A study is set to reveal that forms of borrowing such as unsecured loans have become a key aspect in funding modern life, it has been reported.

The research, written by financial strategist David Bowers, and due out later this month, investigates debt issues in the UK.

Of the Brits questioned, 46 per cent said they had taken out car loans, unsecured bank loans or credit cards. Meanwhile, a third of UK participants revealed they owed money on a mortgage.

Commenting on the findings Ric van Weelden, co-chief executive of Janus Capital International, claimed good debt management is the key to ensuring borrowing does not lead to problems.

He stated people across Europe are still funding their lifestyles through facilities like unsecured loans.

Mr van Weelden concluded: "We can't remove the requirement for short and long-term debt as a whole, but the management of it does need urgent attention if we are to avoid storing problems for the future."