Shoppers spend Xmas savings

Christmas savings were plundered by UK shoppers at the end of 2006, according to findings from Birmingham Midshires’ Saving Britain campaign.

Although on average Brits saved a total of £2,246 during the year, more than half of this was spent during the final few months.

The study also found that Brits were more able to save during the final three months of the year than at any other time.

Birmingham Midshires’ director of savings, Jason Robinson, said: “Our research shows that gifts and impulse purchases were the reasons for raiding our savings accounts.”

He continued: “Whilst this is to be expected during the festive season, we would urge people to think carefully about a realistic amount they can set aside each month so they avoid regularly plundering their account.”

There was a marked difference between regions in the willingness of people to plunder their savings over Christmas. People in the Midlands and Wales raided the most, a worrying £2,697, while those in the north took out a more restrained £926.

Tags: uk shoppers, uk, Midlands, whilst, christmas savings, shoppers spend xmas, Midshires, jason robinson