After a year of financial uncertainty, more than a quarter (28 per cent) of UK consumers want to improve their financial know-how in 2021, according to research from Santander.

The commissioned research among 2,000 UK adults follows the launch of Santander’s My Money Manager functionality within its mobile banking app, to help customers “get on the front foot” with their finances, said the bank.

The research suggests the pandemic has taken its toll on household finances, with nearly a third (32 per cent) feeling “very worried” about its continued impact on their finances.

While nearly two-thirds (64 per cent) of people check their household’s regular bills or direct debits are paid every month, the research shows that more than a third (35 per cent) are “regularly surprised” by how expensive some of their household bills are.

Of those aged under 34, 41 per cent said they had no idea or could only make a “guesstimate” of the cost of their utility bills. By comparison, four-fifths (80 per cent) of those over 55 knew the exact figure or within £10.

Across all ages, nearly one-in-five (17 per cent) did not know the cost of their monthly rent or mortgage payment, a figure which rises to more than a quarter (29 per cent) of those under 34.

In stark comparison, this is true of only 5 per cent of those aged over 55.

Mobile phone bills were the most well-known bill across all age groups, with 88 per cent of people either knowing the exact figure or within £10.

Four-in-ten (40 per cent) have been paying more attention to personal finance information than they did before the March lockdown.

Banks are the most popular source of information (10 per cent), followed by friends and family (9 per cent) and personal finance television programmes (8 per cent).

Andy Warren, head of digital transformation at Santander UK, said: “Digital tools like My Money Manager help make it easy to track spending patterns and tell you when your household bills go up or down - encouraging you to start shopping for other options.”

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