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People should save compensation from PPI claims, expert says

People who receive a lump sum - such as compensation from a payment protection insurance (PPI) claim - should put the money away for a rainy day.

This is the view of director of Chapters Financial Limited Keith Churchouse, who suggested that having a nest egg to fall back on could be vital as the cost of living continues to rise.

He stated that in an ideal world Britons should be saving between three and six months worth of wages in a bank account in case unexpected bills need to be paid.

However, the financial expert accepted that this is increasingly difficult considering recent pay freezes at many companies and the high rate of inflation.

"If they [UK citizens] are in a fortunate position to be in receipt of some money from somewhere, then think very carefully about saving this," Mr Churchouse commented.

This comes shortly after the Citizens Advice Bureau revealed that nearly half of Britons are worried about the rising cost of energy bills, with many suggesting they may struggle to pay their next bill.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801269343-ADNFCR

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