East Midlands house prices grow faster than any other English region

East Midlands house prices grow faster than any other English regionThe East Midlands might not be anywhere near London in terms of property prices, but in 2017, prices in the region shot up by 7.5% overall, compared to a 1% annual growth in the capital, according to Halifax. Throughout the UK, house prices increased by an average of £7,091, with a 2.7% year-on-year increase in the last quarter. However, in the East Midlands, property prices grew by an average of £13,864. Almost double the national figure. The only region to come ...

Auto-enrolment: A big change in April that everyone needs to know about

Auto-enrolment A big change in April that everyone needs to know about 2018 is set to be an important year for auto-enrolment. Firstly, the phase-in period is over and now all employers have an immediate duty to enrol new and existing employees into a workplace pension. Secondly, as the new financial year begins, the minimum contributions from both employers and employees is set to rise for the first time. This is a big change which both parties will need to prepare for. Contribution increase Contributions describe how much is put into a workplace pension scheme ...

Pension Freedoms: Ignorance isn’t bliss

Pension Freedoms Ignorance isn’t bliss It is often said that the ignorant are ignorant of their ignorance. And why shouldn’t they be? If something isn’t immediately obvious or well known, how are people supposed to find out about it? Take Pension Freedoms for example. New research from Old Mutual Wealth suggests that many people both approaching and in retirement are uninformed about Pension Freedoms, with:   Nearly half (45%) not knowing about Pension Freedoms at all Over a third (37%) unsure of how or when they should access their pension pot Whilst ...

Does your child have £1,000 in a forgotten savings account?

Does your child have £1,000 in a forgotten savings account Have you ever taken your winter coat out of storage, only to find a long-forgotten £10 note in the pocket? It’s a nice moment. But imagine finding out that your child has a potential £1,000 in a dormant savings account. With an estimated 900,000 forgotten Child Trust Funds (CTF), discovering a lost treasure could be more likely than you think. What is a CTF? CTFs were introduced in 2005 and automatically assigned to all children born between 1st September 2002 and 1st January 2011. When the ...

Inflation is threatening your wealth, but 62% of people don’t understand it

Inflation is threatening your wealth, but 62% of people don’t understand it Inflation. Admittedly, it’s not one of the easiest (or most exciting) subjects to understand. However, with the amount of airtime that inflation is receiving in the media, now is as good a time as any to get informed. According to figures from The Organisation for Economic Cooperation and Development (OECD), less than two fifths of UK adults understand inflation, and how it affects their finances. In order to grasp the subject without getting too deflated, a good starting point is to ...

Auto-enrolment review: The key points

Auto-enrolment review The key points In the 10 years since it was first debated, auto-enrolment has brought about some of the biggest changes to retirement planning in a generation. Actively saving for retirement, using a combination of personal and employer contributions is now mandatory (assuming they don’t opt-out) for all employees who fall within the eligibility criteria. Eligible workers are those who are: Aged between 22 and the State Pension Age Earn £10,000 or more per year Classed as an employee The system has ...

Life expectancy: Don’t let yourself run out of money too soon

Over-50s could be underestimating their own life expectancy by up to eight years, according to research by Retirement Advantage. The study shows that 78% of people believe their life will be much shorter than official data predicts. Both men and women aged 50 to 64 expect to live until an average age of 82, but according to national statistics, the life expectancy for:   Men is 88 Women is 90 Whilst it may sound like good news to find that you could live longer than you thought, it can be very bad from ...

How to find a lost pension

A pension is a peculiar thing to lose. Most of us regularly misplace our keys, phones and glasses. But, an increasing number of people are losing track of their pensions, according to new research from Aegon. And unlike those pesky car keys or reading glasses that eventually turn up (typically in the last place you’d ever think to look), these pensions remain unclaimed. According to the Government, the total value of these pensions is estimated to be £400 million (Source: Gov.UK). With the average worker now holding more ...

The two reasons why people don’t take financial advice; and why they should think again

The two reasons why people don’t take financial advice; and why they should think againIt is often said that we give advice by the bucket, but take it by the grain. And for good reason, too. Many of us are reluctant to take advice, even when it is in our best interests (ask any Dentist). But what about when the stakes are higher than simply remembering to floss? Would you be as willing to overlook advice if it severely impacted your financial wellbeing in retirement? It’s an abstract danger, admittedly. Many people don’t ...

Tooth fairy encourages savings?

Tooth fairy encourages savingsAnybody who has visited the dentist recently knows that teeth aren’t cheap. However, research from Halifax suggests that teeth are now worth less to the tooth fairy than they previously were, with an average amount of £3.34 per tooth being left under a pillow. This is down from £5.76 per tooth that parents received when they were children. A continued decline at this rate would see the tooth fairy facing extinction in as little as 40 years; an unthinkable prospect for many. Until that happens, it still puts money ...
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