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British people withdraw from their savings for very different reasons according to a new study. The key point centres around whether or not you have a mortgage as those without that very specific pressure tend to use up savings for a variety of different reasons.
The study shows that British savers have a different list of preferences regarding the use they make of their savings, according to the latest survey from Legal & General.
Of those Brits paying off a mortgage, 57% of them take money from their savings account to cover increased mortgage payments, 13% do it to pay for a holiday and 11% would only withdraw money to pay household bills (including food and utilities).
Paying household bills, however, is their main concern for people without the worries of a mortgage. 45% of those surveyed would use savings to pay bills, 12% would use their savings to pay for educational costs and 11% of people would withdraw money to pay for a holiday.
Original households' savings
The survey also looked at the main reasons why we would look to save money.
Among the preferences of those surveyed, 68% of people save for a ‘rainy day'. 52% are savings for a future holiday, 50% for household bills, 45% for some sort of home improvement and 32% save in case they lose their job in the future.
Reasons including saving for a new car, as part of a deposit on a new house or for a wedding are at the bottom of the list, with 18%, 13% and 11% respectively.
The Legal & General survey also asked savers what they would do if the Bank of England (BoE) increased interest rates. "Nothing” was the response from 53% of households, 35% said they will "add to savings” and one in ten (11%) say they will "withdraw from their savings” in this event.