UK savers found big 'Dippers' in savings rollercoaster

31 August 2005
Savers from the UK are big 'Dippers', taking advantage of the savings rollercoaster, according to new research.

A study by the Post Office found that almost half (49 per cent) of the three-quarters of people who save every month are also 'Dippers' – they delve regularly into their personal savings.

Dippers are less enthusiastic about replacing the money than spending it, the Post Office found: just under a third a third (32 per cent) of savers admitted they did not usually put the money back into their savings account.

Those who dip into their savings are not just looking to have fun, however – 47 per cent of those surveyed said they had only had to touch their savings because of emergencies.

Claire Oldstein, head of Post Office Savings, urged savers to become more structured with their savings to avoid missing out in the future.

She stated: "Although it is sensible to keep some money easily accessible for emergencies, if you really are serious about having a long term saving plan it is best to avoid temptation by putting your cash into a place where you can't just dip in on a whim – such as for the summer sales!"

Women were found to be worse Dippers than men, proving half as likely to replace the money than men, at 16 per cent compared with 29 per cent.

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