Brits dipping into their savings
25 September 2009
Brits have been forced to dip into their savings accounts over the last 12 months, a recent study has found.
The Abbey Savings research showed consumers have withdrawn £11 billion from their ISA accounts in the last year - almost three times more than in the previous 12 months.
On average, each of the seven million savers to turn to the nest eggs for cash took out £1,573.
Families seem to be under the most pressure, withdrawing £4,015 during that period.
Abbey director of savings and investments Reza Attar-Zadeh said many are using the cash they have put aside to meet the costs of everyday living.
"There''s no denying it''s been a tough year so it''s understandable that people have turned to their savings in these trying times," he explained.
Mr Attar-Zadeh added that it is important to be prepared financially for circumstances like the credit crunch.
In other news, the Bank of England recently suggested that the UK economy could grow in the second half of this year.
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