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PPI claim news: Cautious Britons are putting money aside

It is increasingly likely that compensation received from mis-sold payment protection insurance (PPI) claims is being put aside by cautious Britons.

The uncertain jobs market has forced more people to adopt a more careful approach when spending their money, according to spokesman for moneynet.co.uk Andrew Haggar.

He believes that a lot of workers are living in fear of losing their job and this has led to a sharp rise in the number of Britons storing money away in case the worst should happen.

It is hard to argue with this attitude, as figures published by the Office for National Statistics this week showed that 8.4 per cent of the population was out of work in the fourth quarter of 2011 - up by 0.1 per cent on the third quarter.

Mr Haggar said that people's finances have become a lot tighter in the past 12 to 18 months due to the rising cost of living.

"People are also scared as well. They are concerned about their employment prospects. Unemployment is the highest it has been for years," he added.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801294557-ADNFCR



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