Brits raiding savings less as concern of inflation grows

Over half of Brits (52%) admitted being concerned about the impact inflation may have on their savings, according to the latest Saving Britain research from BM Savings.

Nearly seven in 10 (69%) savers over the age of 65 were worried about inflation, however, only three in 10 (30%) young (18-24) were concerned their savings would be affected.

The average amount people saved in the past three months fell from £768 to £754 and the average amount people raided from their savings account in the past three months also fell, from £1,873 to £1,750. The most committed savers were 35-44 year olds who managed to save an average of over £1,100 in the past three months, compared to savers aged 45-54 who managed to save an average of £469.

Following the latest findings John Bianco, Head of Products at BM Savings said: "As we head into summer, savers have reduced the amount they have raided from their savings account. Consistently putting money away is a great way to ensure savings are there for upcoming summer holidays. There are many great rates at the moment for those looking to get the most out of their savings pot, including our inflation tracker bonds for those concerned about the effect of inflation on their savings."

Spring savers

Around a quarter of those in London (24%), Wales (25%) and Scotland (26%) have up to £5,000 in savings, compared to the UK average of 22%.

Nearly half (48%) of all Brits did not save anything in the last three months, however, six in 10 (62%) Londoners were able to save an average of £588.

The average male has over £23,600 in their savings account, £6,300 higher than the average female saver.

Spring Raiders

Less than four in 10 (37%) savers raided their savings accounts with those tightening the purse strings being in Scotland (29%) and in the East of England (28%) with only three in 10 raiding their accounts.

Young savers (18-24) were most likely to raid their savings for holidays (33%) or overspending on their current account (35%)

Only 2% of those in East of England raided accounts to lend to family or friends, compared to one in five (18%) Northerners and Scots.