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PPI refunds: UK households 'need an extra £40 billion to maintain living standards'

PPI refunds could certainly come in handy to households in the UK, as new research has shown an additional £40 million is needed if our current standard of living is to be maintained.

MGM Advantage, which specialises in retirement income products, made this revelation in response to the latest consumer price index (CPI) inflation rate reaching 4.5 per cent.

It found that the average household expenditure is £35,533 per annum. This is an increase of £1,530 per year to maintain the standard of living enjoyed a year ago.

Aston Goodey, sales and marketing director of the company, said: "The latest CPI rate of 4.5 per cent will continue to hurt people financially in retirement. Given the fact that people are living longer with a shrinking retirement income pot, this means further retirement income uncertainty."

He added that more people are realising they need to protect themselves against rising inflation and falling annuity rates.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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