Despite a near constant slew of warnings, feckless Britons still prefer to blow their money living for today rather than saving for tomorrow says IFA Promotion.
More than 30 million of the UK’s adults ñ or 70 per cent of the over-18 population ñ say that they cannot afford to save.
This appears to be largely due to an inability to organise priorities and budgets, claims IFA, with three fifths of adults saying that they would blow any pay rise on luxuries.
Nearly two thirds said that they would spend a fictional 25 per cent pay rise on a holiday, while more than half would use it for home improvements.
Almost half said that they would spend any cash left over on buying new clothes.
In contrast, just two fifths said that they would clear their balance transfer debts or other loans and a fraction more would place the money into their retirement saving plans.
“People need to place clearing debt and saving much closer to the top of their list of financial priorities,” said chief executive of IFA Promotions David Elms.
“Despite well-documented and countless warnings that as a nation, we are not saving enough, it seems that people are yet to adopt a sensible savings mantra.”
© Adfero Ltd