UK Money News
4th April 2008
Middle Britain urged to cut spending
Middle class families have been urged to abandon perks of their lifestyles in favour of saving for the future or risk a grim retirement.
The warning, from insurer Axa, came after it conducted a study of UK households with above average incomes of £30,000 or more.
It was found that one in five high earners are planning to stop saving this year or limit pension contributions, with the rising cost of mortgages and of middle class goods and services deemed a large contributory factor.
However, rather than focusing on maintaining their lifestyle, instead Britons should be cutting back on luxury spending and pay more attention to their financial future, according to AXA spokesperson, Steve Folkard.
He said: "A typical family in Middle Britain may have a higher than average income but millions are weighed down by high lifestyle costs and face tough choices as the strain on their finances takes its toll.
"If we don't tackle this issue this group are in for a wake-up call in retirement. A significant proportion of people who enjoy high incomes may now well find that things are a lot tougher later in life."
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