Fairinvestment.co.uk: Brits dip into savings

www.moneynews.co.uk > Banking > Fairinvestment.co.uk: Brits dip into savings

Fairinvestment.co.uk: Brits dip into savings

Wed 15th Apr 2009

Fairinvestment.co.uk has conducted a survey which reveals that many people in the UK have been forced to dip into their savings in order to help them through the credit crunch.

The price comparison site found that 47 per cent of savers have had to use some of their savings to help bolster their income since the financial crisis began.

Five per cent of respondents said they had used nearly all of their savings, having withdrawn between 90 and 100 per cent. 18 per cent said they had used between one and ten per cent.

Fairinvestment.co.uk's chartered financial planner Sharon Bratley said: "Savers have so far been some of the hardest hit victims of the credit crunch, particularly as savings interest rates continue to fall faster than mortgage rates."

Earlier this month, the Bank of England decided not to reduce the base rate of interest any further, news which may provide savers with a glimmer of hope.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'