40% of Brits Raid Savings to Make Ends Meet

40% of Brits Raid Savings to Make Ends Meet

It is true:  40% of British citizens “borrow” from their nest eggs on a monthly basis to be able to pay their bills, based on a recent survey of 1,000 working people by BankingRefunds.co.uk.

The poll yielded information that found 39% of males and 41% of females have to dip into what they have ostensibly saved in order to keep things on a relatively even keel.

The polling organization specialises in assisting people to get money back against accounts they were mis-sold; namely, pre-packaged accounts.

BankingRefunds.co.uk discovered that 81% of males often disregarded their payment responsibilities, thereby allowing them to grow into a proverbial pile.  On the other hand, women numbered in the 53% range of those who admitted to tuning out their financial payments when due, thereby waiting for last notices.

It followed that 12% of the surveyed British people felt “out of control” with slightly below 20% confessing to indulging themselves when payday came around in lieu of applying earnings to bills.

Avoidant behaviours were also in evidence with 27% indicating they were afraid of looking at their bank balances because of what they might find.

The front five of undesirable approaches to money management in the UK were cited as: splurging when one gets paid (16%); ignoring a bank correspondence for over one week (20%); not reviewing one’s balance at the bank, also for over a week (27%); not checking a sales receipt for accuracy (30%); and the aforementioned removing money from savings accounts (40%).

According to BankingRefunds.co.uk’s Managing Director Carl Millar, the company was “astounded to discover how reckless the country is with its finances, with many people often sacrificing their savings to treat themselves rather than securing their future.”

Millar also stated that, “when it comes to our finances, ignorance is definitely not bliss,” and that “men in particular have adopted a blasé attitude towards their finances, avoiding their bank balances, and even ignoring bills, which often results in additional costs.”

He added, “we hope the nation is encouraged to reflect on its approach to spending and saving, and is motivated to take back control of its current financial situation, and in turn, future.”

  • Elise Dopson is a freelance writer and blogger. She shares tips on how start, market and run a successful freelance business on her blog. ? Contact: elise@newsanyway.com

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