Savings slump in run up to Christmas
Published On 30 October 2006
It seems many Brits are putting savings on a backburner in the run up to the festive season, according to new research.New data from Birmingham Midshires has discovered that savings are at their lowest level for the past year and that many consumers could be heading for a lean Christmas.
The group's Saving Britain campaign has shown that Brits saved an average of £413 since July, which is the lowest amount this year and a 20 per cent decrease over the last three months.
A gender gap was also unearthed by the study with men squirreling away more funds than their male counterparts. The new figures have shown that 41 per cent of women possess no savings at all and that over the last three months; women saved just £232 compared to the £612 by men.
Jason Robinson, Birmingham Midshires spokesman, said: "Looking at the current levels of savings, it would appear that many Brits may have started spending for Christmas early and so savings have fallen by the wayside slightly.
"Christmas is a great time to spend with family and friends and we want people to relax and enjoy themselves. But what we would say is make sure you've still got one eye on the amount that you spend so that the start of 2007 can still be fruitful."
