Think you’ve got plenty of time to save for retirement, boost your bank balance or achieve the level of wealth you’ve always aspired to? Think again.

While it might be said that life begins at 40, this is far from the case on the financial front: wage growth stalls 30 years before the average retirement age, according to personal finance website Fool.co.uk.

A poll of 3,321 of its panel members found that average earnings accelerate in the 20s and 30s. A typical 16- to 20-year-old sees their wages increase from 15,000 pounds to 17,500 pounds by the time they reach their mid-20s, then to 25,000 pounds between the ages of 26 and 30. The rate of increase accelerates through the early 30s — to 35,000 pounds between the ages of 31 to 35.

But, average earnings then flatted out — and remain at 35,000 pounds until aged 55. If that doesn’t make painful enough reading, it gets worse: income typically falls to 25,000 pounds from the ages of 56 to 70, then drops to 20,000 for those aged 71-plus.

Women’s earnings reach their potential earlier, but with a whimper rather than a bang. Earnings plateau in the mid-30s, compared to the mid-40s for men, and never reach the peak of 45,000 pounds hit by their male counterparts.

This withering in wages coincides with a stage in life that is typically more dynamic — making income stagnation a double blow. It is around this stage that eight out of 10 people own their own homes, of which a third are family dwellings. Six out of 10 support dependents — including both parents and children.

What makes the findings even more worrying is that people in their 20s and 30s have racked up a sixth of Britain’s total consumer debt in recent times, according to Bank of England figures. It is this uncontrollable spending — and “can’t save, won’t save” mentality — and could spell serious trouble.

Just think – at 40, contributions of more than 2,000 pounds per year are necessary to support an average lifestyle at retirement. Wait until the big 5-0 and that figure soars to almost 6,300 pounds.

But just look at what happens the earlier you start: those who start a pension at aged 30 need only stash away 738 pounds per year to achieve a 200,000 pound pension pot (based on a 10 percent investment return). Nine years earlier — when 21 — that figure falls to 306 pounds. Start pension saving at sweet 16, and annual contributions of 189 pounds could spell a 200,000 pound retirement pot; at aged 13 the figure stands at 141 pounds; and at birth just 30 pounds per year would need to be saved.

That’s a cautionary tale, if ever there was one, for today’s 20- and 30-somethings.

Labour might appear to have calmed the storm over the scrapping of the 10 percent income tax rate for now. But new research shows the extent to which Britons are peeved about the level of income tax.

When asked what would be their key requests of Chancellor Alistair Darling, the largest proportion of more than 3,000 people polled for Unbiased.co.uk — 31 percent — said they’d like to see a cut in income tax. And, it seems, many Britons feel an obligation to help the less well-heeled: while 12 percent would like to see it reduced for everyone, 19 percent want a cut for less affluent sections of society.

The issue was, perhaps unsurprisingly, found to be the most pressing for younger generations — those with long working lives and greater earning potential ahead of them. Around 44 percent of 18 to 24-year-olds surveyed want a cut, compared to 19 percent of 55 to 64-year-olds and 13 percent of those aged 65 to 74.

But the requests do not stop there: almost a quarter would ask the Chancellor to provide a better level of state pension, 6 percent want increased pay for public sector workers, 5 percent increased support for carers, the same percentage an increase in the inheritance tax threshold to 750,000 pounds (from a current 312,000 pounds), and 2 percent want the stamp duty thresholds to be reviewed.

Others would implore the Chancellor to reconsider public spending: 5 percent want funding for the third generation of nuclear deterrent to be scrapped, 4 percent call for a four billion pound cap on the Olympic budget; and the same proportion want more spending on environmental issues.

It’s easy to see why: soaring house prices have pushed more people into the inheritance tax net and sent stamp duty bills soaring, “fiscal drag” — whereby thresholds fail to rise in line with inflation — is pulling people into new and higher tax brackets, and interest in “green” issues is on an upward trend.

But don’t forget that there are simple things we can all do to keep the taxman’s hands off our cash. The nation is wasting a whopping 9.3 billion pounds in unnecessary tax payments — from the likes of people not making use of their individual savings account allowance (a total 7,200 pounds this year, of which 3,600 pounds can be stashed in cash), wasting tax credits and not taking steps to reduce their taxable estate for inheritance tax purposes.

The Friday night take-away, Saturday shopping spree and summer get-away are in line for the chop, as consumers become increasingly nervous over looming recession. Almost nine out of 10 Britons say they will cut spending on non-essential items to cushion themselves against impending economic downturn, according to a poll of 1,000 people for Web site Fool.co.uk.

A British institution — the good old take-away — is set to receive the biggest blow, with over two-thirds of the nation planning to cut back on curries, fish suppers and late-night kebabs, the survey says. Other planned cutbacks include retail therapy (67 percent) and fewer holidays (49 percent), while 12 percent plan to stop smoking, 4 percent to put pension contributions on hold and 3 percent say they will even cut their kids’ pocket-money.

This is just the latest in a string of evidence pointing to dwindling consumer confidence and increased uneasiness over the state of the global economy. It is, of course, important not to talk ourselves into recession: unnecessary doom and gloom will only serve to exacerbate the situation, something that those with a vested interest in the property market remaining buoyant have long maintained.

But Britons are surely feeling the pinch. The latest figures from Philip Hammond, shadow Treasury chief secretary, reveal that the disposable income of the average working family has dropped to 25,900 pounds today from 26,200 pounds in 2006, and personal debt in the UK is growing at an unprecedented rate — one million pounds every five minutes.

With the cost of living rising while disposable income falls, consumers must feel like they are being squeezed from all sides: failure to make hay while the sun was shining could soon come back to haunt them. It is reassuring, then, that reality is finally hitting home. During a recession, cash is king. And those with the leanest budgets will be best placed to survive.