Don't raid your savings to pay for car insurance
Thu, 20 Oct 2005
People are being urged to avoid raiding their savings in order to pay for their annual car insurance cover.
Instead of dipping into the piggy bank, consumers are being warned to make sure they shop around for the best deal and plan ahead when it comes to paying bills such as motor insurance premiums.
A study from Birmingham Midshires shows that people managed to save around £236 over the past three months but actually withdrew a total of £448 from their savings, with men 30 per cent more likely to hold on to their savings than women.
"Our latest research shows that while Brits are realising the need to save, their lack of discipline when it comes impulse luxuries and their inability to predict surprise bills has caused them to dig deep into their hard-earned savings," said Richard Brown, head of savings products at Birmingham Midshires.
Consumers are being encouraged to ensure that they are saving a realistic amount and not simply setting aside cash to spend the following month 
© Adfero Ltd
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