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PPI claim news: Britons desperately trying to save

A large number of Britons who received compensation from a payment protection insurance (PPI) mis-selling case in the past year are likely to have stored the money away in a savings account.

According to new research by HSBC, 71 per cent of consumers attempted to boost their savings in 2011, despite the fact that interest rates were low.

Just four per cent of the entire poll said that the poor rates put them off saving, while three per cent claimed they would rather spend their money than put it aside for a rainy day.

However, despite having the best intentions, many UK citizens have been unable to build up their savings because of the high cost of living.

Indeed, the study indicated that middle income families are facing increasing financial pressures, which has made it far more difficult for them to save money.

The Trades Union Congress recently revealed that pay freezes have meant that Britons are taking home £60 billion less than they did 30 years ago.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801290640-ADNFCR

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