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PPI refunds: Quarter of UK households 'have no savings'

Consumers currently awaiting PPI refunds could do well to put any money gained away in savings, as over five million households in the UK are not saving.

The Department for Business, Innovation and Skills revealed that a quarter (27 per cent) of households have no savings and rely on credit for everyday expenditure all the time.

National debt charity the Consumer Credit Counselling Service (CCCS) also revealed that 4.3 million households have no savings at all, while 1.1 million have savings less than £1,000.

Delroy Corinaldi, CCCS external affairs director, said: "Low savings leave many families financially vulnerable and unable to deal with unexpected expenses without resorting to credit.

"While not everyone is in a position to build savings, too many people are falling off a cliff as far as savings are concerned and more needs to be done to help people save and give themselves financial security."

He added that ideally, people should have savings for between three and six months set aside to cushion against an unexpected event.

Jennifer Haines

Jennifer's speciality knowledge is credit card charges and balance transfers.

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