Preparing your children for a 100-year life

Recent figures from the Office of National Statistics (ONS) have shown that approximately a quarter of babies born this year are expected to celebrate their 100th birthday. While we’ll often have plans for the future when we welcome a new baby into the family, perhaps saving for university fees or putting money aside to pay for driving lessons, we don’t tend to think financially beyond this. But as more children than ever before are set to reach the 100 birthday milestone, it’s time to think about how ...

Beat the scammer: 10 pension tips as pension scams take centre stage again

Pension scams are once again making headlines. New statistics from the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) show the average amount a pension scam victim loses is £91,000. With a third of pension holders aged between 45 and 65 not knowing how to verify a claim of contact from someone saying they are a legitimate pensions adviser or provider, it’s time to raise awareness. Following these ten pension tips to avoid scammers, can help you protect your life’s savings. 1. Verify who you’re speaking to Many pension ...

Young adults and pensions: Five reasons to engage early

Auto-enrolment in a Workplace Pension for the majority of UK employees has sought to engage more people on the topic of pensions. However, research from State Street has indicated that while more young workers are aware of pensions, they’re pessimistic about their retirement prospects. Luckily, engaging early and taking an interest in investing for the future can put you in a better position. Even though retirement age may still seem far away, taking steps to build a pension now means your retirement years are far more likely to live up to ...

Pessimistic retirement outlook opportunity to engage next generation

The introduction of auto-enrolment and the subsequent contribution increases has made saving for retirement a common discussion topic. Yet many UK workers and particularly younger generations aren’t optimistic about their life once they retire but it could be an opportunity to engage. For many, passing on some form of financial legacy once they pass away is a goal. But imparting financial wisdom while you’re still alive could have a far greater and lasting impact. With many in the UK worried about how they’ll finance their retirement years and the lifestyle they’ll be ...

The challenge of working into retirement

More people approaching the traditional retirement age are extending their working life. Whether circumstances mean it’s necessary to continue earning a wage or it’s your personal choice, there are challenges associated with working into retirement and it should affect your financial planning. According to research from Aviva, there are 10.2 million workers aged over 50 in the UK, with 63% now planning to retire later than they thought they would just a decade ago. Despite being within 15 years of the current retirement age, 6.4 ...

The evolution of investing: A growing public conscience

More investors are exploring impact investing, reflecting wider changes to the way we consider the effects of our decisions. Research from high street bank Barclays suggests that it’s the millennial generation that is driving the shift in attitudes. However, for impact investing to move into the mainstream, it needs to engage baby boomer investors. Making decisions that have considered different aspects, from their impact on communities to the environment, has been a growing trend. Ethical shopping, for example, has increased significantly in awareness since the turn of the century ...

How likely are you to own a home by 70?

More than two fifths (43%) of current working-age renters believe that they will not own their own home by the age of 70, according to research from Aegon. Further figures from the Department of Work and Pensions show that, over the decade between 2007 and 2017, the number of working-age people living in private rented accommodation has increased. Why is buying a house so hard? Getting onto the property ladder is difficult for a lot of first-time buyers. For anyone who isn’t an heir to a large fortune, the process of ...

30 is the new 20: Planning for a longer retirement

As science and medicine progress, the human life is getting longer. That means, even though retirement age is gradually increasing, the time between   finishing work and dying is getting longer. Research from Aegon has shown that 140,000 current 40-year olds will live to see their 100th birthday. If those people were to enter retirement at their State  Pension Age (67), their plans will need to accommodate an income which will last for more than 30 years; and potentially even 40! Further research has shown that, if today’s ...

Interest rates rise above 0.5% for the first time in a decade

The Bank of England (BoE) has increased interest rates above 0.5% for the first time since 2009. Today, the Monetary Policy Committee (MPC) voted unanimously to push up the base rate by 0.25% to 0.75%. That’s not a massive increase; savers aren’t going to suddenly start seeing real returns on most of their bank or building society accounts and it won’t cause significant pain to most mortgage holders. However, coupled with the 0.25% increase in November last year, it is another warning shot that interest rates aren’t going to stay at record ...

Married? Make sure you aren’t missing out on a £900 tax break

You could be missing out on a great wedding present from the government; £238 per year. This is due to Marriage Allowance, a tax benefit afforded to those who are married or in civil partnerships. Currently, there are three million couples in the UK who have boosted their finances by taking advantage of the allowance (Source: HMRC (HM Revenue & Customs). However, there are still more than one million couples who have not yet applied. They could be missing out on as much as £238 per year, and ...
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