One in five Brits are planning to invest more this year than last, but a quarter admitted they feel completely out of their depth when managing money.

Four in ten are overwhelmed by the amount of unverified information available, with the poll of 2,00 adults showing many Brits are confused about cryptocurrency, crypto wallets (57%), blockchain (53%), investing (24%), tax returns (22%). Many worry about making mistakes when it comes to investing and managing their finances, with a third saying this comes from not being taught about finances in school.

In fact, 78% think financial education should be a bigger focus in school, and 28% shared they would feel more confident investing in the future if they had better financial education.

Kevan Edgerton, UK Country Director at Bitpanda UK which commissioned the research alongside touring an ad-van through London to share that crypto investing doesn’t have to be complicated, said: “There is an urgent need for clearer, more accessible financial guidance, especially as digital finance becomes increasingly essential.”

The study found more than half (56%) wish they could be more financially savvy, with 32% saying they would invest more if there was more simple and trustworthy advice.

As a result, people are taking the power into their own hands when it comes to building financial knowledge, with 38% attempting to educate themselves on finances using third party sites, while 29% have turned to friends for financial wisdom.

And 25% have spoken to a financial advisor or turned to the news (24%) and social media (14%).

Despite almost one in 10 adults (nine%) stating they plan to invest in cryptocurrency this year, only 18% said they understand it, with 47% of these attributing this to not having taken the time to learn about it.

Other barriers included not trusting digital currencies (46%) and not believing they are relevant to them (43%), according to research by OnePoll.

Kevan Edgerton, UK country director, for Bitpanda UK, added: “For those starting to invest in crypto, taking time to understand how it works and being patient are key.

“The current digital age is like a double-edged sword in a lot of ways – on one hand we have never had so much advice and explainers available to us through social media and experts, but on the other hand it isn’t all advice that should be trusted.

“Starting small, using secure and registered platforms, diversifying investments and only investing what you can afford to lose can all help reduce risk.”