Many Britons are using their savings to help out friends and family members struggling with debt, it has emerged.
Research by Abbey found that 4.7 million people (ten per cent) have dipped into their savings to help loved ones get out of debt.
Giving a family member a boost onto the property ladder, helping to fund the cost of education and contributing to wedding expenses were also popular reasons for raiding savings.
Not all respondents used their savings to help others, with nearly half accessing money they had set aside earlier in order to help them survive unemployment or paying for urgent healthcare .
Of those who used their savings early, 37 per cent said they have since came back on track with savings through increasing their monthly payments .
Reza Attar-Zadeh, head of savings at Abbey, said it was "heartening" to see people use their savings to help their loved ones through times of financial difficulty.
"However, this only serves to highlight the need for people to have their own savings rather than relying on others," he added.
Recent Alliance and Leicester figures show 24 per cent of consumers have no savings at all, with three-quarters of them blaming a lack of spare income .
Savings raided to help struggling loved ones, survey finds
Savings raided to help struggling loved ones, survey finds
Mon, 26 Nov 2007
Recommended links
UK savings portalToday's best savings providers
Savings enquiry form
Savings account information guide
Introductory deals - beware of terms and conditions
Switching savings accounts
Alliance & Leicester announces new offer to help people start saving money
New savings bonds from B&B
Highest-ever savings seen
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Saving rates reach 3.3 per cent - Thu, 21 Aug 2008 |
| Holidaymakers dipping into savings, expert claims - Wed, 20 Aug 2008 |
| Safety in savings important, survey finds - Tue, 19 Aug 2008 |
| More News |
