Birmingham Midshires: Impulse shoppers raid savings accounts

26 February 2007
Winter may be drawing to a close, but for the 12 per cent of savers who have plundered their savings accounts over the last three months to purchase little luxuries, March may see them emerge into a twilight of debt instead of the spring sunshine.

Spending figures from Birmingham Midshires suggest that women have been the main culprits of impulse spending, with 14 per cent of the fairer sex succumbing to the temptations of the high street.

Bright festive lights seemingly affected Londoners' financial resolution, as 11 per cent took to the shops on a whim during the last quarter.

Nevertheless, for one in ten people, the decision to draw on stored-up savings was forced on them after companies issued them with unexpectedly high gas and electricity bills.

"Utility bills can soar as we crank up the heating and we also use retail treats to ward off the winter blues," Jason Robinson, director of savings operations for Birmingham Midshires, commented.

Earlier this month, research from uSwitch.com claimed that over 750,000 people in the UK are 'shopaholics', spending over £200 a month on non-essentials and accumulating an average of £11,000 in debt.

To learn more about savings accounts, click here.

track© Adfero Ltd