By not saving, there could be "serious tax problems" in the future, claims Charlwood Leigh.

According to the independent advice service, "everything is down to personal choice" and people should think about the implications of their spending and savings habits now.

Grant Hughes, director of the company, said that if people spent less on products, they could easily manage on their salaries and save more money.

He said: "Parents should be saving so that their children aren't left to pay for them and their children should be taught to do the same thing."

The government's new compulsory pension scheme is "a waste of time" as it is too small, he claimed.

Figures from Credit Action show that UK personal debt increases by £1 million every four minutes and that consumer credit lending grew by nearly six per cent over the last 12 months.


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