People in Britain are keener to save money, but at the same time are raiding their savings account, new research shows.
A study, conducted by Birmingham Midshires, reveals that while 69 per cent of Brits are putting money in to savings accounts - compared with 66 per cent last year - increasing financial pressure means they are more likely to dip in to their nest egg.
The report found that, on average, Britons set aside £814 over the past three months, yet withdrew £961 from their savings accounts over the same period - creating a savings deficit of £147.
According to Birmingham Midshires deposits in to savings accounts for the same period last year resulted in a £464 savings surplus.
Jason Robinson, director of savings operations at Birmingham Midshires, said: "We would urge savers to keep an eye on how much they are dipping into their accounts and remain vigilant about their overall savings balance."
On Monday, Kevin Mountford of moneysupermarket.com warned that people who have savings accounts with their mortgage providers could risk seeing their money disappear if the bank experienced financial troubles.
Britons raid savings accounts', survey shows
Britons raid savings accounts', survey shows
Fri, 22 Feb 2008
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