Britons raid investment and savings accounts
24 August 2010 14:10:00
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| Britons are turning to savings accounts to fund living expenses. |
According to global asset manager Schroders, 31% of UK adults have relied on their savings and investments to supplement their earnings.
Over a third of women (34%) and 28% of men have suffered from capital erosion over the last year, with the average amount taken from savings believed to be in the region of £4,600.
The research suggests that retired people and workers on the brink of retirement, particularly those living in the east Midlands and London, are most likely to have dipped into their reserves.
Robin Stoakley, managing director of Schroders UK Intermediary Business, said: "The amount of capital being drawn down suggests that it is not just rainy day funds that are being drained, but a significant proportion of individuals' long-term savings.
"This is particularly an issue for those nearing or in retirement as they have less opportunity to rebuild their savings and declining annuity income proves insufficient to cover their day-to-day expenditure."
Recent research by Nationwide Building Society revealed that 21% of consumers expect their ability to put money into high interest savings accounts to fall over the next six months.
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