{"id":1245128,"date":"2023-06-29T12:46:30","date_gmt":"2023-06-29T11:46:30","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/squeezed-uk-households-withdraw-record-amount-of-savings-in-may\/"},"modified":"2023-06-29T12:46:30","modified_gmt":"2023-06-29T11:46:30","slug":"squeezed-uk-households-withdraw-record-amount-of-savings-in-may","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/squeezed-uk-households-withdraw-record-amount-of-savings-in-may\/","title":{"rendered":"Squeezed UK households withdraw record amount of savings in May"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div wp_automatic_readability=\"114.53201970443\">\n<p class=\"dcr-iyhl1z\">UK households are pulling money out of their savings accounts at the fastest rate ever recorded, drawing on rainy-day funds to weather the cost of living storm.<\/p>\n<p class=\"dcr-iyhl1z\"><a href=\"https:\/\/www.bankofengland.co.uk\/statistics\/money-and-credit\/2023\/may-2023\">Figures from the Bank of England<\/a> show households withdrew a net \u00a34.6bn from banks and building societies in May, the highest level of withdrawals since it started collecting the monthly data in October 1997.<\/p>\n<p class=\"dcr-iyhl1z\">The figure suggests those able to do so are running down their funds to sustain living standards or to pay off mortgages or loans before needing to <a href=\"https:\/\/www.theguardian.com\/money\/2023\/jun\/24\/mortgages-how-to-cope-as-uk-interest-rates-hit-the-roof\">refinance at higher interest rates<\/a>.<\/p>\n<p class=\"dcr-iyhl1z\">Richard Lane, the director of external affairs at the debt charity StepChange, said: \u201cThis is the latest in a long line of warnings that more and more people are struggling to cope with the cost of living.<\/p>\n<p class=\"dcr-iyhl1z\">\u201cWhether it\u2019s a sky-high energy bill, a sudden jump in mortgage payments or the gradual increase of the price of the weekly food shop, cost pressures are everywhere and eroding people\u2019s financial headroom, leaving them more vulnerable to harmful borrowing and problem debt.\u201d<\/p>\n<p><gu-island name=\"InteractiveBlockComponent\" deferuntil=\"idle\" props=\"{&quot;url&quot;:&quot;https:\/\/interactive.guim.co.uk\/charts\/embed\/jun\/2023-06-29-01:40:09\/embed.html&quot;,&quot;scriptUrl&quot;:&quot;https:\/\/interactive.guim.co.uk\/embed\/iframe-wrapper\/0.1\/boot.js&quot;,&quot;alt&quot;:&quot;chart&quot;,&quot;format&quot;:{&quot;display&quot;:0,&quot;theme&quot;:0,&quot;design&quot;:0},&quot;elementId&quot;:&quot;e7b901b6-ef31-4d77-b51b-e54e03262be1&quot;,&quot;isMainMedia&quot;:false}\"><\/p>\n<figure id=\"e7b901b6-ef31-4d77-b51b-e54e03262be1\" data-alt=\"chart\" data-cypress=\"interactive-element-chart\" data-spacefinder-role=\"inline\" class=\"element element-interactive element--inline element-inline dcr-o4lpi\"><a data-name=\"placeholder\" href=\"https:\/\/interactive.guim.co.uk\/charts\/embed\/jun\/2023-06-29-01:40:09\/embed.html\" class=\"dcr-1eupayo\">chart<\/a><\/figure>\n<p><\/gu-island><\/p>\n<p class=\"dcr-iyhl1z\">More than 2.4 million homeowners on a fixed-rate mortgage, or about a quarter of the market, are heading for a dramatic increase in monthly payments between now and the end of 2024 after 13 consecutive rate increases from the Bank to combat stubbornly high inflation.<\/p>\n<p class=\"dcr-iyhl1z\">Britain\u2019s biggest lenders, including Nationwide, NatWest and HSBC, have scrambled to pull hundreds of cheaper deals in recent weeks and have pushed up the cost of a typical new two-year fixed rate mortgage to its <a href=\"https:\/\/www.theguardian.com\/money\/2023\/jun\/15\/average-mortgage-rate-two-year-fixed-nationwide-bank-of-england-interest-rate-rise-borrowers\">highest level since the 2008 financial crisis<\/a>.<\/p>\n<p class=\"dcr-iyhl1z\">The average two-year fixed residential mortgage rate rose to 6.37% on Thursday, up from 6.3% on Wednesday, according to the data provider Moneyfacts. The average five-year fix crept closer to 6%, hitting 5.94% on Thursday, up from 5.91% the previous day.<\/p>\n<p class=\"dcr-iyhl1z\">Thomas Pugh, an economist at the accountancy firm RSM UK, said households raiding their savings could reflect rising consumer confidence amid a scramble to book summer holidays and concert tickets in recent months. \u201cBut it seems more likely that households are using savings to pay down debt which has become much more expensive recently,\u201d he said.<\/p>\n<p class=\"dcr-iyhl1z\">The Bank\u2019s snapshot also showed that mortgage approvals rose slightly in May to 50,500 from 49,000 in April. Economists, however, say this is likely to prove shortlived given this month\u2019s rise in mortgage rates.