Finance news from Loans Park

London (Loans Park) July 25, 2007:According to reports, lot of British consumers don't give much thought on their savings, rather prefer spending huge money to try maintain a lifestyle like celebrities.

People are trying to follow the living standards of famous people, by buying designer cloths, eating at high-priced restaurant and staying in hotels even with their low earnings, as stated by Fidelity International.

This has an adverse impact on their retirement savings funds. Recent search by Scottish Widows shows that no addition to retirement funds is made by almost one fourth of British consumers.

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." Secured loans should not be utilised to maintain unnecessary desires.