Savings Shrink as Bills Rise

Tightening our money belts is becoming a common UK past time, but worryingly 1 in 10 Brits have admitted to turning to their savings accounts in order to pay off high energy bills and ward off debt.

Further research by the Chelsea Building Society show that 13% of those surveyed have raided their savings in order to meet their accommodation costs, including rent and mortgage payments. More people may need to seek extra debt advice as almost two-thirds of those polled said that they have seen a noticeable increase in the cost of food during the last three months alone.

Darren Stevens, director of customer services at Chelsea Building Society, said: “We are concerned that many people’s finances are in real trouble due to the growing pressure of rising costs across so many essential items.” However it seems that we are prepared for these prices to keep increasing, as 80% expect the cost of food to increase and 77% expect energy prices to rise.