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Savings fall in winter gloom

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    British consumers are splashing out rather than preparing for the future, with savings dropping by 27 per cent in the last three months.
    Over the winter months of 2006, consumers put on average only £495 away for a rainy day, compared to £680 in the last months of 2005, showed figures from Birmingham Midshires. One cause of the drop in savings levels could be the chilly weather and the late start to Spring, said the building society.
    "We know that the months after Christmas often cause a 'financial hangover' and the prolonged winter months cause people to comfort spend in an effort to boost everyday doom and gloom," commented director of savings operations for Birmingham Midshires, Jason Robinson. "We'd advise savers to think carefully about their spending habits over the year to maintain consistent savings habits and nurture their long-term security."
    Men proved to be better savers than women overall, saving 47 per cent more than women in the first quarter of the year, while the 30 to 50 age group managed to save more than their younger and older counterparts.
    If you're worried that you're not managing to save as much as you intended and want to find out how your finances lie, order your credit report.




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