Saga, which provides finance products exclusively for the over 50s, claims that more than a quarter of people in this age group will work past the current state pension age of 65. Based on 427,000 retirement dates given by people using its annuity service, 27 per cent of over 50s will work beyond the age [...]
Saga’s latest quarterly report is slightly more optimistic about the financial health of the over 50s than its report for the final quarter of 2011, but the organisation warns that the “green shoots” of recovery are very tentative at the moment. Compared with a year ago, the report suggests that the quality of life for [...]
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 [...]
With an increasing number of people in debt to their electricity and gas providers, Consumer Focus and Citizens Advice have launched a ‘Plug the Debt’ campaign. A total of 1.5 million people are believed to be in debt in the UK and figures for spring this year show a 25 per cent increase in the [...]
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 [...]
Nearly two thirds of UK consumers are oblivious to how much interest their savings are earning, new research found. Saga Personal Finance discovered 61% of Brits don’t know the interest rate on their savings account. This increased to 68% for savers aged under 50. Almost a quarter (24%) of those polled said they only check [...]
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 [...]
British drivers treat their cars as high security vaults, collectively storing an estimated £3.8 billion worth of gadgets and accessories in their vehicles, research by over 50s insurance specialist Saga has discovered. The study found that one in five (22%) motorists over 50 keep valuables worth more than £200 in their car. This exceeds the [...]
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 [...]
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 [...]
Saga has launched a new 15-month fixed-rate bond paying interest at 3.82%. Launched yesterday, the Saga Personal Finance Bond guarantees the fixed-rate for the duration of the bond. Savers can open the bond for as little as £1, and can opt to have interest paid on a monthly or yearly basis. Saga said being able [...]
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 [...]
Saga has reduced the APR on its Platinum credit card to 11.9% for both new and existing customers. The over-50s financial provider reduced its rate from 15.9% at a time when many other credit card providers are increasing APR. New customers taking out the Platinum card also benefit from 0% on balance transfers and purchases [...]
Saga Personal Finance has announced plans to launch two new ISA products on 1 April, paying interest at up to 2.95% tax free/AER. The One Year Fixed Rate Cash ISA pays annual interest at 2.95% tax free/AER, whilst the Saga One Year Fixed Rate Monthly Interest ISA pays interest at 2.91% tax free or 2.95% [...]
Saga Personal Finance has launched two new fixed-rate savings accounts for savers aged 50+. The eighteen month account pays interest at 3.45% AER, whilst the two year account pays 3.5% AER. Savers can opt to have interest paid on a monthly or a yearly basis, although no funds can be withdrawn from either account during [...]
March is traditionally the month when drivers renew their insurance policy, and according to research by Saga, nearly three million motorists have downsized to a smaller car in recent months to save on insurance costs at policy renewal. Eight percent of motorists - 2.7 million drivers -have opted for a car with a smaller engine [...]
A year has passed since the government replaced Child Trust Funds with Junior ISAs (JISAs) but more than half of parents are unaware that they exist, according to research by friendly society Family Investments Children born between 1 September 2002 and 2 January 2011 were eligible to open a Child Trust Fund and to receive [...]
PPI costs increase for Lloyds and Barclays
Lloyds Banking Group has set aside a further £1 billion to cover compensation costs for customers who were mis-sold Payment Protection Insurance (PPI). Yesterday, Barclays revealed £700m of PPI costs in the 2012 third quarter increasing its total provision to £2bn. Lloyds Banking Group, which has made the largest PPI provision out of all the [...]
Bonfire Night worst day for burglaries warns Aviva
Insurance group Aviva is warning households to be vigilant over security at this time of the year, as burglaries tend to increase signficantly between Halloween and Bonfire Night. On Bonfire Night the number of burglaries increases by around 25 per cent compared with an average day, according to the company’s research. Aviva also reported a [...]
Consumer confidence hits six-month low
Although the UK has officially emerged from recession, consumer confidence fell to -30 in October from -28 in September, according to market researcher company GfK NOP. This is the lowest level of consumer confidence since April when the UK was in an economic slump. Analysts had expected the index to remain stable at -28. Respondents [...]
100,000 mortgage holders escape negative equity trap
New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small [...]
Banking commission appoints counsel to cross-examine witnesses
The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This [...]
Mortgage approvals increased in September
An increase in the number of mortgage approvals in September suggests that the ‘Funding for Lending’ scheme, launched by the Treasury and the Bank of England, may be starting to give the property market a boost. According to Bank of England figures, the number of loans approved for house purchase increased by 2,103 to 50,024 [...]
Five million paid less than living wage
Five million people in the UK are paid less than the ‘living wage’ of £7.20, or £8.30 in London, according to a new report by KPMG. In Northern Ireland, 24 per cent of workers receive less than they require in order to pay for essentials and the situation is little better in Wales where 23 [...]
Commission calls for radical change in housing market
A new study by the Future Homes Commission suggests that the way homes are built in the UK is dysfunctional and needs a radical overhaul. The organisation, which was established by the Royal Institute of British Architects, believes that 300,000 extra homes could be built every year without any input from Government funding. Instead, the [...]
The UK economy emerged from recession yesterday and now leads the way in Europe according to research group Capital Economics. Gross Domestic Product (GDP) grew by one per cent in the third quarter from July to September, the biggest rise for five years, the latest official figures from the Office for National Statistics (ONS) show. [...]
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