Two thirds of people claim they can't afford to save more, but spend at least £54 billion a year on unnecessary luxuries, according to research by IFA Promotion.
The survey shows 13 million people claim they can't afford to save anything over 3 million of these non-savers are finding ways to keep buying unaffordable luxuries, mostly by taking on extra debt.
David Elms, Chief Executive of IFA Promotion, says, “We've become a 'can't save, won't save' society, where luxuries are the 'new needs' and millions of us have lost the basic ability to budget. Most of us claim we can't save, but continue to spend thousands of pounds a year on luxury goods and services. People need to retake control of their spending and borrowing, and start saving more for their future.”