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Brits 'struggling to cope with rising inflation'

Brits 'struggling to cope with rising inflation'

- Monday, 23 August 2010

More than half of Britons face the prospect of debt management plans as they eat into their savings to cover the cost of rising inflation.

That is according to a new report from moneysupermarket.com, which indicates that 56 per cent of British consumers are beginning to feel the pinch and have been forced to take money from savings accounts they hadn't planned to for everyday costs.

A further quarter (26 per cent) said that they haven't yet taken such action, but would be willing to if they needed the money.

Clare Francis, editor of the website, highlighted the fact that inflation currently stands at 3.1 per cent, well above its target.

"It seems as though an increasing number of people are being forced to dip into their savings just to make ends meet," she added.

"Not only does this underline the importance of saving, but it also highlights the value of earning the best possible return on your money."

Ms Francis also recommended people focus on repaying any outstanding debts they have to help ensure they are in the best possible situation to cope with the current financial strain.ADNFCR-2300-ID-800035743-ADNFCR
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