Research carried out by Lloyds TSB as part of its bank mass index (BMI) suggested that the typical person is managing various areas of their finances, such as investments, unsecured debt and pensions, ineffectively. Basing its findings on the body mass index, the financial services firm pointed out that the average adult has a BMI score of 28. With this figure meaning someone is "financially overweight", it was revealed that such people owe a "much greater" amount of debt than they have in savings. Overall, 46 per cent of consumers were revealed to be over-committed in a monetarily sense.

However, fiscal problems could be even more pronounced for the 12 per cent of adults revealed to be "financially obese". With a BMI of at least 30, these people were indicated to be relying too much on credit as over a quarter of their income goes towards making repayments on unsecured borrowing.

Due to such difficulties with money it may be possible that significant numbers of consumers are struggling with loan and credit card repayments, in addition to having uncompetitive financial products such as pension plans and savings accounts.

On the other hand, 42 per cent of people are shown to be "fit" when it comes to managing monetary deals and offers. Meanwhile, young people and those living in Scotland were shown to be most likely to be financially unfit, in comparison to people from Wales and the south-west of England who are the most adept at managing money.

Commenting on the findings, Ian Larkin, managing director of consumer banking at Lloyds TSB, said: "Our physical health is something that the nation is taking increasingly seriously. Most of us know our body mass index, but our financial health seems to be less of a priority and often people have misapprehensions about the real state of their money."

Research from the financial services provider also revealed that a quarter (25 per cent) of people lack the motivation required to sort out their spending, with 22 per cent of respondents believing that doing so is too challenging. However, Lloyds TSB pointed out that following its survey 16 per cent are looking to take immediate action to get to grips with money management.

"The Lloyds TSB BMI is a great wake up call for people who might have been neglecting their financial affairs - helping to put them on the right track. There has never been a better time to get Britain financially fit," Mr Larkin added.

Furthermore, the firm advised consumers looking to sort out their money to examine their spending habits and set up a budget. Meanwhile, a debt consolidation loan was also advised as a means of quickly repaying monies owed on credit and store cards. Lloyds TSB also suggested that loans often attract a more competitive rate of interest than plastic borrowing.

By getting a debt consolidation loan, people may find that they can merge numerous demands on their finances into a single low-cost monthly repayment. This could be of particular assistance to those looking to get to grips with mortgage costs. A recent Abbey Mortgages study showed that about a third of homeowners - some 10.3 million consumers - state they would take out a fixed-rate mortgage if they were required to remortgage their property immediately.