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 [...]
Brits living in north west England have been hardest hit by the recession, new research has discovered. Seven in ten households in the north west have significantly changed their lifestyles since the recession. This is compared to a national average of 64%. Two thirds (66%) of those in the north west have reined in their [...]
The half of Brits who currently can’t afford to save would have to earn an extra £500 per month before they’d consider putting anything aside for the piggy bank, new research has discovered. The poll by moneysupermarket.com found that 52% of UK adults don’t have enough cash to save on a regular basis. On average, [...]
Brits are using the recession as an opportunity for soul-searching and rethinking priorities, according to new research from LV=. Two-thirds (64%) of those polled by the insurance firm said they’ve been forced to reassess what’s important to them. Money is no longer top priority in the lives of Brits, having been ousted by family health, [...]
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 [...]
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 [...]
The amount of money Brits are putting aside for a rainy day has reached a record high, according to research by National Savings & Investments (NS&I). The average UK consumer deposited £92.41 per month into their savings account this spring, the highest amount since NS&I records began in 2004. Regular savers, meanwhile, put aside an [...]
Nearly half of UK credit card holders have cut back on spending amid the recession, according to new research published this week. A poll by TescoCompare.com found that 44% of credit card users have reined in their spending to under £100 per month. Reasons cited for spending less include paying off debt (37%), increasing savings [...]
Three in five UK-based small and medium-sized businesses (SMEs) have yet to feel the negative impacts of the recession according to a new study published this week. The poll by Mr Site and PayPal found that almost two thirds of SMEs have not been adversely affected by the economic climate with no downturn in turnover [...]
Women are increasingly choosing to exercise at home to save money on expensive gym membership, new research from Sheila’s Wheels has discovered. Computer consoles such as Nintendo’s Wii Fit – costing around £200 – are now seen as cheaper and more convenient than a trip to the gym, which costs an average of £800 per [...]
Dedicated parents are sacrificing looking good in their own glad rags so they can kit out their kids in designer threads. Credit crunched mums and dads are reducing the amount they spend on their own clothes so their children can keep up with the latest fashion trends, new research has discovered. Parents are trading down [...]
Over 300,000 UK motorists have downgraded their insurance cover to third party as the recession takes it toll on their finances. Meanwhile, an additional one million third party policy holders could no longer afford fully comprehensive cover even if they wanted it. The news comes despite the fact that more than a third (34%) of [...]
Brits are splashing their spare cash on having a good time rather than stashing it away in a bank account, a study by National Savings & Investments (NS&I) has discovered. Money saved on cheaper heating and electric bills during the summer months will be spent on socialising and leisure activities, NS&I found. Two in five [...]
Two thirds of Brits are proud of the region in which they live, according to a poll by Halifax Home Insurance. North-east England is the proudest region, with 73% of Brits living here feeling regional pride. Wales came in second place, with 71% declaring pride for their homeland. The East Midlands was the least proud, [...]
Brits taking their summer holiday abroad this year will spend £73 million on debit and credit card fees, it emerged this week. Research by Abbey Credit Cards found that British holidaymakers pay an average of 3% in conversion fees every time they use an overseas ATM or spend money on their card in a foreign [...]
Imagine a world without fun fairs, morning newspapers, local markets, community fundraising events, or greasy spoon cafés. These are the things Brits would miss most if the UK became a cashless society, according to a new study published this week. It’s not just buying candyfloss and riding the dodgems in the local park that Brits [...]
Newlyweds should check their home contents insurance policy to make sure it covers the value of their wedding gifts, Direct Line said this week. The average wedding gift is worth £79, meaning that a couple with just 50 wedding guests will need nearly £4,000 of extra cover on their home insurance. A wedding ceremony with [...]
With the recession continuing to deepen, many Brits have started saving up their pennies according to research by uSwitch.com. Over half (52%) of people in the UK are now following the old adage: ‘Look after the pennies and the pounds will look after themselves.’ Loose change is being kept in a piggy bank and carefully [...]
Many Brits, conscious of a lighter wallet since the onset of the credit crunch, are choosing to haggle in high street stores. Nearly three quarters of those polled in a uSwitch.com survey said they have started haggling for consumer goods. One in ten (9%) will always haggle wherever they are making a purchase, whilst the [...]
More than on in three city dwellers are thinking about moving to the countryside because of the level of crime in their neighbourhood. In a poll by Halifax Home Insurance, 37% of urbanites said criminal activity has prompted them to think about moving to a more rural location. This is compared to just 8% of [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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