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PPI claims could help over-50s cover Christmas

Payment protection insurance (PPI) claims and loan refunds could provide the financial boost many older people in the UK need to allow their finances to recuperate after Christmas.

A new report from Saga has found that the majority of families rely on their older relatives to provide much of the festive cheer.

More than half of the nation's over-50s will pay for all their children's and grandchildren's festive food and drink this year, spending almost a collective £900 million, according to the research.

Of the 9.2 million over-50s who will be providing the refreshments this year, 37 per cent state they are simply following family tradition.

The director-general of the company Dr Ros Altmann said many older people are already facing high living costs and Christmas can be one of the most expensive times of the year.

Recent research by the group found that pensioners were being severely affected by inflation, with their consumer spending power falling by more than 20 per cent since the onset of the banking crisis.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801248376-ADNFCR

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