• One in eight savers raid their accounts every month, with only one in five always replacing the cash they take out
• But savers still end up ahead for the year with average deposits of £2,906 beating average withdrawals of £924
• Big ticket items like cars or holidays are primary motivators for driving saving behaviour

New research from Charter Savings Bank¹ reveals that one in eight (12%) regular savers usually take money out of their accounts every month – and the number of savings raiders is set to grow as festive spending puts finances under strain.

Despite their best intentions, 12% of savers – the equivalent of six million people across the UK – dip into their savings every month, and over two thirds of adults (72%) say they make a withdrawal from their saving accounts at some point during the year.

Over the course of a year, savers estimate they withdraw about a third (32%) of their cash, although one in five (21%) admit to taking out at least half of their total savings. Just one in eleven (9%) say they never touch their savings.

But while we are almost all savings raiders to some extent, the study found we do at least try to put the money back. Just one in five (18%) of those who take cash out of their savings pot always replace it, while 43% try to do so. Around 15 per cent admit they replace cash rarely at best.

The average amount saved over a year is £2,906 and the average amount withdrawn over this time is £924. Men are able to save more over a year than women (£3,344 compared to £2,476), and just over a fifth (21%) of men will always replace their savings compared to one in six (16%) of women.

Charter Savings Bank’s study found interesting differences in the reasons driving people to withdraw money from their savings, with some only doing so when they need cash for a big-ticket item like a holiday or car (30%), while others say they mainly take money out when they need it for unexpected bills (27%) or in an emergency (25%).

Main reasons people raid their savings

Event	Percentage of people who take out savings due to this reason
When I need money for a big-ticket item like a holiday or car	30%
Whenever I have unexpected bills like home or car repairs	27%
Only in an emergency	25%
Usually each month when I run out of money	12%
When I have reached my savings goal	6%

Paul Whitlock, Director of Savings, Charter Savings Bank, said: “There are many different types of savers in the UK and there is no right or wrong way to save. Anyone able to set aside some money each month, whether they are saving up for a specific item or just in case of emergency, is doing well.

“Saving as much as you can afford to is extremely worthwhile. It may seem pointless putting small amounts of money aside but it is extremely satisfying to see your savings grow. Christmas is an expensive time of year but a good time to start thinking about your savings goals for 2019.”

^{1 Opinium conducted research among 2,007 adults living in the UK on behalf of Charter Savings Bank between 20th – 22nd November 2018}