Holidaymakers are dipping into their savings in a bid to enjoy a summer break, it has emerged.
Research conducted by Abbey Savings suggests that that some £50 million is being withdrawn from savings accounts across the UK as two-thirds of Britons raid their accounts .
The bank claims that this amounts to £3.2 million in lost interest .
"If people cut back a small proportion of the amount they spend on holidays and kept their savings, this would make a real difference to their financial wellbeing," explained Abbey's director of savings and investments Reza Attar-Zadeh.
Last week, Abbey introduced a savings account with a ten per cent rate.
Meanwhile, a recent survey by Lloyds TSB highlighted that people are reluctant to shop around for savings accounts as they have had their confidence affected by the current economic situation.
The study showed that 70 per cent of individuals want their money in a bank they feel they can trust.
Holidaymakers dipping into savings, expert claims
Holidaymakers dipping into savings, expert claims
Wed, 20 Aug 2008
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