Brits spend £500 a year on milestones

Contributing to accounts which offer competitive savings interest rates could make major celebrations easier, according to NS&I.

The organisation revealed that Brits spend an average of £500 each year attending four milestone events, with a third worrying about the financial cost of such celebrations.

In spite of this, only 22 per cent of people have a 'fun fund', with 73 per cent failing to put money in accounts with the best savings interest rates.

However, 20 per cent say they cannot afford to attend every event and 12 per cent resent being expected to spend money to attend.

"With forward thinking and prioritising of finances this need not be the case. Our research shows that almost a fifth of the population do not worry about their finances because they have a specific savings pot in place. We want to encourage more people to adopt this forward thinking attitude," said Tim Mack, NS&I's savings spokesman.

Meanwhile the HSBC revealed that people are struggling to find long term accounts offering competitive savings interest rates.

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2011-06-20 13:14:46 © Moneyextra.com