UK residents have been raiding their savings accounts to pay for summer holidays, according to research.
More than one quarter of Britons have withdrawn money from their savings account to fund their break, the study from Birmingham Midshires shows.
The company's report also found that the over 50s took around six times more money from their savings accounts than under 30s, at £657 and £94 respectively.
Although holidays and short breaks were the main cause of Brits dipping into their savings accounts, unexpected household bills also caused 22 per cent to draw on the funds.
Jason Robinson, director of savings operations for Birmingham Midshires, commented: "We have been tracking savings habits for a number of years with our Saving Britain study and over time we’ve seen that the savings message is getting through.
"People are clearly making the effort to save; the hard part however is leaving the funds in savings and not spending them."
These views echo those of Jonathan Akerman, a spokesperson for National Savings and Investments, who recently stated that UK residents should have at least six months' salary in a savings account to deal with unforeseen circumstances.
Holidays hit UK savings accounts, study shows
Holidays hit UK savings accounts, study shows
Fri, 18 Aug 2006
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