Householders who are made redundant could be hit with a further blow of increased home insurance premiums, new research has found. A study by Confused.com found homeowners could face higher insurance premiums if they are unemployed. The price comparison site said this is because insurance firms factor in the likelihood of customers defaulting on payments [...]
Nearly two thirds of Brits are still fuming at the banks for having caused the financial crisis, research has found. Three quarters of Brits believe banks are not genuinely sorry for their role in causing the recession, a study by consumer advice group Which? discovered. Three in five of those polled said banks have failed [...]
Ethical investment portfolios have performed at least as well as other investments, new research has discovered. Nine out of ten wealth managers said ethical funds had performed on a par with, or better than, standard investments. The research was conducted by EIRIS (Experts in Responsible Investment Solutions) to debunk the myth that ethical investments are [...]
UK employees are blasé about their pension fund because they struggle to see how the money saved is relevant to their current life. Research by Baring Asset Management found nearly half (48%) of Britain’s workforce have never checked their pension plan since opening the policy. The study corroborates recent findings by Lincoln Financial Group that [...]
The lack of mortgages available to first time buyers is bumping up rents as would-be homeowners struggle to get a foot on the housing ladder, an industry expert claimed. Nicholas Leeming, director of propertyfinder.com, said the credit crunch is good news for landlords because it will inflate their income. “Rent levels have been recovering in [...]
Nearly half of UK consumers are failing to save any of their monthly income, research by Abbey found. Two in five Brits are not putting any money aside. However, those who are saving are managing to bank more cash than they were at the start of the year. The average amount saved has increased 26% [...]
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 [...]
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 [...]
Fully comprehensive motor insurance is cheaper on average for young drivers than third party cover, according to moneysupermarket.com. Research by the price comparison website found third party-only cover for an average driver under 21 costs £1,434 per year. This is compared to third party, fire, and theft at an average of £1,118 and fully comprehensive [...]
Four in five independent financial advisers (IFAs) believe people are not saving enough towards their retirement, a new poll has discovered. Research by AXA Winterthur found 79% of IFAs believe people are not saving enough for retirement. Meanwhile, 21% said their clients do not fully understand the risks and possible rewards of investment. Responding to [...]
Over 3 million homeowners are planning major structural work on their home in the next 12 months, research by Sainsbury’s Home Insurance has discovered. The figure, which represents 13% of homeowners, is down 38% compared to last year, when more than a fifth (21%) of householders were planning structural changes in the year ahead. Loft [...]
The number of homeowners letting out a room to a lodger has almost tripled in the last year, research from Abbey Mortgages has discovered. Nearly one million UK households now include a lodger as homeowners seek to increase their income during the recession. UK homeowners could potentially earn over £6 billion by letting out unused [...]
The number of credit cards offering rewards to consumers has fallen by 11% in the past 12 months, research by Sainsbury’s Finance has discovered. In 2008, 78% of credit cards on the market offered a rewards scheme. This figure has now dropped to 11%. The rewards on offer have also changed, Sainsbury’s found, with air [...]
High street banks are still more popular with consumers than non-bank brands offering financial products despite the banking crisis, new research has discovered. Nearly two-thirds (65%) of consumers polled in a Marketing Week commissioned study said they wouldn’t consider a financial product, such as a bank account, personal loan, or credit card, from outside the [...]
Three quarters of Brits have settled for second best in at least one area of their life, research by Abbey Bank Accounts has discovered. Nearly half (47%) of those surveyed blamed the failure to pursue their dreams on money troubles. Around a third (30%) of Brits have forsaken their dream job, settling instead for a [...]
Nearly one in six workers has given up saving for a pension, new research has discovered. A study by pension provider Prudential found 16% of the UK workforce have reduced contributions to their pension fund or stopped saving altogether, in the last five years. In the same period, almost one in ten (9%) of those [...]
Stinging wasps are more likely to invade your home this week than at any other time of the year. Wasp Week, the final week of July, is the time when the creatures are most prevalent in the UK. To coincide with Wasp Week, Sheila’s Wheels conducted a poll asking homeowers how they’d react to a [...]
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 average yields earned by landlords increased to 6.4% in the second quarter, up from 6.2% in the first quarter, according to figures released by Paragon. This is the second consecutive quarter that yields have increased, after a prolonged period of stagnation. Yields – a property’s rental income as a percentage of its capital value [...]
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 [...]
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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