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Loan Protection: Britons increasingly raiding their savings

UK consumers are increasingly using their savings to maintain their lifestyle, according to new research.

Financial services firm ING Direct has found that the average consumer has withdrawn £279 from their savings accounts over the last three months.

This has significantly reduced the average cash reserve available to the average saver to £1,771, the lowest figure since ING Direct began its research in January 2009.

Richard Doe, ING Direct chief executive, claimed that consumers are now faced with a difficult choice over how to handle their finances.

He said: "Rainy day savings are falling as people use them to meet the rising cost of living.

"There is also evidence that consumers are preparing for a difficult winter ahead, no doubt with one eye on the affects of the government's recent spending review."

More consumers are now looking to reduce their debt instead of investing in savings accounts, the report added.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800218471-ADNFCR

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