Quarter of women in Yorkshire don't understand their pensions - and one in 10 is baffled by bank statements

If you think you’d struggle with this, you’re not alone. For example, according to research from Debt Advisory Centre, a quarter of women in Yorkshire say that pensions leave them feeling confused. One in 10 women in the region admit that even their bank statements baffle them. And when it comes to borrowing, just half of women say that they feel confident with credit and store cards.

Perhaps this isn’t surprising, as the research also shows that three-quarters of women from the region say they’ve never had any formal financial education.

Since 2014, financial education has been on the secondary school national curriculum. That means all 11-16 year-olds will get to learn about managing their money, credit and savings. And MPs are even discussing introducing financial education to primary school students.

This shows we’re really starting to raise a generation of financially savvy young adults. But if you’ve already finished school, you probably didn’t get quite as much help. The research shows that the majority of women from Yorkshire never formally learnt how to manage their money – whether that’s at school, college or at work.

Without any financial education, it can be difficult to know the best way to deal with money matters. Where should you look when you’re trying to save money on your home insurance? Who can you trust when you want to get a good mortgage deal? And how can you work out how much you’ll repay if you borrow on a credit card?

If you find yourself asking questions like this, it’s important to seek help before taking out any financial product. Without advice from an expert or someone you trust, you might end up with a product that’s not right for you, or you could even find yourself in debt.

There is help available if you have any money questions. For example, Barclays has just launched its new Financial Wings knowledge hub, aimed to educate people on everything money-related. Whether you’re struggling with savings, mortgages or your household budget, the site could help you get the confidence you need. You should also check if your employer offers any kind of financial education. The Money Advice Service also has a range of impartial help and support on all aspects of finance.

Remember, you should never feel pressured into taking out any financial products without being sure of how they work. If you’re applying for any credit agreement and you’ve got any questions, don’t be afraid to ask the person who’s selling you the product.

It’s easy to worry that you’re being a burden by making them explain it in terms you understand but this couldn’t be further from the truth. It’s far more important that you feel empowered to make the right decisions for your finances.

Debt Advisory Centre: 0161 871 4881