MORE than a third of Britons have dipped into their savings during the past six months as people struggle to meet the rising cost of living, a survey indicated today.
Around 36% of people said their savings had decreased during the six months to the end of September, with the average person withdrawing 16.5% of their nest egg.
The latest decrease in savings levels follows a 10% fall during the previous six months, according to Investec Bank.
The main reason people gave for raiding their savings was needing to cover the cost of living, cited by 40% of those who withdrew money, followed by the need to pay for a significant purchase, such as a car, at 28% or a holiday, at 27%.
But a fifth of people said they had used the money to pay off or reduce debts, while 8% had lent money to family or friends.
People in London were most likely to have withdrawn money to cover the cost of living, at 51%, compared with just 29% of people in the North West.
