Savings raided during 'winter shopping spree'
Published On 26 February 2007
Savings accounts have been raided over the past few months as Britons have been out on 'winter shopping sprees' using their debit and credit cards, according to new research.Data from Birmingham Midshires has found that 12 per cent of savers have raided their savings for spending on luxury items such as gifts and impulse purchases.
The research suggests that women "were the worst offenders", with 14 per cent using their savings to fund a shopping spree.
Jason Robinson, director of savings at Birmingham Midshires, commented: "Although most of us feel like we are hibernating over the winter months, it's still an expensive time of the year.
"Utility bills can soar as we crank up the heating and we also use retail treats to ward off the winter blues."
Mr Robinson added that consumers should set aside some money each month and leave it untouched rather than saving impractical amounts that one is "forced to raid" to fund debit and credit cards spends.
Regionally those in London were most likely to use their savings for a shopping spree, while 13 per cent of Scottish savers were caught unaware by winter bills.
The news follows research from moneyfacts.co.uk that savings accounts will not always benefit from an interest rate increase, as the benefit of the last three base rate rises have not been felt by savers.