<\/p>\n<figure data-spacefinder-role=\"inline\" data-spacefinder-type=\"model.dotcomrendering.pageElements.NewsletterSignupBlockElement\" class=\" dcr-173mewl\" wp_automatic_readability=\"3.0580204778157\"><a data-ignore=\"global-link-styling\" href=\"#EmailSignup-skip-link-11\" class=\"dcr-15r7368\">skip past newsletter promotion<\/a><\/p>\n<aside aria-label=\"newsletter promotion\" class=\"dcr-124witz\" wp_automatic_readability=\"3.6679245283019\">\n<div class=\"dcr-10et71f\" wp_automatic_readability=\"7\">\n<p class=\"dcr-ohmn7a\">Sign up to <span>Business Today<\/span><\/p>\n<\/div>\n<p class=\"dcr-1613jw2\">Get set for the working day \u2013 we&#8217;ll point you to all the business news and analysis you need every morning<\/p>\n<p><gu-island name=\"SecureSignupIframe\" deferuntil=\"idle\" props=\"{&quot;name&quot;:&quot;Business Today&quot;,&quot;html&quot;:&quot;&lt;form id=\\&quot;secure-signup-business-today\\&quot;&gt;&lt;label class=\\&quot;email-signup-iframe-njjzu0\\&quot;&gt;&lt;div class=\\&quot;email-signup-iframe-de6my7\\&quot;&gt;Enter your email address &lt;\/div&gt;&lt;\/label&gt;&lt;div class=\\&quot;email-signup-iframe-17gkgdc\\&quot;&gt;&lt;div class=\\&quot;email-signup-iframe-lxzyg5\\&quot;&gt;&lt;label for=\\&quot;src-component-400910\\&quot; class=\\&quot;email-signup-iframe-0\\&quot;&gt;&lt;div class=\\&quot;email-signup-iframe-19ilr9m\\&quot;&gt;Enter your email address &lt;\/div&gt;&lt;\/label&gt;&lt;input type=\\&quot;email\\&quot; id=\\&quot;src-component-400910\\&quot; aria-required=\\&quot;true\\&quot; aria-invalid=\\&quot;false\\&quot; aria-describedby required name=\\&quot;email\\&quot; class=\\&quot;email-signup-iframe-11bty1f\\&quot;\/&gt;&lt;\/div&gt;&lt;button type=\\&quot;submit\\&quot; aria-live=\\&quot;polite\\&quot; class=\\&quot;email-signup-iframe-1wosa0f\\&quot;&gt;Sign up&lt;\/button&gt;&lt;\/div&gt;&lt;\/form&gt;&quot;,&quot;styles&quot;:&quot;&lt;style data-emotion=\\&quot;email-signup-iframe-global 0\\&quot;&gt;&lt;\/style&gt;&lt;style data-emotion=\\&quot;email-signup-iframe njjzu0 de6my7 17gkgdc lxzyg5 19ilr9m 11bty1f 1wosa0f\\&quot;&gt;.email-signup-iframe-njjzu0 div{font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:0.875rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;}.email-signup-iframe-de6my7{font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;color:#121212;}.email-signup-iframe-17gkgdc{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-align-items:flex-start;-webkit-box-align:flex-start;-ms-flex-align:flex-start;align-items:flex-start;-webkit-box-flex-wrap:wrap;-webkit-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;}.email-signup-iframe-lxzyg5{margin-right:12px;margin-bottom:8px;-webkit-flex-basis:335px;-ms-flex-preferred-size:335px;flex-basis:335px;-webkit-flex-shrink:1;-ms-flex-negative:1;flex-shrink:1;}.email-signup-iframe-19ilr9m{font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:700;--source-text-decoration-thickness:2px;color:#121212;position:absolute;overflow:hidden;white-space:nowrap;width:1px;height:1px;margin:-1px;padding:0;border:0;clip:rect(1px, 1px, 1px, 1px);-webkit-clip-path:inset(50%);-webkit-clip-path:inset(50%);clip-path:inset(50%);}.email-signup-iframe-11bty1f{width:100%;box-sizing:border-box;height:44px;font-family:GuardianTextSans,Guardian Text Sans Web,Helvetica Neue,Helvetica,Arial,Lucida Grande,sans-serif;font-size:1.0625rem;line-height:1.35;font-weight:400;--source-text-decoration-thickness:2px;color:#121212;background-color:#FFFFFF;border:2px solid #707070;padding:0 8px;margin-top:4px;height:36px;margin-top:0;}.email-signup-iframe-11bty1f:focus{border:2px solid #0077B6;outline:0;}html:not(.src-focus-disabled) .email-signup-iframe-11bty1f:focus{box-shadow:0 0 0 5px #0077B6;}.email-signup-iframe-11bty1f:invalid{box-shadow:none;}.email-signup-iframe-11bty1f:invalid[value]:not([value=\" solid=\"\" ease-in-out=\"\" text=\"\" sans=\"\" web=\"\" neue=\"\" grande=\"\" .email-signup-iframe-1wosa0f:focus=\"\">&#8220;,&#8221;newsletterId&#8221;:&#8221;business-today&#8221;,&#8221;successDescription&#8221;:&#8221;We&#8217;ll send you Business Today every weekday&#8221;}&#8221; clientOnly&gt;<\/gu-island><span class=\"dcr-1u9nobt\"><strong>Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our <a data-ignore=\"global-link-styling\" href=\"https:\/\/www.theguardian.com\/help\/privacy-policy\" rel=\"noreferrer\" class=\"dcr-1lt1fwp\">Privacy Policy<\/a>. We use Google reCaptcha to protect our website and the Google <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/privacy\" rel=\"noreferrer\" class=\"dcr-1lt1fwp\">Privacy Policy<\/a> and <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/terms\" rel=\"noreferrer\" class=\"dcr-1lt1fwp\">Terms of Service<\/a> apply.