Monday 17th of January 2011
Many people in Britain struggled to increase their overall savings in 2010, it has been found - which could have exacerbated the financial problems for those already deep in the red and may result in them seeking individual voluntary arrangement answers.
The HSBC Savings Map of Britain revealed 40 per cent of Brits withdrew more money than they were able to place to one side last year.
Moreover, 23 per cent admitted they spent more than a quarter of what they had managed to put away, with just 32 per cent of those questioned stating they were able to increase their savings pot.
Only 15 per cent claimed they managed to hoard away a lot more cash than they took out.
Richard Brown, head of savings at HSBC, said: "2010 was a difficult time for savers and it is no great surprise that many people had to withdraw more than they put away."
Recent research from Lloyds TSB showed taking control of personal finances was among the most common new year's resolutions in Britain this year.
By Rachel Powell
