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PPI refunds: People do not have separate short and long-term savings

People who are currently awaiting PPI refunds may be all too aware that many people do not have separate short and long-term savings.

David Rodger, managing director at the Debt Advice Foundation, a provider of free and impartial debt advice, claims that people are aware that they should have separate savings pots for both the short and the long-term, but that many are unable to achieve this.

He said: "Understanding is one thing, achieving this is another. Unfortunately when an unexpected financial crisis hits, many people have no option other than to turn to credit or to use their savings pot - regardless of whether their savings pot is for their next holiday or for their future retirement."

His comments follow research released by the National Savings and Investments (NS&I) on April 2nd.

The NS&I Savings Survey found that more than one in four (27 per cent) people in Britain say they will be less likely to save over the next three months.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800493149-ADNFCR



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