Brits love the luxury lifestyle
(09 February 2006)

Brits have developed an increasing taste for luxury items, according a survey by Birmingham Midshires – and consequently their savings accounts are taking a pounding.

The Saving Britain survey shows that between October and December of 2005 the main reason people used to delving into their savings was to shell out on extravagances – with 33 per cent citing this as their reason.

A further 21 per cent said that holidays and weekend breaks were the main cause for a raid of the savings account – but essential items placed further down the list. A relatively low 17 per cent of respondents withdrew money to pay unexpected bills, with emergency or home repairs accounting for 16 per cent.

Kevin Mountford of Birmingham Midshires said: "Although we know that Brits are savvy enough to ensure they are contributing to their savings on a regular basis, their desire to live a life of luxury is damaging their nest egg.

"Our advice is always to plan ahead when it comes to allocating your savings for the month – ensure you can afford those extra treats to avoid the guilt of raiding what you've worked hard to achieve."

If you simply can't bear a month without the things you're accustomed to but recognise the need to effect some kind of financial rethink, a payday loan would mean that you have some short term cash to play with while not having to erode your pile of savings yet further.

Repayable on your next payday and charging no more than £25 for every £100 withdrawn, it's an effective cheap way of giving you some financial freedom without causing you any longer-term problems.



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