4.3% of adults claim they cannot get by without some form of credit, according to new research conducted on behalf of alternative account provider thinkmoney.co.uk. This is equivalent to 2.1 million people across the country.

According to the poll, 64% of UK consumers borrow. When asked about their attitude to borrowing, only 10% said they are “relaxed” about it and view it as a normal part of modern life. A further one in five (20%) admitted that while they felt the need to borrow they do not like to do so.

However, a higher proportion of respondents (23%) claimed they do all they can to avoid borrowing. And more than one in 20 (7.4%) revealed they are “scared” of being in debt.

Women are nearly twice as likely as men to voice this fear of credit. While nearly one in 10 (9.4%) female respondents said they are scared of borrowing, just one in 20 (5.1%) men said the same. In comparison, double the number of men than women said they are “relaxed” about borrowing (14% compared to 6.7%).

There is a similar disparity in attitudes to borrowing among the generations. 43% of over-55s borrow money, compared to 81% of respondents aged between 25 and 34 years old. This might be because younger people are at a point in their lives when they’re borrowing to buy their first home, while the older generations have reached a stage where they have paid off much of their borrowing and no longer make much use of credit.

Ian Williams, spokesman for thinkmoney, said: “Rather than something to be scared of, credit can be very useful – if used responsibly. It can help people build up a good credit record and take important steps in their lives, like buying a home.

“However, to learn that one in 20 people can’t cope without borrowing money is very worrying. An over reliance on credit can lead to serious financial difficulties and problem debt.

“Careful budgeting can help make managing your money easier, so that when you do borrow there’s less risk of you being unable to repay it. thinkmoney customers get used to living within their means – our jam jar budgeting system means their bills should all be paid, they know exactly how much spending money they have and they are prevented from running up a costly overdraft.”