Our love affair with ISAs continues

two red balloonsNew figures reveal that that our love affair with ISAs continues, despite low interest rates, which show no sign of increasing anytime soon. The figures, published by HMRC, show that: The number of ISAs taken out in the 2015/16 tax year fell slightly, to 12.7 million, down from 13 million in the year before However, the average amount saved or invested into ISAs rose by 5% to £6,338; only 9% of people subscribed the maximum amount In total £80 billion was salted away into ISAs in the last tax-year ...

How much National Insurance do you need to pay to get a State Pension?

Question markThe high profile WASPI (Women Against State Pension Increases) campaign has highlighted the confusion many people have over their state pension, especially the date from when it will be paid. Now, research from Aegon has revealed a similar lack of knowledge in relation to the National Insurance contributions needed to qualify for a full state pension. The survey found that: 57% of people underestimated the amount of National Insurance they need to pay to get a full state pension 25% of people thought they needed to contribute for less than 25 ...

Young people struggling to save

SavingsNew research has shown that young people are finding it harder than ever to build up savings. According to the Pension and Lifetime Savings Association young people, aged 18 – 35, want to save but find their ability to save “curbed by short term necessity”. The research of nearly 1,000 young people, also concluded that: 51% of young people get more satisfaction from saving than spending money A similar number, 53%, disagreed that young people tend to live for today Perhaps surprisingly, more than half (57%) of the people surveyed said they ...

5 million families face debt problems

Hanging file folder labeled with DebtsNew research has shown that millions of UK families have debt problems, with 1.6 million suffering from extreme debt. The report, called ‘Britain in the red’ and published by the TUC and Unison, found that between 2012 and 2015 the total amount of unsecured borrowing in the UK, which excludes mortgages, rose by £48 billion to a staggering £353 billion. Families are divided into two groups: ‘Problem debt’: This accounts for 3.2 million, equivalent to 1 in 8, households in the UK. It is defined as paying out ...