One UK resident in five never puts money away for their future, with 64 per cent of Britons not saving regularly, new figures reveal.
Another one person in nine feely admits to preferring to buy clothes, gadgets, or holidays to putting money away for their future, according to Bradford & Bingley's Savings Report.
"The spending culture has certainly replaced the savings culture in the nation's consciousness," said Steve Potter, head of savings at Bradford & Bingley.
"With so many attractive interest-free deals many people are being tempted to buy now and pay later. Just how much they will later pay, however, remains to be seen.
"What's clear though, is that if consumers don't start looking to the future and putting in place proper savings plans they'll be facing many 'cash strapped' years."
But many of those who are saving are not making the most of their money.
Bradford & Bingley reveals that just one person in eight monitors the savings market regularly to make sure they are getting the best rate, while 27 per cent never check their rates.
And with more than 54 per cent of Britons going to their current bank or building society for their savings account, many are not even receiving top rates when they start saving.
"The difference in interest rates can be considerable so savers shouldn't short change themselves when it comes to finding a suitable account," Bradford & Bingley's Mr Potter noted.
"So-called 'rate tarts' have suffered criticism over recent years, but our research shows savers aren't nearly as proactive as perhaps they should be in making the most out of their money. While the interest rate is just one element to consider when choosing an account, it is an important element so savers should look around to ensure they're getting a good deal."