EAST Lancashire financial advisers have warned people to be careful with their cash now or face a miserable retirement.

The warning comes after a survey revealed heavy financial commitments are leaving people with just over £50 a week in spare cash.

A survey of 2,000 people carried out by Taylor Nelson also revealed that almost a third of those quizzed had less than £100 a month left over to live on after they'd paid the bills.

Martin Blackie, owner of an independent finance company in Blackburn, said: "People are mistaken if they think they can rely on their state pension when they retire. They will struggle to get by if they still have high outgoings such as mortgages. Today's culture is live for the moment but it does not make for a good future."

"People talk of financial commitments but they are not always necessities, but luxuries. For example, if you are left with only £50 a week then you need to look at why you buy modern luxuries you can do without. People need to seek advice and plan or they could be smacked in the face in the future."

Insolvency manager Anthony Fisher, of Wilson Philips, Blackburn, said rising credit rising card temptations and interest rates will also see more people in the red well before their retirement.

Julie O'Brien, money adviser case worker for Blackburn Citizens Advice Bureau said: "A lot of the time the problem is that people are just on low incomes and it is difficult.

"It's not about managing money well - there just isn't enough."