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Britons withdraw ‘£60bn from savings pot’

An increasing number of Britons are digging into their savings to cover shortfalls in their income, new research suggests.

According to a survey by investment firm Schroders, savers are thought to have withdrawn a total of £60 billion, with individuals taking out an average of £4,600.

The study found that women are more likely to raid their savings than men, while those aged over 65 are most likely to tap into their capital to help them pay for everyday living costs.

‘The amount of capital being drawn down suggests that it is not just rainy-day funds that are being drained, but a significant proportion of individuals' long-term savings,’ said Robin Stoakley of Schroders.

‘This is particularly an issue for those nearing or in retirement as they have less opportunity to rebuild their savings and declining annuity income proves insufficient to cover their day to day expenditure,’ he continued.

Persistently low interest rates are providing little incentive for saving, experts said, with spending proving to be a more sensible option for some.