Just over one in ten are paying their mortgage or rent through savings, a building society has said.
Many Britons have dipped into their savings accounts to meet their accommodation costs, a new poll from the Chelsea Building Society shows.
According to the research, which covers the past three months, 12 per cent of people used money which could otherwise continue to accrue interest in a savings account to pay their rent or mortgage. Just under one in six told the Chelsea that they had used savings to pay their council tax, energy or broadband bills, while a further 13 per cent had used them for other day-to-day costs, such as food.
Indeed, rising food prices are causing particular concern, with 66 per cent of people noting a change in cost over the three-month period. With the credit crunch showing no signs of abating, eight in ten also indicated that they expect further rises over months to come.
Darren Stevens, director of customer services at the building society, said: "We are concerned that many people's finances are in real trouble due to the growing pressure of rising costs across so many essential items."
The Chelsea also found that overall savings levels among poll respondents have dropped by 13 per cent - falling from £203 to £179 per month saved.
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