Brits raiding savings

09 February 2006
Decadent Brits have been raiding their savings accounts to buy luxury items to cheer themselves up during the gloomy winter months, according to Birmingham Midshires.

The bank's Saving Britain survey found Brits were four times more likely to break into their piggy banks to pay for luxury goods instead of essential items.

Between October and December Birmingham Midshires found that over a third of people splashed out on luxury items, over a quarter overspent on their current account and over 20 per cent took a break – despite the heavy burden of Christmas spending.

Kevin Mountford, head of savings at Birmingham Midshires,said: "Although we know that Brits are savvy enough to ensure they are contributing to their savings on a regular basis, their desire to live a life of luxury is damaging their nest egg.

"Our report also shows that a lack of planning is eating away at piggybanks across the country – another slippery slope that could leave them short in the future.

"Our advice is always to plan ahead when it comes to allocating your savings for the month – ensure you can afford those extra treats to avoid the guilt of raiding what you've worked hard to achieve."

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