Britons using savings to ease cost of living raise
September 4, 2007 by admin
Filed under News, News-Banking
An increasing number of Britons are being forced to raid their savings to keep on top of a rise in the cost of living, new research has shown.
According to the Birmingham Midshires Saving Britain report, the average consumer has been forced to withdraw £400 from their savings in the past three months, a rise of 14 per cent on the comparative figures for the tail end of 2006.
The statistics suggest that Londoners were the most likely to turn to their rainy day funds and that northerners were the least likely.
And the over 50s were the age group most in need of the saviour of savings – taking four times more from their back up accounts than the over 30s
Urging Britons to take advantage of the financial climate to make more savings, Jason Robinson, director of savings operations at Birmingham Midshires, said: “While homeowners are feeling the pressures following Bank of England rate decisions, there has never been a better time for people to put away their money.
“Interest rates at a six-year high mean great returns for savers, whatever amount you can afford to put away.”
Previous research conducted by Birmingham Midshires found that almost a quarter of Britons had dipped into their savings accounts between July and September 2006.
