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News Tag: saving

October 27, 2010

Workers to be automatically enrolled into pension scheme

by Kay Mitchell
Workers to be automatically enrolled into pension scheme
In a bid to encourage people to save for their retirement, the Government has announced that all UK businesses should offer a company pension scheme or enrol members of staff into the new National Employment Savings Trust (NEST). Employees will be enrolled automatically in the scheme unless they opt out, contributing 4% of their salary. The employer will pay 3% ...




October 25, 2010

Government plans to simplify pension system

by Kay Mitchell
Government plans to simplify pension system
Business Secretary Vince Cable has today unveiled a proposed reform of Britain’s state pension system, with the introduction of one universal payment. This would replace the current system of earnings-related "top-up" payments, plus additional means-tested benefits. Costs relating to the proposed reform were not divulged but it is intended to reduce inequalities between men and women, while encouraging people to save for their ...




October 11, 2010

Brits saving amid economic and unemployment uncertainty

by Kay Mitchell
”Brits
A study by National Savings & Investments (NS&I) has revealed that Britons are topping up their savings on a regular basis, amid fears about rising unemployment and uncertainty surrounding the economy. Government-backed NS&I, which runs Premium Bonds and a variety of savings products, said over half of Britons are regularly setting money aside. Britons are now saving an average £87 each month ...




February 25, 2010

Brits start saving at age 25

by David Masters
Brits start saving at age 25
Most Brits don't get serious about putting money aside into a savings account until they reach age 25, according to a study by National Savings and Investments (NS&I). Research by the savings provider found more than a fifth (22%) of UK consumers don't start setting aside money until after their 30th birthday, while a further 13% fail to start saving until they ...




February 17, 2010

ISAs continue to grow in popularity

by Kay Mitchell
”ISAs
Research by the Halifax has revealed the growing popularity of Individual Savings Accounts (ISAs). The Halifax, which is now part of the Lloyds Banking Group, said the number of accounts opened in the nine years to March 2009 surged by 53%. At the start of the millennium, there were 9,000 subscribed ISA accounts, but this grew to more than 14,000 in 2009. In ...




December 11, 2009

Low interest rates encourage saving, claims expert

by David Masters
Low interest rates encourage saving, claims expert
Low interest rates throughout 2009 have helped some people put more money aside into savings, a financial expert has claimed. Darren Cook, spokesperson for Moneyfacts.co.uk, said low interest rates have decreased mortgage payments for homeowners, increasing their disposable income, which can be used for savings. "If you look at people that had existing mortgages before the start of the recession, their disposable ...




December 1, 2009

Brits lazy at Christmas saving

by David Masters
Just 15% of Brits have put aside money to pay for Christmas, according to research published this week. Seven in ten (71%) plan to pay for Christmas using their regular monthly income, while 14% will put their Christmas spending onto a credit card. Nearly five million Brits are still paying off debts from last year’s Christmas, the study found. This year’s Christmas spending splurge is expected to hit £11 million, despite many Brits ...




November 22, 2009

Stamp duty holiday helps fewer than intended

by Gill Montia
”Stamp
As commentators on the UK property market mull over the impact of the end of the stamp duty holiday, Zoopla.co.uk is claiming that far fewer home buyers have benefited from the concession than the Government intended. The threshold on the duty was raised from £125,000 to £175,000 in September 2008 and is due to revert at the end of this year. However, ...




October 12, 2009

Abbey advises first-time buyers to take the plunge now

by Kay Mitchell
Abbey advises first-time buyers to take the plunge now
Abbey Mortgages is advising potential first-time buyers who are currently renting to take their first step onto the property ladder. The bank’s research shows that first-time buyers could collectively save up to a massive £1 billion if they acted now and bought their own home. According to Abbey, 1.61 million Britons said they were looking to buy in areas of ...




October 2, 2009

Recession encourages consumers to save

by David Masters
Recession encourages consumers to save
The recession has made people think before they spend, according to financial advice site Moneynet.co.uk. Andrew Hagger, Moneynet.co.uk spokesperson, said since the credit crunch consumers are being smarter with their money. He made the comment after the Office for National Statistics revealed the household savings ratio increased to 5.6% in the second quarter of this year, up from 3.9% in the first quarter. "People are ...




