Cutting crisps and cabs could bring in savings, CreditExpert says

Fri, 03 Mar 2006

By the time Britons reach retirement age, they will have spent almost £60,000 on treats like chocolate bars or cabs, new research suggests.

Experian's online credit monitoring service CreditExpert reveals that these luxury items cost adults in the UK an average £1,222 a year.

Should these indulgences be cut out, CreditExpert claims mortgage holders could shave more than eight years of their repayment term.

If the money that would have been spent on these treats be put into savings towards retirement pension, the credit service claims pension contributions could increase by 50 per cent.

"Our research highlights that the little decisions we make everyday, such as whether to buy a coffee or a small treat, can soon add up," comments Jim Hodgkins, CreditExpert's managing director.

However, he says small changes could bring about big savings with regards to retirement pensions and mortgages.

"Many of us find it difficult to keep track of our finances and our survey shows this is just as true for everyday treats as for major purchases," according to Mr Hodgkins.

He points out that the CreditExpert website could help people "map out their financial future by understanding their borrowing commitments".

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