Grant Hughes, director of Charlwood Leigh, said that people need to make adequate preparations for the future.
Describing the government's plans to introduce a compulsory pension scheme "as a waste of time" because it is "too small", Mr Hughes argued that unless people begin to save levels of taxation are likely to increase further down the line.
"Parents should be saving so that their children aren't left to pay for them and their children should be taught to do the same thing," he commented.
According to data published by Credit Action, consumer credit lending has risen by 5.8 per cent over the course of the last 12 months.
The organisation claims that the UK's total personal debt is increasing by £1 million every four minutes.
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