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People spending more at the pub than on pensions

Thousands of Britons are enjoying “rock and roll lifestyles,” spending more each month on alcohol and cigarettes than they save, according to new research by Birmingham Midshires.

The bank reports that three in five Britons are spending more money in pubs each month, an average of £60.56, than they do in saving for their retirement.

The study, which comes as part of BM&#39s Saving Britain 2003 campaign, looks at spending and savings habits of UK consumers each month.

It found that only one in two are saving anything and of those that do save, 44 per cent, or 22 per cent of the overall population, are saving less than £50 each month.

One in three spend on average £63.87 a month on cigarettes, the equivalent of 10 cigarettes a day at today&#39s prices. Among those in their 20s, mobile phone spending is now one of the highest monthly outgoings, with the 84 per cent in this age bracket claiming to spend an average of £40.13. Other findings of the survey are that 89 per cent of Britons spend an average of £27.53 on junk food each month. Again, the worst offenders are those in their 20s, with 84 per cent spending an average of £27.71.

The campaign is aiming to raise awareness among UK consumers as to how much money they waste each month and how important it is for them to start taking their financial futures seriously.

BM head of savings and investments Tim Hague says: “Our lifestyles could be a key factor detrimentally affecting our ability to save. An example of this is that an apparent pub culture could be limiting young people&#39s savings habits. The positive difference of making a few simple spending cutbacks cannot underestimated.”

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