19 July 2006
UK adults would much rather spend additional income on luxuries rather than save for their financial futures, according to a new survey.
IFA Promotion found that that most popular use for an increased income would be to take a holiday, with 63% opting to invest it on a break.
Home improvements were also a popular choice with 54% of adults saying that would be a preferred way to spend the money, while 46% would buy clothes with it.
Only two in five adults would pay anything off their debts and 44% would channel money into their retirement savings.
"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," said David Elms, chief executive of IFA Promotion.
"It serves to highlight a very real problem in that people are too reluctant to forgo their spending to secure a comfortable financial future. People need to place clearing debt and saving much closer to the top of their list of financial priorities."
Mr Elms added: "This situation needs to be rectified, and taking independent financial advice on ways to organise your finances is a good place to start."
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