In its latest Real Retirement Report, insurance company Aviva suggests that people over the age of 55 are ‘significantly poorer’ now than they were a year ago. The average income of people over 55 has fallen 4 per cent over the last year, and high-levels of inflation mean that in real terms their income has [...]
Insurance company Aviva has revealed that over half of UK families have unsecured debts amounting to half their annual income. With food, transport and energy costs soaring, fifty-two per cent of UK families owe £10,604 on average, on loans, credit cards, overdrafts and other unsecured debts. This represents nearly half the annual household income of [...]
Government plans to scrap the default retirement age are “great news” for those approaching retirement, according to pensions provider Aviva. Research by Aviva found nearly seven in ten (68%) of over-55s would like to continue working when they reach 65. Last week the coalition government said from October 2011 employers will no longer be allowed [...]
The female breadwinner is a rising trend in the UK, according to new research published this week. A study by Aviva found a tenfold increase in the number of dads staying at home to care for young children while their partner goes out to work. Over 600,000 men now stay at home to look after [...]
The traditional practice of leaving an inheritance is being replaced with a “pre-inheritance”. Nearly half (46%) of British adults have received a pre-inheritance, money given to them out of the estate of a benefactor who has yet to die. However, the new trend could already be on the wane, with just 17% of over-55s saying [...]
Endowment mortgage holders with Aviva (now incorporating Norwich Union) are at risk of not being able to pay off their mortgages when policies mature. In publishing its 2010 bonus rates, the company has let it be known that nine out of 10 of its mortgage endowment policies are expected to fall short of projections. In [...]
More than a third of UK consumers believe their pension savings have been depleted by the recession, new research by Aviva has discovered. Thirty five per cent of the 1,200 people polled – all of whom are nearing retirement – said their retirement funds have fallen in value because of the credit crunch. Over one [...]
New research has revealed that property-ladder obsessed Britons are changing their priorities, as a result of the economic downturn. In a study by insurer Aviva and psychologist Dr Paul Keedwell, 74% of people questioned said they were happy to remain in their current home and 68% admitted to seeing their home as an emotional investment, [...]
The recession has forced many Brits to live on a tighter budget and to adopt beneficial habits, Aviva has claimed. The insurance firm said the new habits are good for consumers’ health as well as their wallets. Doug Wright, Aviva’s principal clinical consultant, said measures such as home-growing vegetables and keeping chickens have a range [...]
Over one million pension savers can track the performance of their pension fund and plan for retirement using a new online tool. The Aviva Pension Tracker, available to Aviva’s pensions customers, was launched this week. The secure website features Lisa, a virtual online guide who shows users around the site and explains the importance of [...]
Aviva has launched a new health insurance policy that rewards customers who take responsibility for their own well-being. MyHealthCounts offers policy holders the opportunity to save up to £180 off yearly premiums by keeping fit and healthy. Customers applying for a MyHealthCounts policy are given an online health check, providing them with a “Q Score”. [...]
Millions of working days are being lost every year as Britain’s long-hours culture afflicts employees with work-related stress, depression and anxiety. According to research by Aviva Risk Management Solutions (ARMS), 13.5 million working days were lost in 2007-08 due to work-related mental health problems. ARMS believes the problem is set to heighten as businesses stretched [...]
The renowned brand, Norwich Union (NU), has gone for good today after it has been replaced by Aviva. Last April, Aviva stunned the insurance sector by announcing it was to scrap the NU brand, which as been one of the country’s best-known financial services brands for over 200 years. According to Aviva’s chief executive, Andrew [...]
Norwich Union Life, the UK arm of the insurance business of Aviva PLC, said today that it will cut around 1,100 jobs in the UK, in order to make its operations more efficient. The announcement follows on from Aviva Chief Executive, Andrew Moss, saying that there will be a round of job cuts across insurance [...]
UK adults are increasingly feeling the need to offer their parents financial support, but are struggling to find the cash to do this. Research by Norwich Union found that two thirds (68%) of adults would like to help fund their parents’ retirement, but are unable to do so because of their own financial situation. Nearly [...]
Two of the UK’s biggest home insurance providers, Aviva (Norwich Union) and More Than, are offering free contents insurance to new buildings insurance customers. Aviva’s offer gives up to £50,000 free contents cover to customers buying buildings and contents insurance together. The offer is available on all new policies, provided that customers have not made [...]
Aviva is to cut up to 1,800 jobs at its Norwich Union business, as it looks to streamline its insurance operations. Britain’s biggest insurer is to slash the administration jobs by 2010 as it reduces its customer service and back office centres for general insurance from 22 to 7. The company has pledged to try [...]
Aviva has stunned the insurance sector by announcing it is to scrap the Norwich Union brand name. Norwich Union is the biggest life-insurer in the UK with a strong position in car insurance and has been one of the country’s best-known financial services brands for over 200 years. Aviva’s chief executive since last July, Andrew [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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