North-East folk raid savings for Christmas, survey reveals (From Darlington and Stockton Times)

North-East folk raid savings for Christmas, survey reveals

12:10am Saturday 15th December 2012 in News By Alexa Copeland, Reporter (Darlington)

MORE people in the North-East have raided their savings in the last three months than anywhere else in the country, according to the Halifax.

New figures from Halifax Savings show that in the three months to November, 42 per cent of North East residents had withdrawn an average of £976 from their savings account, while managing to put away just £228.

North Easterners also had the least amount of savings nationally, with an average of £11,951– almost half the highest regional average of £22,366 held by London residents.

In Yorkshire and the Humber, 30 per cent of residents have dipped into their savings over the last three months, withdrawing an average of £1,147 and putting back just £382.

According to the research, the most common reason for resorting to savings was to cover emergency home or car repairs, followed by holiday costs and overspending on current accounts.

Richard Fearon, Head of Halifax Savings, said: “At this time of year people often use their savings to buy gifts so taking simple steps, such as having different savings accounts for different purposes, can be an effective way to stop hard-earned savings being spent on things they aren’t intended for."