Savings accounts took a hard knock over Christmas the latest research by Birmingham Midshires suggests.
Its Saving Britain campaign – an ongoing drive that analyses the country's savings habits – revealed that savings accounts will need an average 51 days to be restored to pre-Christmas levels.
Failure to budget caused 37 per cent of Britons to dip into their savings so they could pay for presents, luxury items and impulse shopping.
Another 27 per cent admit they overspent on their current accounts, leading them to use their savings to fund festive spending.
Kevin Mountford, the head of savings, sales and marketing at Birmingham Midshires, says 51 days is "a very lengthy hangover".
He adds that it is "worrying" to see that this period is extended to 79 days in the case of savings account holders over the age of 50.
Birmingham Midshires found that older savers saved the least (£571) in the run-up to Christmas, while they were the biggest savings account raiders by taking £496 out.
However, they were the age group who were least likely to overspend on their current accounts.
Some 37 per cent of those younger than 50 admitted to overspending on their current accounts, compared to 17 per cent of those aged 50 and older.
51-day hangover for savings accounts
51-day hangover for savings accounts
Mon, 30 Jan 2006
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