Brits have raided their savings accounts
Overspending has been the cause for more than a third of Britains to raid their savings accounts. Just under 40% of savers who had put away money during the first three months of 2006 have withdrawn an average of £265 each. Although this was less than the number withdrawing cash during the last 3 months of 2005. It was the over 50's who were most hard hit and they withdrew an average of £335.
The main reason for the withdrawels was to deposit money in their current account having overspent, followed by a need to pay for a holiday or weekend break. Buying presents and luxury goods was another popular reason for needing extra cash as was paying for higher than expected utility bills. It was found that more people in the north of England had dipped in to their savings, over 40% took out an average amount of £200 each. | 
