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Britons reduce savings as credit crunch starts to bite
Article Published: 7/7/2008
New figures
from Unbiased.co.uk show that consumer borrowing soared by £22.4 billion
in the first quarter of 2008. This is £13 billion higher than the same period
in 2007.
Unbiased.co.uk's Savings Brake
research, which
reveals the ratio of how much we are borrowing, not including mortgage debt,
contrasted with how much we are saving, shows that for every pound UK consumers
saved during the first three months of 2008, they borrowed 69 pence. This is a
notable increase from the 29 pence borrowed against every pound during the
first quarter of 2007.
The research also reveals that as well as increasing borrowing levels, consumers also reduced savings - with the amount we added to our ‘rainy day' funds dipping by £11 billion to £32.7 billion in quarter one 2008.
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