Car repair takes toll on savings

02 February 2012

One of the most common reasons for people to dip into their savings during the last three months was for emergency car repairs, according to research by BM Savings.

The research, called Saving Britain, found that other common reasons for raiding savings were spending more than was available in current accounts and emergency home repairs.

Over a quarter of us struggled during the festive season, with 27% taking out savings to fund Christmas expenses.

However, there were indications that the trend of 'financial prudence' continues despite families having to make do with less.

During the past three months the average amount people managed to save was £920, a slight increase on the previous quarter.

To guard yourself against unforeseen expenditure, make sure you have the correct car insurance and breakdown cover to help protect you, and your savings.

Copyright Press Association 2012