Money Myth 1 - "I own a property so I don't need savings" - If you already own your own place or planning to do so, don't put all your financial eggs in one basket. Researchers at Durnham University found that 65% of homeowners have no savings. This is a real problem if house values drop. Everyone needs some savings to see them through any unforseen crises.

Money Myth 2 - "Changing bank accounts is a hassle" - Not so. The whole process should take four to six weeks and is straightforward. Now that current accounts offer interests rates of 0,1% to 5%, it's worth shopping around.

Money Myth 3 - "I was turned down for credit because my address is blacklisted" - Since 2004, only information about you (not other people who may have lived at your address) is considered when you apply for credit. But if you shared an address with someone of the same surname before this, their history may affect your credit score. This is why you should always give as much information as you can on the application form.

Money Myth 4 - "If I move abroad, I won't have to pay back my student loan" - When you apply for a loan, you promise to let the company know if you move away. It makes no difference if you're no longer in the UK. You still responsible for repayments and they can pursue you through the courts if necessary.