Britons Saving Less Money
12/11/2008
New research from Birmingham Midshires has revealed that Britons are putting less money into savings accounts. People are also withdrawing more money than they are depositing.
In the three months to the end of October, the average Briton saved £339: far below the average savings amount of £516 during the previous three-month period.
During the same period, the average person withdrew £343 from their savings - £4 more than they put in.
The reasons for people to withdraw money have also shifted. In previous quarters people cited luxuries such as holidays and entertainment as the reason for taking money out of their savings accounts. Now, however, people are more likely to dip into their savings to cover day-to-day expenses or emergencies.
25% of people said they dipped into their savings to pay for emergency home or car repairs, while 19% said they needed the funds because they had run out of money in their current accounts.
16% of people said they used their savings to pay bills, and 14% cited debt repayment as the reason for withdrawing money from their savings accounts.
In the three months to the end of October, the average Briton saved £339: far below the average savings amount of £516 during the previous three-month period.
During the same period, the average person withdrew £343 from their savings - £4 more than they put in.
The reasons for people to withdraw money have also shifted. In previous quarters people cited luxuries such as holidays and entertainment as the reason for taking money out of their savings accounts. Now, however, people are more likely to dip into their savings to cover day-to-day expenses or emergencies.
25% of people said they dipped into their savings to pay for emergency home or car repairs, while 19% said they needed the funds because they had run out of money in their current accounts.
16% of people said they used their savings to pay bills, and 14% cited debt repayment as the reason for withdrawing money from their savings accounts.
