Consumers are losing out financially because they do not know their rights, a new government survey has found.

The study from the Department for Business, Innovation and Skills found that the average consumer loses around £4,950 each in their lifetime through failing to return faulty goods to the shops where they were bought.

According to the survey, 48 per cent of those polled said they had at least one faulty item at home that the wished they had returned.

Women were found to be better at returning goods than men, with women losing £71 a year in faulty goods and men losing £89.

The survey was conducted as part of the government's Know Your Consumer Rights campaign.

Consumer minister Kevin Brennan said: "Now is the time to brush up on your consumer rights so you can return any faulty or unwanted goods with added confidence."

In related news, Labour MP Helen Goodman has stated that an expansion of good money advice services is necessary.