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Brits are more likely to spend savings on frivolous items than something practical, according to new research.
The survey of 1,067 UK adults conducted by heating oil supplier Super Saver Oil reveals that Brits have on average £6,360 in their savings account.
But rather than saving for a practical item or a rainy day, this was most likely to be spent on a summer holiday (41 per cent).
Meanwhile, 37 per cent of Brits reveal that they spend their savings on getting a new car, with 33 per cent putting their money towards purchasing a house.
Some 30 per cent say they intend to put their savings towards a wedding, which can often be a substantial cost.
Utility bills (25 per cent) complete the list of the top five things Brits spend their money from their savings account on.
Surprisingly, the research reveals that one in seven (14 per cent) don’t keep track of what funds they have in their savings account.
And 28 per cent admit that they dip into their savings as regularly as four times per month.
Mark Hackett, project manager at SuperSaverOil.com says, 'It’s important to regularly put money aside into a savings account, no matter how little it may be. It’s not only good to set aside as an emergency fund but is also a good habit to have. By doing this on a frequent basis, it will mean we can dip into our savings when life’s surprises occur or even simply for big ticket items.'
One in three (33 per cent) admit that they now regret not consciously saving money from an early age.
Those living in London are Britain’s savviest savers, harbouring the biggest savings of any city in the UK.