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A time to save before a time to spend

A time to save before a time to spend

Category: Savings

Updated: 12/02/2009
First Published: 11/02/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Recent results from Birmingham Midshires 'Saving Britain' research show that we Brits have been holding on to our savings over the last 3 months, with 'savings raids' falling by 40% against the same period last year.

Even those that did succumb and had to dip into their savings have shown more prudence, with only 9% using their savings to buy luxuries, compared with around 39% the previous year.

In fact it is more often necessity that leads to people 'dipping in' to their savings, rather than impulsive purchases or luxury items. Such things as holidays and non-essential purchases are being put on hold as people look to protect the savings they have.

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