The government should provide financial advice for individuals who are facing complicated financial decisions about personal pensions and other issues, according to the Resolution Foundation.

Speaking on BBC Radio Five Live's Wake Up To Money, chairman of the foundation Clive Cowdery said that the majority of British consumers were unsure of who to seek advice from and that it is an area where the government could help.

Research published by the foundation this week indicates that 80 per cent of the UK population are concerned about their finances at least some of the time and ten per cent worry about them all the time.

Mr Cowdery added that the study indicated that 70 per cent of people would like to see government involvement of some form in a service of this kind.

The Resolution Foundation is an independent policy and research company concerned primarily with investigating how consumers on low to moderate incomes cope in the economy.