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Payment protection: Brits rate paying off debt as important

Brits who are currently looking to reclaim payment protection they were sold may be among those who consider paying off debt a priority over the next 12 months.

According to research by Legal & General, 76 per cent of Brits say saving is a priority, while 55 per cent say paying off debt is a goal.

The firm's Changing Face of British Homes Report also found that 66 per cent of Britons are choosing to make do and mend objects rather than buying new.

In comparison to the same report carried out in 2008, the willingness to mend objects rather than buy new ones has come in stark contrast, as three years ago 86 per cent of Brits said they would replace broken items without attempting to fix them first.

Research also revealed that Brits are more likely to spend disposable income on doing things, rather than buying 'big ticket' items.

While 49 per cent said they spend money on hobbies, 73 per cent said that buying items for the home, such as sofas and white goods, was unimportant.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.

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