Bank of Mum and Dad: No repayments necessary

Bank of Mum and Dad No repayments necessaryLess than a third of parents who plan to lend money to their children in the future expect to be repaid. According to research from Prudential, many parents are giving substantial amounts to their adult children, without the expectation of being repaid in full (or anything at all). On average, people who have helped their children or grandchildren financially are owed £12,700, whilst 11% of parents have handed out loans in excess of £20,000. There are many reasons for parents to lend ...

Millennials see the importance of pensions, but more responsibility is needed

Millennials see the importance of pensions, but more responsibility is neededBorn between 1980 and 2000, the millennial generation has a wide range of stereotypes attached to it. Often considered entitled by older generations and trailblazers for the upcoming ‘Linkster’ generation (the first generation to be linked into technology from day one). But when their attention turns to the serious stuff; like planning for their future, millennials are a lot more switched on than might have been assumed. Research from Prudential has shown that of people in the first 10 ...

Divorced women lose £5 billion in pension payments each year

Divorced women lose £5 billion in pension payments each yearThere is a correlation between being divorced and being less prepared for retirement, especially for women, research from Scottish Widows has shown. Whilst 12% of divorced men say they are unable to save anything toward their pension, that figure doubles to 24% for divorced women. Meanwhile, 40% of divorced women say their retirement prospects worsened after divorce, with just 19% of men saying the same. But why are women losing out on so much after the breakdown of a marriage? Women ...

Older but not wiser: 47% of baby boomers will never seek financial advice

Older but not wiser 47% of baby boomers will never seek financial adviceAlmost half of 54-71-year-olds have no intention of seeking financial advice, according to research from Dunstan Thomas. Of course, choosing to seek financial advice is a personal decision and there are some people who do just fine without it. However, the same research shows that those who do seek advice could be more than £13,000 better off each year, than those who make investment and saving decisions alone. Where do baby boomers get their information? 25% of baby ...