Abacus Daily Debt News

People ‘forced to dip into savings’

Around half of British people have had to dip into their savings in order to cope in the wake of the credit crunch, it has been stated.

A survey of 2,000 Brits carried out by OnePoll for Fairinvestment.co.uk has discovered that 47 per cent of those questioned have been forced to use some of their savings to cover costs.

In addition, 14 per cent have had to reduce the amount of money they stash away or cease saving altogether.

Chartered financial planner for Fairinvestment.co.uk Sharon Bratley said that the figures are "hardly surprising".

She added: "The cost of living is going up and so is the number of job losses, leaving Brits vulnerable and dependent on back-up like savings."

Meanwhile, a poll carried out by Virgin Money has found that approximately a third of Brits expect their disposable income to be restricted over the coming year by salary cuts or increasing costs.

By Jamie Price