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Savings squeezed as Brits indulge in winter shopping spree

28 February, 2007

The report from Birmingham Midshires found that a buoyant winter for retailers has also meant that 12 per cent of savers have raided their savings accounts to pay for luxuries, gifts and impulse purchases.

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The seasonal increase in bills also hit savers hard, with a staggering one in 10 having to draw on their nest eggs to cope with higher-than-expected bills including utility statements and home maintenance costs following the winter weather.

Men in particular bore the brunt of bills, with 11 per cent being caught unaware over the winter months.

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Jason Robinson, director of savings operations for Birmingham Midshires, said: “Although most of us feel like we are hibernating over the winter months, it’s still an expensive time of the year.

“Utility bills soar as we crank up the heating and we also use retail treats to ward off the winter blues. Setting aside a smaller amount of money each month and leaving it untouched is much better than saving more than what is practical and being forced to raid.”