Some 52 per cent of people in the UK have never received money management advice or cannot recall the last time they did.
Money Advice Service research – carried out by YouGov – also discovered that 21 per cent have not sought out any guidance in the past 12 months.
This means millions of individuals are failing to take advantage of the free services that are available in order to better look after their finances.
In order to address this situation, the government-backed Money Advice Service is launching a campaign that will see people encouraged to get on top of managing their money.
Gerard Lemos, chairman of the group, said the scheme will hopefully "shake people out of their money slumber".
"If we are to be a nation that saves, plans and prepares for the unexpected, we need to be creative and reach many millions of people," Mr Lemos stated.
Wales was found to be the UK's advice hotspot, as 60 per cent of respondents could recall receiving guidance, while the north-east (36 per cent) fared the worst.