Birmingham Midshires have released figures that show three in five people spend more on beer and cigarettes than they do on pensions!
The survey showed that only 50% of people save anything each month. Of those people that do save, just short of half save less than £50 per month.
Money seems to be spent on lifestyle, including mobile phones and fast food, rather than on saving for the future.
Head of savings and investments for Midshires, Tim Hague said, "our lifestyles could be a key factor detrimentally affecting our ability to save. An example of this is that an apparent pub culture could be limiting young people's savings habits. The positive difference of making a few simple spending cutbacks cannot be underestimated"