Credit crunch ebbs away savings

Posted: 19 Feb 2009 08:34:20 GMT

Nearly half of all Brits have reported that they have had to dip into their savings in order to maintain monthly outgoings as the recession continues to put a strain on the UK's purse strings.

Research from fairinvestment.co.uk has found that 47 per cent of Brits have now had to resort to using their savings in order to keep up with outgoings and, shockingly, five per cent have had to spend their entire nest egg.

Such figures will inevitably be intertwined with the slow housing market as, with first-time buyers unable to use their savings for a mortgage deposit, the chances of the housing market gaining pace once more are slim.

Chartered financial planner at fairinvestment.co.uk, Sharon Bratley, said of the situation: "When savings run out, there may not be anything to fall back on. So, it's important that if people do need to dip into their savings that they only do so for essentials, keeping their savings for as long as possible."

Homeowners hoping to find a buyer for their home could benefit from selling their property online.



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