/24-7PressRelease/ - LONDON, UK, July 26, 2006 - People in UK cannot save more money for their retirement. If they can postpone car purchase by a year or two, they can save a large sum of money for their retirement. Pensions can be boosted up to 240,000, if people in UK can wait for two more years to update their car models.
UK people are advised that if they replace their car in every five years they can save more money for their retirement. Pensions can be boosted up to 240,000 if people can wait for two more years to update their car models, according to asset managers Fidelity International.
The company also suggested that if they can add freed-up cash into their pension, they could even take a decision to retire earlier. It is estimated that the minimum monthly car finance by the people in UK are 352 that they usually spend over a period of 30 years.
UK and Europe president Mr Simon Fraser at Fidelity International said that postponing a car purchase by a year or two would make a substantial improvement to the retirement prospects and the person would be able to stop full time work earlier than before.
He also added that spending is necessary but there must be a proper balance between consumption and saving for the future.
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