Birmingham Midshires: Brits stop spending their savings

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Birmingham Midshires: Brits stop spending their savings

Birmingham Midshires has conducted a survey which reveals that Brits are delving into their savings accounts less because of the financial crisis.

The bank found that the average amount withdrawn from savings accounts in the last three months fell by 40 per cent compared with the same period one year ago.

Birmingham Midshires also found that Brits are spending their savings in different ways, with nine per cent claiming they withdrew savings to buy luxuries compared with 39 per cent one year ago.

Tim Hague, director of savings and investments at Birmingham Midshires, said: "Those who are raiding their savings are doing so for essential reasons such as emergency repairs and increased utility bills rather than spending on luxury items."

Birmingham Midshires, which provides savings accounts and mortgages, recently joined the Lloyds Banking Group as part of HBOS.

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