Brits raiding savings stash
Carefree Brits are raiding their savings and spending double what they are saving, says a new report.
According to Birmingham Midshires, UK consumers saved on average £266 over the last three months, yet raided their savings of £448.
Men were shown to be more financially conscientious than women, putting away an average of £412 in the last quarter, compared to females who only managed to save £127.
The survey showed that biggest reason for ransacking the piggybank was an unexpected bill or expense.
However, the second biggest reason for a splurge was a shopping trip, with 15 per cent of Brits admitting to a spontaneous spend up.
The Welsh were shown to be the best savers, putting away and keeping an average £474, while East Midlands were the biggest spendthrifts, saving £287 and spending £1,429 over the last three months.
Richard Brown, head of savings products at Birmingham Midshires offered some tips on the best way to save.
'We would urge people to think carefully about a realistic amount they can set aside each month so they avoid plundering their account on a regular basis.
'Setting aside a smaller amount of money each month and leaving it untouched is a much better than saving more than what is possible and being forced to raid,' he added.
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