(1888PressRelease)
August 02, 2007 - London (chance4finance): A report by Fidelity International says that thousands of Brits are failing to save money because they are more interested in following the lifestyles that celebrities adopt.
This ‘imitation effect’ is dangerous to the thousands of Brits’ financial health. Once people outspend their earnings, they take out secured and personal loans for fulfilling their increasing financial needs.
Simon Fraser, the president of institutional business at Fidelity International, said: "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."
Lack of savings could hurt Brits after retirement. Instead, in light of the rising life expectancy level, they should save more and resort to loans only when necessary and not as a routine activity.
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