Study shows Britons raiding savings
7th July 2010
Results from a new survey have shown that Britons withdrew more than double as much from their savings accounts as they managed to save during the last three months to July.
In a set of statistics that will worry companies that offer income protection cover, the average Briton managed to save just £764 over the last quarter, down from the £1,031 saved over the previous three months.
But they withdrew an average of £1,870 from their deposit accounts, according to the YouGov survey.
Some of the main reasons for raiding savings accounts included paying for an unexpected bill such as gas and electricity, overspending, and lending money to a friend or family member.
Emergency home or car repairs was the most frequent answer to explain the amount of withdrawals, while 15% admitted they had overspent on their current account, 12% had lent money to family and friends and 10% had received an unexpected utility bill.
The most popular reason for saving was to pay for and have some travel money for a holiday at 26%, while 25% of people were setting aside money for a rainy day and 16% were saving towards their retirement.
A further one in 10 people said they were saving money towards a deposit for a house.
Copyright © Press Association 2010
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