People get by with a little savings from their friends

16 March 2005
Britain's savers are pretty generous people with a lot of needy friends, according to the Saving Britain campaign by the Birmingham Midshires.

The building society's research has revealed that the number one reason people gave for raiding their savings during the last quarter of 2004 was to help out friends and family.

The average British piggy bank was about £188 worse off in the last three months of 2004, giving up its contents to rescue friends in difficult financial situations.

"Whilst we wouldn't discourage people from helping out their friends and family, we do instead urge people to consider ways to cut down on spending rather than raiding their piggy banks if they do find they need to find some extra cash," said Richard Brown, head of savings products at Birmingham Midshires.

The research suggests that many savers dug so deep in their pockets they actually took out more than they put in, with an average £759 raided from savings accounts during those three months, compared with £654 retained.

It seems British people are tightening their belts at the moment, however, with a recent survey by Legal & General finding 56 per cent of UK adults in the mood to save rather than spend at the end of February.

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