Personal Finance

Falling Inflation Is Good News For UK Savers

Wednesday, 23 May 2012

The announcement by The Bank of England that inflation has fallen to 3.0 per cent, from 3.5 per cent in April, is a welcome boost for UK savers as 46 saving accounts now on offer beat inflation, according to MoneySupermarket.com.

Consumers must consider planning for their future or risk jeopardising their retirement

Wednesday, 23 May 2012

Alan Dick, Certified Financial Planner professional, Forty Two Wealth Management, says consumers must consider planning for their future or risk jeopardising their retirement.

“The average person seems to have lost faith in pensions at a time when we will all need to take more responsibility for our own income in later life. This is often blamed on pension providers’ charges, poorly performing investments or government’s relentless moving of the goal posts. However, the simple truth is that most people have no idea how much they need to save to fund a comfortable retirement.

Rise Of The 'Greyday' Loans

Wednesday, 23 May 2012

- 1.7 million grandparents and parents pushed into the red due to financial reliance from children and grand children.

- Over half of grandparents of children over 18 who provide financial assistance have found their financial goals in jeopardy.

- £3,513 average amount of non-mortgage debt held by grandparents and parents.

Over 1.7 million grandparents and parents are being pushed into debt by 'greyday loans'; the financial assistance they provide to their adult children and grandchildren, research from MoneySupermarket.com has found.

Old Age Pensions

Monday, 21 May 2012

Britain’s failing pension schemes are causing millions to turn to tax-free ISAs. A major report revealed Britain has a “hugely complex failing pension architecture”, which is “unattractive” and confusing.

Show some interest

Monday, 21 May 2012

show some_interest Silver Savers are being ripped off by banks who tempt them into opening an age-tailored account, a study has revealed. Millions of over 50s sign up for specialist savings accounts on the assumption they’ll receive a premium interest rate because of their age.

But research by investment advice firm Governor money has found mature customers are losing out significantly compared to normal, all-round products.

HMRC launch special bereavement services

Friday, 18 May 2012

Within the last month, HMRC have introduced extra support for people who need to contact them by telephone or post about their PAYE and self-assessment liabilities following a bereavement.

They have also revised the form R27 which is used to finalise the tax affairs of a deceased person.

Declare your medical conditions or it could cost you much more than a ruined holiday

Tuesday, 15 May 2012

Failing to declare an existing medical condition when booking your holiday insurance could leave you in financial ruin if you suffer from a health-related problem while abroad, warns a leading insurance provider.

On average, 8-15% of proposers declare an existing condition to their insurer but, according to OK To Travel, the actual number of people who have a medical condition at the time of booking could be a lot higher.

Pensioners Fail To Count The Cost Of Ill-Health In Retirement

Tuesday, 15 May 2012

vince smith-hughes_Prudential Despite the on-going debate about the need to fund long-term care for the elderly, only one in five people planning to retire this year have made financial provision for ill-health in retirement, new research from Prudential shows.

Its 'Class of 2012' study into the finances and expectations of those planning to retire this year shows that just 20 per cent have set money aside for any care needs. This drops to 16 per cent among those aged 65 plus.

Prudential's research also found that less than half (45 per cent) of this year's retirees have planned for the fact that they may need more income in retirement as they get older.

Retirement should be a process, not an event, argues ILC-UK

Monday, 14 May 2012

final ILC_logo_JPEG_file Older people should expect to work longer and draw upon property wealth to help fund care costs, argues a new think-piece by the International Longevity Centre – UK (ILC-UK)