September 22, 2009

Consumers use spare cash to pay off debt

by David Masters
”Consumers
Consumers are using their spare cash to pay off debts rather than stashing it away in a savings account, Moneyfacts has observed. Michelle Slade, spokesperson for the consumer advice site, said many people are using money they're saving due to low interest rates on mortgages to pay off personal loans and credit cards. Slade believes low-interest rates on savings accounts are ...




June 28, 2009

US consumer confidence up to highest level since Feb 08

by Kay Mitchell
”US
The University of Michigan's index of consumer sentiment rose from 68.7 in May to 70.8 in June, raising hopes that the world‘s largest economy is picking up. June’s figure of 70.8 represents the highest level since February 2008 and is the fourth consecutive rise this year. Meanwhile, the Commerce Department reported that US consumer spending, which makes up for ...




June 1, 2009

US consumer spending falls for second consecutive month

by Kay Mitchell
”US
The Commerce Department announced a further fall in US consumer spending in April as the recession and rising unemployment prompted American households to be thrifty and enhance their savings rather than spend. Figures show that consumer spending declined 0.1% in April in the world‘s largest economy, compared with a revised fall of 0.3% the previous month. The slide in spending comes ...




May 26, 2009

Survey reveals half of Brits not saving for retirement

by Kay Mitchell
Survey reveals half of Brits not saving for retirement
A survey commissioned by the BBC has revealed that saving for a pension is not a top priority for many UK adults. The report revealed that half of adults in the UK aged between 20 and 60 are not putting anything towards a pension with the situation being worst for those under the age of 30. The reason for not ...




May 6, 2009

Disillusioned savers switch to ethical banking

by David Masters
”Disillusioned
Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative. The bank this week revealed that 123% more people have signed up for its current account this year compared to last year. Customers are coming to the Co-operative, which has an ethical screening policy on its investments, from more traditional high street banks ...




March 31, 2009

BSA: Net receipts hit high in February

by Kay Mitchell
”BSA:
Figures published by the Building Societies Association (BSA) revealed a record in net receipts for February after savers sought a safe haven for their cash. The BSA said net receipts into building societies were £1.6 billion in February 2009 - which represents an increase of 18% compared with February 2008. Brian Morris, Head of Savings Policy at the BSA explains that ...




February 10, 2009

Nationwide urges UK to start saving

by David Masters
Nationwide urges UK to start saving
UK consumers are being encouraged to start saving after a survey revealed that less than half of Brits regularly put money aside for a rainy day, whilst almost a quarter never save a penny. The Nationwide poll found that just 46% of those surveyed saved money on a regular basis. An additional 31% said they save occasionally. However, nearly one in four (23%) never ...




January 27, 2009

Lifestyle expectations put pensions in jeopardy

by David Masters
Lifestyle expectations put pensions in jeopardy
Working adults in the UK have 'higher expectations' of life than previous generations, causing a decline in saving for pensions. This is the view of Padraig Floyd, editor of Pensions Management magazine. According to Floyd, many consumers now take for granted having 'a house, two holidays' and being 'able to go out for meals regularly' despite not earning enough to maintain this lifestyle. Because ...




January 26, 2009

Brits disillusioned with saving

by David Masters
Brits disillusioned with saving
Almost three quarters (73%) of UK consumers believe the benefits of saving have fallen over the last year, according to new research by the Association of British Insurers (ABI). Only 7% of those questioned felt the benefits of saving have increased, down from 15% when the survey was conducted three months earlier. Rebecca Driver, the ABI’s director of research and chief economist, said: "The current ...




January 2, 2009

UK resolves to save in New Year

by David Masters
UK resolves to save in New Year
Almost half of Brits have made a New Year's resolution to save more in 2009, according to research by the Association of British Insurers (ABI). Forty seven percent of those polled said they have resolved to save more this year, whilst 51% felt that the recession will make them 'more likely' to boost their savings. ABI's director general Stephen Haddrill said ...