Many UK residents are raiding their savings accounts in order to take a break this winter, according to new research.
Some 25 per cent of Britons have used their savings in order to book a break in the last three months, a study from Birmingham Midshires has revealed.
In total, 40 per cent of UK residents dipped into their savings accounts between July and September, with a variety of reasons cited.
Payment of bills, home and car repairs and overspending on current accounts were the main reasons provided by respondents for using their savings.
Jason Robinson, director of savings operations for Birmingham Midshires, commented: "Whilst winter can be expensive with the likes of Christmas and the holiday season, it doesn't need to spell disaster for our savings accounts."
He added that Britons should ensure that they have extra money put aside for unexpected events, which could help them avoid using their savings.
Recent research from Yorkshire Building Society revealed that UK residents could boost their savings by making small sacrifices such as making sandwiches for work and driving more slowly on the motorway.
Holidaying Brits hit savings accounts, study shows
Holidaying Brits hit savings accounts, study shows
Thu, 09 Nov 2006
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