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PPI claims could help retirement savings

Young homeowners and consumers could check to see if they are eligible to make a payment protection insurance (PPI) claim or seek a loan refund.

The compensation provided could help people begin saving for their retirement, as Annie Shaw, founder of Cashquestions.com, stated by the time this current generation of young workers reaches retirement age, there may not be much state aid available.

She recommended that consumers should start to accumulate funds as soon as they can and said auto-enrolment was a good way of doing this.

PPI claims could be used to supplement a person's income so that the pension contributions do not affect their budgets too drastically.

"Auto-enrolment is a good first step, but since there is a possibility to opt out, it is going to be down to the individual whether they stick with it," Ms Shaw added.

Many people approaching retirement could also benefit from loan refunds, as recent research from Aviva found that more than third of over-55s have yet to make arrangements for their retirement.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801232695-ADNFCR



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