Indebted Brits ‘living for moment’

Research from Fidelity International shows that the typical British household spends close to £2,000 on eating in restaurants and staying at hotels each year, as well as more than £750 on alcoholic drinks.

Furthermore, with consumers across the country aiming to find a debt solution after overspending, the average amount of interest paid on borrowed money for a British household is around £3,500 every 12 months, the latest figures reveal.

Simon Fraser, 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.”

Figures from Scottish Widows recently showed that millions of British consumers look likely to face poverty and debt management concerns during retirement in years to come.