Monday 7th of March 2011
An increasing number of people may soon be seeking IVA answers as it appears a high number of individuals in the UK are struggling to pay for everyday necessities.
New research carried out by moneysupermarket.com has found that 23 per cent are having to raid their savings to make such purchases.
Moreover, the study revealed that almost 16 million Brits have no savings whatsoever.
It was also found that 21 per cent of those questioned are using their coffers to fund luxury outgoings, such as paying for a holiday.
Kevin Mountford, head of banking at moneysupermarket.com, said: "With the cost of living soaring, it is difficult to balance the books, and many people will be tempted to dip into their savings."
Richard Marriott, head of savings at Nationwide, recently claimed many UK adults have found it hard to add to their savings pots over the last couple of years, but advised people to try and start bolstering their coffers as soon as possible.
By Rachel Powell
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