Nearly one in four people have no savings – are you one of them?

According to new research by Legal and General, the average UK employee only has enough money saved to maintain their lifestyle for a month if their income suddenly stopped. The results from a survey of 2,000 people suggest that the nation is ill-prepared for a financial emergency, with many having only enough savings to last them a week, and some having none at all. How does it differ by region? As a general rule of thumb, it is recommended to have enough money saved to last you three months. As with all rules ...

Inflation hits a four year high of 2.9%

Good news and inflation haven’t shared an article for quite some time. Today is unfortunately no different. A bulletin, released by the Office for National Statistics (ONS), reveals that the rate of inflation as measured by the Consumer Price Index (CPI) has risen to 2.9%, the highest level in nearly four years. Relatively high inflation has been a recurring point of discussion since the start of the year, when it grew to 2.3% and showed no signs of slowing down. With a peak of 4.1% now predicted by the end of the ...

Are you prepared for a rainy day?

Harold Wilson once said: “I’m an optimist, but an optimist that carries a raincoat.” Planning for a financial rainy day is important for a number of reasons. Unexpected costs, as the name suggests, don’t give you a great deal of warning, and have a nasty habit of arriving at the most inconvenient of times. It doesn’t just apply to money that needs to be paid out, it can also come in the form of an illness or injury that causes a loss of income. The Office for National Statistics (ONS) reported in ...

New account launched by National Savings & Investments

After being announced in last year’s budget, the new National Savings & Investments (NS&I) Investment Guaranteed Growth Bond has finally been launched. The bond is a fixed rate product, offering 2.2% gross/AER. The Treasury announced it in November 2016 as a ‘market leading’ savings bond, but whilst it does offer the highest interest rate, it arrives at a time when inflation is high and expected to rise. What exactly is it? Contrary to what the name suggests, the new NS&I bond isn’t an investment product, but a savings bond with no element of ...