Brits raid savings accounts for winter bills

14 November 2005
Birmingham Midshires Building Society says Brits have not saved enough to pay for winter bills - and many will raid their savings accounts to cover the higher costs of heating and electricity.

The building society says over one in five Brits plan dip into their savings accounts in the winter to cover bills during the colder months.

Head of sales & marketing at Birmingham Midshires, Kevin Mountford, said: "To avoid being stung by higher winter bills and to protect savings we would advise Britons to revisit their bills from previous years so that they can make the necessary financial provisions for these expenses.

"The run up to Christmas and the onset of winter is often an expensive time of the year and prior planning can help us keep our savings intact."

Young Brits in particular are expected to struggle since many are forced to raid their savings accounts even in the summer, when bills are much lower.

Almost a quarter of those aged 20 and over who were surveyed by the building society said they dipped into their savings accounts to cover summer bills.

The Department of Work and Pensions launched a campaign in September to encourage people, particularly the elderly, to start thinking about how they will pay for bills during the colder months.

To read more about Savings Accounts, click here.

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