Birmingham Midshires marks lower savings levels

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Birmingham Midshires marks lower savings levels

While Christmas may be just around the corner, savings are at their lowest level for the past year, according to new figures from Birmingham Midshires.

The last three months have seen saving levels drop by 20 per cent, with the average Briton having put away just £413 since July.

Those under the age of 30 are the worst offenders, says Birmingham Midshires. The average consumer in this age group has saved just £295 since July, compared to £464 for those aged 30 to 50.

Birmingham Midshires is urging consumers to go easy on their spending this Christmas and to make sure they do not let their savings slip over the festive period in order to avoid financial problems in the New Year.

Jason Robinson, director of savings operations at Birmingham Midshires, said: "Looking at current levels of savings, it would appear that many Brits may have started spending for Christmas early, and so savings have fallen by the wayside slightly.

"Christmas is a great time to spend with family and friends and we want people to relax and enjoy themselves. But what we would say is make sure you've still got one eye on the amount that you spend so that the start of 2007 can still be fruitful."

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