The experiment set out to test whether having access to financial advice could really improve your financial well-being, in a bid to find out how and what could be done to manage the nation's mounting debt problem and lack of interest in financial planning.

Our results overwhelmingly showed that by having access to financial advice and importantly doing some financial planning, individuals could reduce their personal debt by almost a quarter and increase their savings pot by over 40 per cent.

Our research showed that there is a direct correlation between the amount of time people spend on their finances and how much they save, and it's not until people start to spend around an hour a month, or 15 minutes a week, on planning and reviewing their money issues that they really see their debts reduced and savings pot grow.

The single most useful lesson for those involved in the AXA Avenue experiment was to set up a detailed list of their income and expenditure, which was extremely revealing and allowed them to gain an understanding of their cash flow problems and financial situation. In many instances this was the catalyst for them to start to improve their situation.

That's why we are launching My Budget Day. We're convinced that the nation's financial health could improve dramatically if we only gave our financial matters some much needed attention.

Financial problems and money worries are now the biggest cause of stress in life, even higher on the agenda than relationship issues and job insecurities¹. Yet they can also be easier to fix than an ailing relationship or a failing job.

¹ Relaxation for Living Institute, October 2007