New research from moneysupermarket.com has revealed that Brits are having to use their savings to fund the rising cost of living. The price comparison website revealed that 56 per cent of savers have used money from their savings accounts to help afford everyday purchases, while a further 26 per cent admitted they would do so if they were in need of the money.
The survey was conducted over the past fortnight, at a time when savers continue to struggle to find attractive interest rates, with many banks offering products that actually lose money when the high rate of inflation is taken into account.
Clare Francis from moneysupermarket.com urged savers to look for other means of offsetting the rising cost of living, such as using discount vouchers, while Francis also pointed out that by paying off debts, consumers will be able to free up some extra cash.
The survey follows research from investment group Schroders which found that one third of British pensioners are having to use their savings and investments to keep up with the cost of everyday living.
Brits Using Bank Savings to Fund Rising Cost of Living
Financial Services > e-banking > Banking news
Brits Using Bank Savings to Fund Rising Cost of Living
Wed, 25 Aug 2010
Recommended links
Business Banking GuideSavings Accounts
Top Pension Providers
Tax Free ISAs
Leading Current Accounts
Compare Isas
Online Banking Tips and Guides
Bank Survey Finds Higher Savings Levels
Indian Bank Launches Best Buy Savings Deals
Big Society Plan to Use Dormant Bank Savings
Bank Study Finds Surge in Savings Levels Over Past 50 Years
New Savings Schemes Target Government Rather than Banks
Banks Launch Savings Accounts to Overcome Inflation
Banks Cut Childrens Savings Accounts Rates
Banks May Take Savings to Pay Debts
Private Bank Removes High Interest Savings Account
Bank Reveals Increase in Savings Levels
Government to Withdraw Guarantee on Nationalised Bank Savings
Dutch Bank Reveals Average UK Savings
Central Bank Blamed as Inflation Cancels Out Savings Interest
Government Backed Savings Bank Announces Interest Delay
FSA Authorises Bank as Savings and Mortgage Provider
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company