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Monday 1st September 2008
Around 80 per cent of people who undertook some form of home improvements over the past year used their savings to help fund the work, it has been found.
According to Halifax, which has just published its 18th annual home improvements survey, savings remain by far the most popular way of paying for the upgrades.
Well behind was credit cards, used by ten per cent of the group, and personal loans, used by five per cent.
Persuasive demographic trends were also found by Halifax when it came to funding methods.
For example, personal loans were found to be most popular among 18 to 34-year-olds, while the age group where savings were most commonly used was found to be the over-65s.
Tony Wilcox, head of savings at Halifax, commented: "This research contradicts the buy now pay later culture which is so often thought to be prevalent in the UK. The fact that the vast majority of people have saved in advance of spending is extremely encouraging. Using savings for such improvements means savers are really seeing the benefits of putting money aside."
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