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Brits 'spend savings on shopping spree'

Britain's retailers have enjoyed a prosperous new year as increasing numbers of shoppers are spending their savings on luxuries, gifts and impulse purchases, it has been revealed.

According to Birmingham Midshire's Saving Britain report, 12 per cent of consumers questioned had dipped into their savings already this year.

The report showed that women were the most prolific spenders, with 14 per cent admitting to using their savings to fund their shopping.

Unexpectedly large utility bills, including maintenance costs brought about by the winter weather, are another major reason for savers to make use of their funds, the report also revealed, with 10 per cent of male respondents having done this.

Commenting on the findings, Jason Robinson, the director of savings operations at Birmingham Midshires, said: "Although most of us feel like we are hibernating over the winter months, it's still an expensive time of year.

"Setting aside a small amount of money each month and leaving it untouched is much better than saving more than what is practical and being forced to rake," he added.

26/02/2007 15:50:27

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