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Britons reduce savings as credit crunch starts to bite

Britons reduce savings as credit crunch starts to bite

Category: Savings

Updated: 31/10/2008
First Published: 07/07/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
New figures from Unbiased.co.uk show that consumer borrowing soared by £22.4 billion in the first quarter of 2008. This is £13 billion higher than the same period in 2007.

Unbiased.co.uk's Savings Brake research, which reveals the ratio of how much we are borrowing, not including mortgage debt, contrasted with how much we are saving, shows that for every pound UK consumers saved during the first three months of 2008, they borrowed 69 pence. This is a notable increase from the 29 pence borrowed against every pound during the first quarter of 2007.

The research also reveals that as well as increasing borrowing levels, consumers also reduced savings - with the amount we added to our 'rainy day' funds dipping by £11 billion to £32.7 billion in quarter one 2008.

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