43% of people in Peterborough used savings to cover Christmas spending
Research shows, on average, savers miss out on £1,000 per year due to low interest rates
New data shows nearly half (43%) of people in Peterborough looked to the piggy bank and used savings to cover the cost of Christmas.
The research, from Yorkshire Building Society (YBS), also states 49% of people from the city had to dip into savings just to cover day-to-day payments.
Financial experts are advising savers to "shop around" for savings accounts with higher interest rates, with research showing the majority (55%) of people from Peterborough haven't looked at moving their money in the past year.
The average person could be missing out on up to £1,000 a year due to having money sitting in accounts with low interest, according to the high street savings firm.
Chris Irwin, from Yorkshire Building Society, said:
'Look at the rates that you're receiving on your savings, and look at what rates are available elsewhere and capitalise on that.'
'Lots of people shop around for their home or their car insurance. Benefits you could get from shopping around on your savings are probably significantly higher.'