New research has found that 80 per cent of people used their valuable savings to carry out home improvements last year.
The annual Halifax Home Improvement Survey has discovered that four-fifths of people who undertook home improvements in the past twelve months paid for the work partly or entirely via their own savings accounts.
Only ten per cent funded the work on their credit card and five per cent chose to spread the cost over a long period of time by taking out a personal loan.
Commenting on the result, Tony Wilcox, head of savings at Halifax, said the research "contradicts the buy now pay later culture which is so often thought to be prevalent in the UK".
However, home improvers aged between 18 and 34 were twice as likely to have taken out a personal loan to finance developments than the national average while half were more inclined to use their credit card to cover the expense.
Lloyds TSB recently disclosed that it had witnessed a 19 per cent jump in the number of people seeking a loan for home improvements.
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