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Brits Dip Into Isa Savings |
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(5th August 2008)
More than £6 billion has been withdrawn for Isa savings accounts by Britons as they struggle to cope with the rising cost of living, according to new research.
High street bank Abbey said that the average Isa saver has taken £579 out of their savings account, with nearly one-third blaming the increasing cost of living for the withdrawal.
Mortgage repayments and utility bills were singled out by 15 per cent of those surveyed as the reason savers made a withdrawal from their Isa.
Reza Attar-Zadeh, director of savings and investments at Abbey, said: "With the cost of living increasing, a significant number of us are being forced to use our savings."
Adding: "In this respect dipping into them to meet bills such as gas bills is no bad thing."
But research released by Nationwide Building Society in June showed that people's perception of the importance of saving was changing, with just over a quarter of consumers considering saving as very important.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance |
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