Those organisations with best ideas will be given money from new Pensions Education Fund, which is part of a programme that, according to Department of Work and Pensions (DWP), will enable people to make their own decisions about their income in retirement.

The feeling from many, including HBOS, UK's largest mortgage and savings provider, is that financial services industry must help to provide more accurate and effective sources of information to customers. Education at an early age needs to be a key focus of any future plans, with Scotsman recommending that, “incorporating loans and interest rates into maths problems or teaching youngsters how to open a bank account in social education - could go a long way towards ensuring our children are not let loose in world with no financial clue”.

Proposed solutions need to be practically implemented as soon as possible, in order to enable aging population to provide for its own long-term needs and not to end up depending on an increasingly financially clueless younger generation.

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2. Avoid debt consolidation plans that promise large reductions in your debt in a short period of time. There are no quick fixes. Debt reduction takes time an effort.

3. Avoid debt consolidation loans that are at higher interest rates than those you are currently paying. Paying more interest will not lower your overall debt.

4. If you choose a debt consolidation through a debt management plan make sure credit counseling agency you choose pays all creditors in a frequent and timely manner, otherwise your accounts could become more delinquent, accruing more fees and sending you deeper into debt.

5. One of most common pitfalls of debt consolidation occurs when consumers pay their credit cards off but continue to use them. Most people quickly max out again and end up with more debt and more pressure than they had before they chose debt consolidation.

If you make sure to choose your lender or credit counseling agency carefully, and know what you are getting into, you will avoid pitfalls and debt consolidation will be a positive step that benefits your overall financial situation.