Halifax: People using savings to fund home repairs

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Halifax: People using savings to fund home repairs

Fri 29th Aug 2008

Some 80 per cent of people who have embarked on a home improvement project during the last 12 months have paid for it in part or entirely with their own savings, new research from Halifax has shown.

According to the high street bank, the figures may indicate that Britons are not adopting a "buy now, pay later" attitude to their home improvement projects.

While women tend to have slightly higher savings balances than their male counterparts - the average woman has £7,065 in savings, compared with £6,865 in the average man's savings account - men are more likely to use their savings as a source of funding for home improvements, the survey found.

According to Halifax's head of savings, Tony Wilcox, the findings of the recent survey are "extremely encouraging".

He said: "Using savings for such improvements means savers are really seeing the benefits of putting money aside."

Moneyfacts has recently asserted that teenagers should begin saving when they enter into part-time or full-time work in order to learn good savings habits for later in life.

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