Britons raiding savings accounts

Cash-strapped Britons are raiding the piggy bank to cope with the rising cost of living, it has been reported.

More UK consumers than ever before are dipping into their savings to compensate both for a rise in prices and overspending in general, a report by Birmingham Midshires found.

On average, British adults have taken around £400 out of their long-term savings accounts in the past three months.

The top reason given for using money from savings accounts was because of overspending on current accounts.

Jason Robinson, director of savings operations at Birmingham Midshires, noted that the findings may reflect the increased pressure householders are under following a number of interest rate rises.

However, he counselled consumers to take advantage of the current climate, saying: “Interest rates at a six-year high mean great returns for savers, whatever amount you can afford to put away.”

In other news, a study by the Fawcett Society has found that women are more likely than men to struggle with repayments on loans and credit cards.

© Adfero Ltd

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