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PPI reclaim may ease pressure on 50-64 year olds

People aged 50 to 64 winning PPI reclaim cases with their banks may find that compensation payments in the thousands of pounds help ease pressure on their finances.

According to the Alliance Trust Research Centre (ATRC), inflation rates are highest for people in this age group, which potentially means that they are feeling the pinch more than other demographics.

That being said, the research indicated that inflation rates increased or remained unchanged for all age groups in April.

The official inflation report indicates the headline rate increased from four per cent to 4.5 per cent in April. But ATRC research suggests that this figure actually stands at 5.1 per cent for people aged 50 to 64.

Shona Dobbie, head of the centre, said: "The sharp increase in transport prices during April has hit the 50-64 year old age group the hardest.

"However, this effect could reverse next month as it was due to the late timing of Easter this year. Further gas and electricity price hikes during the summer months will, however, hit the elderly age groups the most." 

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800547135-ADNFCR

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