Drop In Savings Revealed By Birmingham Midshires

According to a new research the economic recession is putting consumers under pressure on their ability to save money.

In figures recently published by Birmingham Midshires, as a part of its Savings Britain campaign, it was indicated that in the three months leading up to the end of October the average person was able to save some 339 pounds. Such a figure represents a drop of 34 per cent from the 516 pounds that was recorded during the same period of time in 2007. The turn down was largely credited to the continuing impact of the credit crunch.

However, it emerges that young people are increasingly preparing themselves for their fiscal future with those between the ages of 18 and 24 pointed out as saving an average of 276 pounds from August to October. This is a increase of 31 per cent from the 191 pounds such consumers clear up in the three-month period leading up to the end of July.

Indeed, it was indicated that when consumers do select to withdraw money they are increasingly doing so to tackle critical spending commitments. However, it could be manageable by seeking debt consolidation loans. With the help of these loans borrowers can merge their numerous numbers of debts into single low cost loan that can be easily affordable.

Around 16 per cent of Britons claimed to have attacked with their savings in the past three months in order to cope with the cost of unexpected utility bills. Meanwhile, just over a quarter of respondents point out to taken money out of a rainy day fund to pay for emergency repair work to either their home or car, with seven per cent reporting to do this to cover for loss of earnings.

It could be possible that such areas of debt include personal loans or credit card bills. Taking out debt consolidation loans could help the borrowers to meet their all financial commitments effectively, as they can now concentrate on paying single loan at a time.

Commenting on the findings, Tim Hague, director of savings and investments for Birmingham Midshires stated that "The latest Saving Britain findings point out that Britons are seeking a responsible attitude towards saving money for future in a difficult market circumstances."

News Categories