Holiday money hits savings

for almost a third of Brits, funding for this year's summer holiday has come from raiding the piggy bank, sowing the the savings messages is getting through to us

The latest research from Birmingham Midshire shows that around 29% of savings account withdrawals, this year have been used to fund holidays.

The figures showed the Londoners were least likely to raid their savings, with 35% of them drawing money out, and Northernerswere most likely, with 45% of them having taken money from their savings, also drawing the most out - an average of £500

Jason Robinson, director of savings operations for Birmingham Midshires commented on the findings: “We have been tracking savings habits for a number of years with our Saving Britain study and over time we’ve seen that the savings message is getting through. People are clearly making the effort to save; the hard part however is leaving the funds in savings and not spending them. This comes from planning and commitment and we always encourage savers to try and be realistic in what they put away.”