According to Standard Life’s report Your Commitments, Your Future, Mr Lawson was referring UK adults with credit cards spend £3804 on credit card payments each year, compared to £1680 put into savings and Isas.
Mr Lawson said over a 40-year period, Brits with credit cards would spend more than £152,160 on credit card payments, which is £84,960 more than those who make monthly payments into their savings and Isas would have saved.
Mr Lawson said: “People are not thinking about their savings and Isas as much as they could be. There’s a strong chance some of this money could be better managed and invested for the future.”
He said: “If clients are running up credit card debt, paying this off obviously has to become a priority, before savings and Isas.”
