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Personal Finance: Savings a filthy habit for 'rock and roll' generation; Pub culture: Majority would rather splash out on cigarettes and alcohol rather than invest.

The 'rock and roll' lifestyle of thousands of people means that spending on alcohol and cigarettes is outstripping savings every month, according to Birmingham Midshires.

The latest snapshot poll carried out as part of Midshires' continuing campaign to promote regular savings shows more are drinking than saving each month and four times as many spend more money on fast food than on exercise.

Midshires said the trend was particularly strong among people in their 20s.

The study, part of Birmingham Midshires Saving Britain 2003 Campaign, reveals monthly spending habits.

It shows that:

Three in five people (60 per cent) spend money in pubs or on alcohol each month, spending on average of pounds 60.56;

Almost one in three Britons (30 per cent) spend money on cigarettes each month - with an average spend per person of pounds 63.87 - the equivalent of ten cigarettes a day;

Even more young people are spending money of alcohol and cigarettes. Also, mobile phone spending is now one of the highest regular outgoings for teenagers and 20-somethings. More than 80 per cent of people in their 20s claim to spend an average of pounds 40.13 each month;

Overall, money wasted on frivolous activities is costing Britons dear. Only one in two people (50 per cent) claim to save each month and, of those who do save, most (44 per cent) claim to save less than pounds 50 a month.

Tim Hague, head of savings and investments at Birmingham Midshires, 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 can't be underestimated.'
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Mar 15, 2003
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