Birmingham Midshires savings points to piggy bank raids

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Birmingham Midshires savings points to piggy bank raids

The average Britton saves nearly £600 every quarter but then spends over a third of it to solve cashflow problems, new research has found.

Building society Birmingham Midshires made the discovery as part of ongoing research into the nation's savings habits.

It shows that the savings gap is more than a case of people not saving. Since August over 60 per cent of the population have put money away, but are unable to leave it alone.

Overspending is top of the list of reasons for raiding savings, with people on average taking over £50 from their savings to solve cashflow problems.

Household emergencies and debt also hinder saving, while on a lighter note last minute holidays and retail therapy also feature.

Tim Hague, head of savings and investments marketing at Birmingham Midshires commented: "It is encouraging to see that savings levels have reached an average of £587.38 per person in the UK over the course of the last three months.

"However, we are a nation of fritterers as shown by the fact that we are spending over a third of the nest eggs we have saved up over the past three months. With Saving Britain, we are working to encourage people to save as much as affordably possible."

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