Brits raiding savings to pay bills

More than one in 10 Britons has had to dip into their savings to pay their mortgage or rent during the past three months, a survey has shown.

Around 12% of people admitted they had raided money they had set aside to meet accommodation costs, while 15% had used their savings to pay utility bills or council tax.

A further 13% of those questioned said they had used money they had saved to meet other household bills, according to Chelsea Building Society.

Nearly two-thirds of people said they had seen a noticeable increase in the cost of food during the past three months, while 61% said they were spending more on petrol and energy, and 44% faced higher council tax bills.

Eight out of 10 people expect the cost of food to continue rising in the near future, while 77% are bracing themselves for further energy price rises and 71% think they will continue to spend more on petrol.

The Press Association