Britons are splashing out on an expensive lifestyle at the expense of their pensions, it has been claimed.
According to Fidelity International, expenditure such as cosmetic surgery, designer goods and socialising are leaving consumers with little left to contribute towards their pensions, potentially leaving them in financial difficulty after reaching retirement.
A study conducted by the firm indicated that 45 per cent of Britons who have no savings claim that they cannot afford to contribute to a pension scheme, while £1.8 million is spent each day on cosmetic enhancement.
Simon Fraser, president of institutional business at Fidelity International, commented: "It all comes down to choices, live for the now and cope with old age poverty when it hits or make a few lifestyle tweaks based on the possibility of living until we are 100."
He also said that this desire for consumer goods at the expense of pension contributions may be partly attributable to celebrity icons such as David and Victoria Beckham.
David Beckham was recently unveiled in front of fans at his new club, LA Galaxy, where he stated his hope of raising the profile of the sport in the US.
Lavish lifestyle pinching pensions, expert says
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Lavish lifestyle pinching pensions, expert says
Mon, 16 Jul 2007
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