Adults in the UK prefer spending their additional income more in luxuries than saving it for future financial use. The popular choice of using an increased income is enjoying holidays and making home improvements.

A new survey has revealed that the UK adults like to spend their extra income on luxuries instead of saving it for future. It is found by IFA Promotion that the most popular category of using the additional income is going out for holidays.

The survey shows that 63 per cent of these people opt for investing the extra income on holidaying. 54 per cent of adults prefer making home improvement while 46 per cent like to buy clothes with the spare cash. Surprisingly, only two out of five adults are in favour of paying off debts. However, 44 per cent like to save it for using after retirement.

David Elms, chief executive of IFA told that despite well documented and countless warnings that as a nation, they were not saving enough; it seemed that people were yet to adopt a sensible saving mantra. He added that the situation needed to be rectified. He further suggested that taking independent financial advice on ways to organise peoples' finances was a good place to start.

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