Britons raiding savings, Birmingham Midshires finds

10 December 2004
While UK residents manage to save almost £200 a month, they then spend a third of this to help with cashflow problems, Birmingham Midshires has found.

Since August two out of every three people have managed to put some money away, but most cannot leave it there.

Birmingham Midshires has found that the main reasons people raid there savings are overspending, household emergencies and debt.

But people also use their money for nicer things, with last minute holidays and retail therapy also featuring on the list of what savings are spent on.

"It is encouraging to see that savings levels have reached an average of £587.38 per person in the UK over the course of the last three months," Tim Hague, head of savings and investments marketing at Birmingham Midshires commented.

"However, we are a nation of fritterers as shown by the fact that we are spending over a third of the nest eggs we have saved up over the past three months. With Saving Britain, we are working to encourage people to save as much as affordably possible."

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