Young people should have their finances sorted out by well before the age of 30 or they could find themselves playing catch up for the rest of their life, according to advisers.

Financial expert Prudential believes that 26 is the optimum age for consumers to have their finances under control for the future with plans for retirement, housing and savings in place by the age of 30.

Ideally, pension plans should be started by age 22, a first home bought by age 25 and people should be starting to save by the age of 26, according to the experts.

In reality the average first time buyer is aged 34 and most people tend to sort out their finances when they marry – at age 29 for women and 31 for men.

Roger Ramsden from Prudential said: "Planning early is key to a secure financial future, but it is never too late to start.

"At the bright young age of 26, many youngsters are not yet fully aware of the benefits that starting a pension and savings scheme can bring.

"For one thing, few are aware of the significant tax breaks of a pension. It is only later that they look back and wish they had acted earlier to maximise their finances."

The research revealed 42 per cent of Britons, mainly in the 25 to 34-year-old group, wished they had reviewed their finances earlier in life to put them in a better financial position.