Savings accounts have been hit hard over the winter months as more Brits dip into their savings for luxuries, gifts and impulse purchases, according to research by Birmingham Midshires.
The findings, in Birmingham Midshires' Saving Britain
study, found that 12 per cent of savers have raided their accounts for non essentials, with women as the worst offenders – 14% used savings for luxuries compared to 11% of men.
But it isn’t just people splurging out on a whim that has affected the nation's savings habits – the seasonal increases in bills has also hit hard, with 10% having to use savings to pay for higher than expected utility bills.
Jason Robinson, director of savings operations for Birmingham Midshires, said: “Although most of us feel like we are hibernating over the winter months, it’s still an expensive time of the year. Utility bills can soar as we crank up the heating and we also use retail treats to ward off the winter blues.
"Setting aside a smaller amount of money each month and leaving it untouched is much better than saving more than what is practical and being forced to raid.”
Get more information about Birmingham Midshires savings accounts