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Brits set to raid savings this winter

The under-30s are the most likely to struggle with increased bills this winter, new figures show.

Birmingham Midshires found that 31 per cent of under-30s raided their savings to pay for unexpected bills in the third quarter of 2006, while the increased costs typically seen over the winter could see this figure rise further.

In contrast, 22 per cent of over-50s delved into their savings while a quarter of those aged 30 to 50-years-old dipped into financial reserves.

Rising energy costs have been blamed in part for this trend, with energy bills typically 38 per cent higher than this time last year.

Jason Robinson, director of savings & investments for Birmingham Midshires said: "Our latest findings make for worrying reading as we move into the coldest season of the year.

"We all know that Christmas can be an expensive celebration and Brits need to make financial provisions in order to cope with the seasonal generosity as well as the increase in bills over the winter months."

People who have been unable to save extra money for the winter season may find a personal loan useful for tiding them over until spring.

Click here to see how much you could borrow with Lombard Direct.

13/12/2006 09:32:25

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