More than one in four (27%) people feel they lack basic knowledge about money matters and are too embarrassed to ask, a survey indicates.

More than half (56%) admit they were not prepared for life’s financial milestones, according to the research for HM Revenue and Customs (HMRC).

A third (33%) wish they had learned about pensions earlier in life, while 10% said they had never checked their state pension forecast, according to the survey of more than 5,200 people in February and March, carried out by Censuswide.

The revenue body said more than three million people in July visited its app, which gives them instant access to important financial information such as their tax code, pay as you earn (PAYE) details, employment history, self-assessment record, child benefit, and state pension forecast, as well as budgeting and saving tips.

Users can also access their national insurance number and save it to their digital wallet.

Myrtle Lloyd, HMRC’s chief customer officer, said the app helps people to be informed about tax and money matters.