While 24% of claimants spent their PPI compensation on a break away, 22% treated themselves to a new car and 19% bought a new home appliance such as a fridge freezer, washing machine or tumble dryer.

Other popular purchases were: home furnishings (13%), clothes (10%) and gadgets (8%).

Just 12% put the money into savings.

“So many people get hassled with spammy automated mis-sold PPI claim calls, but there are plenty of people who are genuinely eligible,” said George Charles, spokesperson for VoucherCodesPro.co.uk, which conducted the research.

The most common purchases from mis-sold PPI claims were as follows:

1. Holiday – 24%
2. New vehicle – 22%
3. Home appliance(s) – 19%
4. Bills – 17%
5. Home furnishings – 13%
6. Put it in savings – 12%
7. Clothes – 10%
8. Gadgets – 8%
9. Shoes – 5%
10. Groceries – 3%