Savers have put less into their savings accounts over the last three months, according to new statistics.
Birmingham Midshires building society has revealed that UK savings accounts fell by 27 per cent during the first quarter of the year.
Consumers managed to save an average of £495, almost £200 less than the £680 saved during the final quarter of 2005.
The building society has put the dip in savings accounts down to the cold weather and late spring, with people indulging in comfort spending to beat the winter blues.
The aftermath of an expensive Christmas also has an impact on savings accounts levels, with savers trying to pay off their credit card bills as early as possible.
However, Jason Robinson from the building society urges consumers to regularly contribute to their savings account.
"We'd advise savers to think carefully about their spending habits over the year to maintain consistent savings habits and nurture their long-term security," he said.
The report also found that those between 30 and 50 years old were the best savers, managing to put approximately £679 into a savings account.
In comparison, those under 30 put away £295 for a rainy day during the first quarter of the year.
Reduced savings accounts after long winter, reveals research
Financial Services > Savings > Savings and Investments News
Reduced savings accounts after long winter, reveals research
Tue, 02 May 2006
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