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PPI charges: Brits 'are keener savers'

Brits could be less likely to incur credit card charges or make loan claims than they once were, with an expert recently highlighting the fact that people are becoming more "savings-orientated".

MyMortgageDirect director Catherine Hearnden said: "It is not all about borrowing now."

In recent years, members of the public have typically had higher debts than savings, the specialist stated, remarking that this appears to be "turning around a little bit" at the moment.

Recent research from Santander revealed that 35 per cent of adults in the UK intend to use cash individual savings accounts (Isas) at some time this year.

Furthermore, young people are typically more likely to use a cash Isa than older men and women, with 40 per cent of 18 to 34-year-olds planning on taking advantage of this option, compared with 30 per cent of people aged between 35 and 54.

Willpower is useful when trying to set cash aside, Ms Hearnden suggested, claiming people must be able to avoid dipping into their funds.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801431938-ADNFCR

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