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Brits raid savings to fund breaks

Wednesday July 24th 2013

Many families and individuals are having to dip into their savings to pay for hard-earned holidays this summer and they are typically drawing out twice as much as they are putting in.

The Halifax holds a Saving vs Raiding Review twice a year to determine how much the public is saving. It found that 77% of Brits were able to put something away in the last three months, at around £829 on average, but 35% made withdrawals averaging £1,824.

Holidays are the main reason to save money for 23% of people, but 21% admit they have to make unexpected withdrawals to afford breaks.

Saving for retirement and for deposits on property were listed as the main goals of 14% and 12% of savers respectively, but most people (59%) do not have a specific reason for saving other than doing so "for a rainy day".

Savings can allow people to do what they want to do but it is best to manage them as part of household budgets, according to Richard Fearon, head of Halifax Savings.

Copyright Press Association 2013

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