UK savers 'raid accounts for impulse buys'
26/02/2007
Some 12 per cent of savers in the UK raided their savings accounts over the last three months to pay for impulse purchases, gifts and luxury items, new research reveals.
According to Birmingham Midshires' Saving Britain study, Londoners were unable to resist the temptation of a winter shopping spree more than those across the rest of the UK, with 11 per cent of them delving into their savings in the last quarter.
Unexpected utility bills were also a cause of many unplanned savings raids, the study reveals, with ten per cent of the UK's savers having to access their funds to pay for gas, electricity, telephone and credit card bills.
Jason Robinson, director of savings operations for Birmingham Midshires, remarked: "Although most of us feel like we are hibernating over the winter months, it's still an expensive time of the year.
"Utility bills can soar as we crank up the heating and we also use retail treats to ward off the winter blues."
He added that putting aside smaller amounts of money every month and leaving this untouched is better than saving more money and having to raid it before the month is over.
Birmingham Midshires is an amalgamation of building societies which provides a number of financial products including savings and mortgages.
According to Birmingham Midshires' Saving Britain study, Londoners were unable to resist the temptation of a winter shopping spree more than those across the rest of the UK, with 11 per cent of them delving into their savings in the last quarter.
Unexpected utility bills were also a cause of many unplanned savings raids, the study reveals, with ten per cent of the UK's savers having to access their funds to pay for gas, electricity, telephone and credit card bills.
Jason Robinson, director of savings operations for Birmingham Midshires, remarked: "Although most of us feel like we are hibernating over the winter months, it's still an expensive time of the year.
"Utility bills can soar as we crank up the heating and we also use retail treats to ward off the winter blues."
He added that putting aside smaller amounts of money every month and leaving this untouched is better than saving more money and having to raid it before the month is over.
Birmingham Midshires is an amalgamation of building societies which provides a number of financial products including savings and mortgages.
