Drive for luxury attacks UK savings
Britons are increasingly raiding their savings in the pursuit of luxury items, a new survey has found.
Research by Birmingham Midshires reveals that 33 per cent of consumers who took money out of their lifesavings between October and December did so for new extravagant buys, rather than the essential demands of household repairs or surprise bills.
Holidays or weekend breaks also amounted to a significant portion of the costs, providing the motive for 21 per cent of people dipping into their savings.
Kevin Mountford from Birmingham Midshires warned that greater planning is needed to ensure spending habits do not eat into the essential household funds.
'Our advice is always to plan ahead when it comes to allocating your savings for the month – ensure you can afford those extra treats to avoid the guilt of raiding what you’ve worked hard to achieve,' he said.
Taking out a personal loan remains one of the strongest options for assisting with the purchase of luxury goods.
To explore the increasing number of competitive, low-rate loan deals, customers would be advised to look online. | 
