British consumers ‘whittling away savings’
Article Category: Debt Management Help and Advice
UK consumers regularly risk their savings by dipping into funds, possibly hampering their debt management plan, it has been claimed.
A new study from moneysupermarket.com has found that two-thirds of people who save would not think twice about withdrawing money for an unplanned treat - compared to 56 per cent who would be prepared to turn to their savings for an unexpected necessity such as a new washing machine.
Kevin Mountford, head of savings with the price comparison website, said that the practice of continually withdrawing from savings accounts could prove risky for people looking to minimise debt problems.
"Constantly dipping in will leave saving a pretty defunct purpose and those hoping for peace of mind or a wealthy future may find the prospects of this much reduced."
The news comes after a study from Scottish Widows published earlier this week warned that women’s efforts to save for a pension are being hampered by the pay gap and low employer contributions, possibly increasing British women’s risk of debt in later life.
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