't analyzed in the study.

Getting over your financial phobia often comes down to education with for example and simply tackling the issue head on, as it is with other similar problems. There are mounds of literature in the forms of books, newspapers, financial magazines and the internet that can educate and enlighten people about the many different aspects of finances.

Many people actually find that with a little education, financial matters are not at all as complicated as they initially believed, and are more than willing to take the responsibility to handle them back onto themselves. It is indeed a fear of the unknown that often frightens us, so take the time to educate yourself about how finances work, and phobia out of finances.