This month’s official figures show that inflation has fallen from 4.8 per cent to 4.2 per cent but two new studies show that older age groups suffer the most from high inflation, and at 4.2 per cent it is still well above the government’s 2 per cent target. Saga’s monthly Price Index shows that since [...]
The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week. Since 6 October, over-50s have been allowed to save £5,100 per year in their Cash ISA rather than £3,600. Moneynet.co.uk calculated that the average [...]
From today, the total Individual Savings Account (ISA) allowance for people over 50 will increase from £7,200 to £10,200. The £3,000 increase, which was announced in this year’s Budget, is eligible to those born on or before 5 April 1960. For everyone else, the limit will rise from 6 April 2010. ISAs, which were launched [...]
Brits are handing over £144 million to the government in taxes they don’t need to pay by failing to put their savings in a tax-free account. Research by Unbiased.co.uk found £109 million is being wasted by 6.2 million savers who don’t keep their savings in a tax-free cash ISA account. Some 1.7 million shareholders are [...]
Older savers are being kept in the dark as to how much they will be able to invest tax-free when the ISA limit increases for over-50s next month. Research by Saga found just one in twenty of over-50s know what the new ISA limits will be. More than half of those polled were oblivious to [...]
People over 50 make an important contribution to the UK economy, RIAS claimed this week. Janet Connor, managing director of the specialist insurance provider, said the stereotype of older people being a drain on the economy is unfounded. “The over-50s are not only earning more than the under-50s, but they are spending more as well [...]
Half of Brits over 50 use more than one credit card to manage their finances, research by Saga has discovered. One in fourteen (7%) of over 50s carry five or more credit cards in their wallet. However, almost three quarters (73%) of over 50s have never missed a payment deadline, compared to half (53%) of [...]
Nearly half of savers over 50 plan to make the most of their increased ISA allowance next month. From 6 October, the maximum ISA allowance for over 50s will increase from £7,200 to £10,200. A poll by Legal & General (L&G) found 44% of ISA investors over 50 plan to use the increased allowance. A [...]
Brits approaching retirement should do their utmost to pay off debts before they leave employment, a consumer advice charity warned this week. Anyone aged over-50 should strive to pay off debts as soon as possible to ensure they have a comfortable retirement, the Money Advice Trust (MAT) said. The MAT made the remarks following reports [...]
Legal & General (L&G) has expanded its range of life insurance products with three new guaranteed acceptance plans for the over-50s. Applications for the Fixed, Increasing, and Funeral policies are guaranteed to be accepted for policy holders aged between 50 and 80. The Fixed plan offers a fixed cash sum payable upon death in exchange [...]
Two million Brits have had their dream of retirement crushed by the recession, according to research by LV=. One in five (22%) of over 50s have had to delay their retirement date, LV= found, whilst a quarter (25%) have no clear idea of when they’ll be able to give up work. Even where the recession [...]
The Coventry Building Society this week relaunched is 50 Plus eSave account. Available exclusively to savers over 50, the account pays interest at 3.25%, fixed for 12 months. Savers can open the account with a minimum of £1, and can make unlimited, penalty-free withdrawals and deposits. The maximum balance is £250,000, and account holders can [...]
Many women over 50 have ‘given up’ saving for retirement due to the recession, according to research by Scottish Widows. In research for its fifth annual UK Pensions Report, the pensions provider found that one in five (22%) women over 50 are now saving nothing towards their pension. This is up from 14% a year [...]
DIY Brits planning to do up their homes on the cheap should check their home insurance policy covers them for any DIY blunders before they get out the toolbox, Saga Insurance warned this week. The over-50s insurance specialist issued the warning to coincide with new research showing that DIY is a popular past-time with the [...]
Near two million grandparents continue to save money for their grandchildren despite the recession, according to new research by Saga Savings. The over-50s financial provider found that 1.8 million (13%) grandparents are setting money aside for future generations. The main reason cited for saving was to help grandchildren in their adult lives, providing funding for [...]
Saga is offering customers with breakdown assistance cover the chance to upgrade to a new policy that includes breakdown repair production. The over-50′s insurance specialist said the new policy covers customers for up to £500 for labour and parts if their vehicle is so damaged that it cannot be repaired at the roadside and needs [...]
The Citizens Advice Bureau (CAB) has warned of a “worrying gap” in the availability of affordable financial advice for people approaching retirement. People over 50 are often asset rich, but cash poor, and cannot afford to pay for the financial advice they need, the CAB said. Many people in this age group have complex questions [...]
A survey conducted by Help the Aged and Age Concern charity revealed that over half of workers over 50 may need to postpone their retirement since their savings and pensions have been hit by the economic downturn. While mortgage borrowers have benefited due to record low interest rates, savers have been hit, while pension funds [...]
Principality Building Society has launched a new two-year bond aimed at silver savers. The e-bond is available online to savers aged over-50, and pays interest at a fixed rate of 4% AER. Savers can deposit between £5,000 and £100,000 into the account. Interest is calculated daily, and customers can opt to have their interest paid [...]
Saga is offering accident healthcare cover to its car insurance customers. The financial provider, which specialises in providing cover for the over 50′s, said the optional add-on gives drivers peace of mind should they be injured in a road traffic accident. Saga said it decided to offer the add-on after it discovered that ill health [...]
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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