Latest Debt News
Brits raid the savings
19/10/2005 14:16:00
Recent research has revealed that Brits are taking out more than they are putting into their savings accounts.
The findings from Birmingham Midshires Building Society reveal that Brits saved £266 over last three months but raided £448.
It also revealed that men are more prudent savers, putting away an average of £412 over the last three months compared to only £127 saved by their female counterparts.
However, both men and women pillaged their savings at a level of £703 and £211 respectively.
Richard Brown, head of savings products at Birmingham Midshires commented: "Our latest research shows that while Brits are realising the need to save, their lack of discipline when it comes impulse luxuries and their inability to predict surprise bills has caused them to dig deep into their hard-earned savings.
"We would urge people to think carefully about a realistic amount they can set aside each month so they avoid plundering their account on a regular basis. Setting aside a smaller amount of money each month and leaving it untouched is a much better than saving more than what is possible and being forced to raid."
Those in their 40s are the worst raiders apparently, taking out £1,307 from their savings, more than four times what they put in.
Those aged between 16 and 19 accumulated a total of £214 over the last few months by only raiding 30 per cent of their savings,
Those in their 20s spent 42 per cent of their savings.
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