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PPI: Britons' savings set to be spent in 2011

UK consumers are set to use their savings to purchase high value goods in 2011, according to new research.

British bank HSBC has published the results of a new survey which shows that around half of Britons would seek a quote to repair goods if they broke down and the majority claimed that they would use their savings if they decided to purchase replacement items.

Around 40 per cent of respondents revealed that they would use their savings to replace a broken laptop, while 42 per cent said they do so if their washing machine was to break down.

Although the majority of Britons would opt to repair a key item such as an oven or a fridge, most were reluctant to pay more than £78 to do so.

HSBC head of savings Richard Brown said: "The recent recession and increasing inflation together with the planned rise in VAT from January and lower disposable income means that many people will be seeking ways of tightening their belts in the New Year."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt  ADNFCR-2776-ID-800314943-ADNFCR

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