More than one in four people say they lack basic financial knowledge but feel too embarrassed to ask for help, according to research for HM Revenue and Customs.

The survey found that 27% of respondents were reluctant to seek guidance on basic money matters because they felt embarrassed. At the same time, 56% said they had not felt properly prepared for important financial milestones in life.

The research was carried out by Censuswide in February and March 2026 and included more than 5,200 people.

Pensions Remain a Major Knowledge Gap

Retirement planning emerged as one of the clearest areas where people wished they had received more information earlier.

A third of respondents, or 33%, said they would have liked to learn about pensions sooner in life. Another 10% said they had never checked their State Pension forecast.

The findings suggest that many people reach important financial turning points without feeling fully confident about the decisions they need to make. Starting a first job, understanding tax, managing savings or preparing for retirement can all involve unfamiliar financial information.

Embarrassment may make that problem worse. Even when reliable guidance is available, some people may delay asking questions because they believe they should already know the answers.

Millions Use Digital Services

Digital tools are becoming an increasingly important source of financial information. More than three million people used the HMRC app in July 2026. The service allows users to access information including tax codes, Pay As You Earn details, employment history, Self Assessment records, Child Benefit information and State Pension forecasts.

It also provides guidance on budgeting and saving, giving users a convenient way to check important financial details without having to contact HMRC directly.

People can also view their National Insurance number through the app and save it to a digital wallet, making it easier to access when needed.

For those who feel uncomfortable asking basic financial questions in person, digital services may offer a more private and straightforward way to understand their finances.

Confidence Matters at Every Stage

Financial knowledge is important throughout adults life, not only when retirement approaches.

People may need to understand payslips when they begin working, deal with changes in tax, manage household budgets, claim benefits, save for major purchases or plan for later life.

The survey suggests that confidence does not always grow alongside these responsibilities. More than half of respondents said they had felt unprepared for major financial milestones, indicating that the issue affects a substantial proportion of the population.

Making Financial Information Easier

Digital services cannot replace professional financial advice in every situation, but they can make routine information easier to find and understand.

Having tax, employment and pension details available in one place may also encourage people to check their finances more regularly instead of waiting until a deadline or major life event.

The findings reveal a clear gap between access to information and confidence in using it. Reliable financial guidance may be widely available, but many people still hesitate to ask for help. Making that information easier to understand and reducing the stigma around basic money questions could help more people approach important financial decisions with greater confidence.