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PPI charges: High earners to save less in 2011

High earners are expected to save less this year, with the amount saved or invested each year by households that have an income over £100,000 expected to decline by ten per cent.

These are the results of research by HSBC, which surveyed 1,000 UK consumers with a household income of over £100,000.

Richard Brown, head of Savings and Investments at the bank, said: "High earners were hit with a number of additional taxes in 2010, with the introduction of a 28 per cent capital gains tax rate, the introduction of the 50 per cent tax rate coupled with the removal of their income tax personal allowance and the withdrawal of child benefit, which could all affect their ability to save."

Mr Brown added that it appears richer consumers are choosing to spend more to maintain their lifestyles rather than saving.

Research reveals that the average amount saved by high-earners will decline from £20,314 in 2010 to £18,255 this year.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.


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