Savings raided to pay for hols

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Savings raided to pay for hols

Wed 8th Nov 2006

It appears that Britons are seeking sunnier climes as a tonic to winter blues, according to new research by Birmingham Midshires.

A quarter of people in the UK have been found to have booked a holiday or weekend break during the last three months as savings accounts are plundered to cover the costs.

Other motives for dipping into savings were found to be paying off unexpected bills, addressing an overspend on a current account and paying for repairs to either the home or the car.

Jason Robinson, director of savings operations for Birmingham Midshires, commented on the findings: "Whilst winter can be expensive with the likes of Christmas and the holiday season, it doesn't need to spell disaster for our savings accounts.

"It's all down to planning, if savers ensure they put money aside for unexpected costs, savings accounts can survive winter unscathed."

Mr Robinson highlighted the necessity for savers to account for unforeseen circumstances that could result in a financial outlay so that they can safeguard their savings long term.

Birmingham Midshires was established in 1849 and is now part of the Halifax Group while retaining its brand and product portfolio.

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