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More people dip into savings for daily spending

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More people are dipping into their savings Photo: Getty Images

More people are dipping into their savings Photo: Getty Images

More people are dipping into their savings Photo: Getty Images

FOUR out of 10 people with savings are dipping into their nest eggs to pay for their groceries.

The recession, allied with savage tax rises in the April Budget, have meant that more and more families are struggling to survive, a new survey reveals.

Women are more likely to raid their savings to compensate for lost income, the research, sponsored by EBS Building Society, found.

One-third of women who have savings say they are turning to their savings to fund everyday spending.

People are being forced to run down their savings to pay for groceries, utility bills and their mortgages.

The need for people to smash the piggybank represents a dramatic turnaround from just six months ago when people were more likely to take money out of savings to pay for holidays or cars.

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