<\/span><\/aside>\n<p id=\"EmailSignup-skip-link-11\" tabindex=\"0\" aria-label=\"after newsletter promotion\" role=\"note\" class=\"dcr-15r7368\">after newsletter promotion<\/p>\n<\/figure>\n<p class=\"dcr-iyhl1z\">Andrew Wishart, the senior property economist at the consultancy Capital Economics described the situation as the calm before the storm,. \u201cWith mortgage rates now at the same level as in October and November last year, lending volumes will slump back to financial crisis levels in the months ahead,\u201d he said.<\/p>\n<p class=\"dcr-iyhl1z\">Households <a href=\"https:\/\/www.theguardian.com\/money\/2021\/jun\/30\/covid-savings-britain-built-up-second-highest-level-on-record-in-early-2021\">built up savings to record levels during the Covid pandemic<\/a>, amassing an estimated \u00a3200bn in extra deposits as lockdowns forced consumers to stay at home, while furlough supported the incomes of millions of workers.<\/p>\n<p class=\"dcr-iyhl1z\">Daniel Mahoney, the UK economist at Handelsbanken, said: \u201cThis provides strong evidence that households are dipping into excess savings built up during the pandemic to sustain living standards during the current cost of living squeeze caused by the high inflation environment.\u201d<\/p>\n<p class=\"dcr-iyhl1z\">It was, however, mostly households in the <a href=\"https:\/\/www.bankofengland.co.uk\/-\/media\/boe\/files\/speech\/2021\/february\/an-update-on-the-economic-outlook-speech-by-gertjan-vlieghe.pdf?la=en&amp;hash=4D50354F53FDA4D035082B9B1A844A6B134212D1\">top 40% of earners who experienced marked increases in saving<\/a>, while the poorest fifth lost money. Many have no savings or little held in reserve, particularly among younger adults, those on lower incomes, and renters.<\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.theguardian.com\/business\/2023\/jun\/29\/uk-households-withdrawing-savings-at-fastest-ever-rate-official-figures-show\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK households are pulling money out of their savings accounts at the fastest rate ever recorded, drawing on rainy-day funds to weather the cost of living storm. Figures from the Bank of England show households withdrew a net \u00a34.6bn from banks and building societies in May, the highest level of withdrawals since it started collecting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1245128","post","type-post","status-publish","format-standard","hentry","category-personal-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Squeezed UK households withdraw record amount of savings in May - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theguardian.com\/business\/2023\/jun\/29\/uk-households-withdrawing-savings-at-fastest-ever-rate-official-figures-show\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Squeezed UK households withdraw record amount of savings in May - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"UK households are pulling money out of their savings accounts at the fastest rate ever recorded, drawing on rainy-day funds to weather the cost of living storm. Figures from the Bank of England show households withdrew a net \u00a34.6bn from banks and building societies in May, the highest level of withdrawals since it started collecting [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theguardian.com\/business\/2023\/jun\/29\/uk-households-withdrawing-savings-at-fastest-ever-rate-official-figures-show\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-29T11:46:30+00:00\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theguardian.com\/business\/2023\/jun\/29\/uk-households-withdrawing-savings-at-fastest-ever-rate-official-figures-show#article\",\"isPartOf\":{\"@id\":\"http:\/\/www.businesstelegraph.co.uk\/squeezed-uk-households-withdraw-record-amount-of-savings-in-may\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"Squeezed UK households withdraw record amount of savings in May\",\"datePublished\":\"2023-06-29T11:46:30+00:00\",\"dateModified\":\"2023-06-29T11:46:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/www.businesstelegraph.co.uk\/squeezed-uk-households-withdraw-record-amount-of-savings-in-may\/\"},\"wordCount\":651,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"articleSection\":[\"personal finance\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/www.businesstelegraph.co.uk\/squeezed-uk-households-withdraw-record-amount-of-savings-in-may\/\",\"url\":\"https:\/\/www.theguardian.com\/business\/2023\/jun\/29\/uk-households-withdrawing-savings-at-fastest-ever-rate-official-figures-show\",\"name\":\"Squeezed UK households withdraw record amount of savings in May - 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