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PPI refunds: Brits saving 'for a rainy day'

Consumers currently looking for PPI refunds may be interested to find that most Brits are not saving for any particular reason.

That is according to research by, which revealed that of the 80 per cent of UK consumers who save every month, 24 per cent are not saving to buy anything specific.

It also found that 22 per cent are saving for the long-term and 20 per cent are saving for a deposit on a new home.

Chris Griffiths, head of savings at the price comparison website, said: "When you're struggling to get into a savings habit having a clear goal can make things easier.

"It's a good idea to earmark some of your savings for short to medium term goals and some for the long term."

If savers are putting their pennies away for something specific for the short term, they are most likely to be saving for holidays, clothes or electrical goods.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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