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Bank Claim: Inflation 'affecting savings benefits'

People who are approaching retirement age may want to check to see if they are eligible to make a payment protection insurance (PPI) claim on any cover which was missold to them in the past, as other financial options look less appealing.

The Office for National Statistics has announced that inflation has remained high in the UK, dropping 0.2 per cent to 4.8 per cent and Defaqto stated this, in conjunction with a low base rate of interest, was bad news for savers.

According to the financial research company, people looking to increase their retirement fund by saving were particularly vulnerable as investments in bank accounts were not providing any real-term benefits.

David Black, the group's insight analyst for banking, said the figures will affect most savers in the UK.

A recent survey by the Post Office found that 93 per cent of British consumers were worried about the effects inflation will have on their finances.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801237773-ADNFCR

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