Savers forced to dip into funds

A SIGNIFICANT number of people are now accessing their savings on a regular basis in a bid to cover lost earnings.

Moreover, the use of those savings has also changed – with more people now dipping into their savings to cover essential costs of everyday living, rather than previous top-choice uses like holidays and travel.

More than 40% of respondents to a new consumer savings sentiment research survey – carried out by the EBS Building Society – said they have begun to use their savings to compensate for falling income levels from work. “Aquarter of those who have dipped into their savings are claiming to have used those savings for general living expenses. This research demonstrates a shift in how people are using their savings.