Although people may be advised to squirrel away their hard-earned cash for a rainy day, it seems that many Britons are dipping into their savings in order to treat themselves.
According to new data from price comparison service moneysupermarket.com, two-thirds of UK consumers dip into their savings pots on a regular basis in order to afford a special treat.
This is despite the research also indicating that 54 per cent of people want savings to provide peace of mind, while 53 per cent are stowing away funds for an uncertain future or retirement .
Kevin Mountford, head of savings at moneysupermarket.com, said: "Constantly dipping in will leave saving a pretty defunct purpose and those hoping for peace of mind or a wealthy future may find the prospects of this much reduced."
He added that people are dipping into their savings ahead of using them for a more consequential purpose such as repairing a car or buying a new washing machine .
Rachel Thrussell, head of savings at Moneyfacts.co.uk, said that the variable rate saving market has improved greatly in recent months, with a number of providers offering higher rates.
Savings equals treats for Britons
Savings equals treats for Britons
Wed, 31 Oct 2007
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