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Loan charges: Quarter of Brits 'unable to save'

Having to pay off loan charges may be one of the reasons why a quarter of Brits are unable to save. has revealed that, despite inflation falling by 0.3 per cent in May, Brits are struggling to save, with 25 per cent saying they cannot afford to put any money away.

The survey also revealed that ten per cent of Brits are now paying off more debt because of inflation.

Kevin Mountford, head of banking at the price comparison website, said: "The ability to save is being hampered by the rising cost of living.

"Clearly the majority of consumers are finding it tough to free up any money to put aside and with factors like energy price hikes, the cost of fuel and pay freezes for many workers, this situation seems set to continue."

He added that people with savings should try to protect any money put away, as inflation will be "eating away" at the value of their money.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.


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