Consumers raiding savings accounts, says moneysupermarket.com

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Consumers raiding savings accounts, says moneysupermarket.com

Mon 23rd Aug 2010

Many people in the UK are raiding their savings accounts in order to cope with rising living costs.

According to moneysupermarket.com, lots of families in Britain are feeling squeezed by low interest rates and high inflation.

Indeed, the price comparison site noted that the current rate of inflation - 3.1 per cent - is "well above" the government's target.

Clare Francis, site editor at moneysupermarket.com, said: "An increasing number of people are being forced to dip into their savings just to make ends meet."

However, she insisted that people should only raid their savings accounts as a last resort.

Ms Francis urged people to consider options such as using discount vouchers where possible, repaying outstanding debts and spending wisely.

She said this would help to free up additional funds and relieve financial strain.

This comes after moneysupermarket.com discovered that 25 per cent of consumers in the UK would be prepared to lick the pavement for £400.

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