People are saving less as Christmas approaches
Oct 30, 2006
Savings levels in Britain have fallen by 20 per cent in the last three months, despite the fact that Christmas is coming ever-nearer.
Figures from Birmingham Midshires has shown a plunge in the amount of money that consumers are putting in their piggy banks, with Brits saving an average of only £413 since July, the lowest amount this year.
Those aged between 30 and 50 managed to save the most, with £464 put away for a rainy day, compared to the under 30s who managed to save only £295 on average. However, the savings plunge could be down to many Britons starting their Christmas shopping early, director of savings operations for the bank, commented, meaning saving has fallen by the wayside a little.
Britons should still keep an eye on what they spend over the festive period, to make sure the start of 2007 is fruitful, he added. With Christmas spending set to eat into savings for many Britons, some may choose to take out a secured loan against the value of their home in order to pay for larger costs such as a new car. The post-christmas period is typically the busiest for UK loan companies, with many people realising the extent of their spending which is normally on store or credit cards and resorting to cheaper loans to help put their finances back on track.
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