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Bank refunds: Savers 'do not understand' how inflation affects their money

People who are in line for bank refunds may want to put money returned to them into savings.

If this is the case, they may be interested in finding out how inflation will affect any money they have put away.

Justin Modray, of, explained that many people do not understand what inflation will do to their savings.

He said: "If you borrow money then inflation is generally a good thing provided your salary increases with inflation, as future payments will cost you less in 'real' terms.

"But high inflation is bad for savers because most savings accounts can't keep up, meaning your cash might buy less in future than it could today."

Recent research by the Post Office showed that 93 per cent of people are concerned about the impact of inflation on their finances.

Despite this high figure, only five per cent of consumers know what the current rate of inflation is.

John Fieldman

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

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