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PPI Claims: Parents 'will try not to cut child savings'

PPI claims could help parents who are trying to save up for their family's future.

People across the UK are struggling to invest in their children's savings accounts due to the rising cost of living and low interest rates.

Family Investments found that half of all UK families will save an average of £386.76 less over the next 12 months. The most common reason for the decrease was high energy prices as 77 per cent of the people surveyed struggled to cope with their utility bills.

"Undoubtedly it can be difficult to save when times are tight," said a spokesman for the organisation.

The next academic year will see a rise in the price of tuition fees so people are now more reticent to cut their investment in their offspring and will look to make budget cuts in other ways before they do so, he added.

Recently the Bank of England chose to keep the base rate of interest at 0.5 per cent.ADNFCR-2776-ID-800742188-ADNFCR

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