Winter spells cold for the young

Over the penultimate quarter of 2006, almost a third of under-thirties were forced to use their savings in order to meet the payments of unexpected bills, Birmingham Midshares claims.

“Our latest findings make for worrying reading as we move into the coldest season of the year,” said Jason Robinson, director of savings and investments for the firm.

In the survey, Londoners were the least prepared for unexpected winter bills, with 31 per cent using their savings in the third quarter of 2006, closely followed by Scots at 30 per cent.

Mr Robinson urged Britons, particularly the young, to have a debt management plan in place, especially one that can cope with the spending of the festive season.

“We all know that Christmas can be an expensive celebration and Brits need to make financial provisions in order to cope with the seasonal generosity as well as the increase in bills over the winter months. Putting aside a little and often will ensure there is enough money in the rainy day account to cover most eventualities over the festive period,” he said.