Mental health issues and bad borrowing decisions: a vicious circle?

One in six of us will experience common mental health issues, like anxiety or depression. Unfortunately, as many as half of the people who have symptoms of these illnesses will go untreated (Source: Mental Health Foundation). Indeed, it is highly likely that you know people who are facing mental health problems, even if you do not have them yourself. How are you affected? You might be wondering what that has to do with your money and personal finance. According to Money and Mental Health, people ...

How do financial secrets affect your relationship?

How much does your partner know about your finances? For many people, the answer seems to be ‘not much’. Research from Prudential has shown that 31% of people have savings that their other half is unaware of. More than that, 7% have over £50,000 stashed away. Why is that a problem? We’ve previously discussed how one in five people could be in a financially incompatible relationship, so it is hardly surprising that so many people have private saving accounts or hoards of cash which their partner does ...

Helping younger generations plan for retirement on a zero-hour contract

The Office for National Statistics reported in April that the number of people employed with no set guaranteed working hours had risen by 100,000 to 1.8 million, over 12 months. This is worrying, as the number of zero-hour contracted employees had previously been in decline since 2015. Unfortunately, with no guaranteed hours, these employees may be put in an unstable financial position. Whilst the impact of such an arrangement will not be felt immediately, there may be repercussions affecting later life as well. It is likely that you ...

Just a number: Buying your first home over the age of 30

As the situation for first-time buyers seems to get more difficult, the profile of an average new homeowner has evolved. According to government statistics, the average age of today’s first-time buyer is 32, and there are more couples buying houses together (74%), than single ownerships. In addition, 37% of first-time buyers are already parents by the time they move into their own home. Does age matter? It depends how you look at it. On one hand, we all take life at different paces and buying your first house over ...

Bucking expectations: First homes are not top of millennial’s savings goals

Are your children or grandchildren putting money away in savings? If so, do you know what they are saving for? With so much media coverage of first-time buyers and the often-stated struggle to save for a deposit, you could be forgiven for assuming that all millennials are scraping their pennies together to buy a house. However, a mortgage deposit is only fifth on the list of saving goals for 23-40-year olds (Source: TopCashback). The top four reasons include: Building an emergency fund (51%) Maintaining a savings cushion (43%) ...

Will you be able to climb the ‘pension mountain’?

How do you feel about climbing mountains? What if the mountain in question is hypothetical and merely represents the amount of money you need to save to have a comfortable retirement? It might still sound daunting to some but saving enough doesn’t have to be an uphill struggle. Figures from Royal London show that since 2002, the amount needed to support a comfortable retirement has grown from £150,000 to £260,000. Further still, today’s young adults are likely to need to have saved almost £200,000 more than that, especially if ...

Five ways to fall in love with savings again

Saving is important. You’ve been told that a thousand times. You know, deep down, that you need to be saving to give yourself and your family a brighter, more prosperous future. But sometimes, the urge to spend it all now, without thinking about the future is just too tempting. Boosting your motivation to save 1. Set specific goals If you have a specific goal in mind; you probably think about reaching it every time you put money away. However, if you are saving for a broader goal, such as ‘The Future’ or ‘Retirement’, ...

Seven questions about giving money away in retirement, answered

Research from Prudential has shown that many retirees could be helping with the living costs of up to three generations. But how are they doing it and are there more efficient ways to help loved ones financially, when you leave working life behind? Let’s break it down… 1. How are other retirees spending their money? According to the ‘Class of 2018’ study, 31% of those planning to retire in 2018 will continue to give money to loved ones. The average retiree expects to give away a total of £4,300 each year, ...

‘Minimalist’, ‘Alternative’ or ‘Boomerang’: Which first-time buyer tribe do you belong in?

Last month, we explored the world of DINKYs, DINOs and SKIs; acronyms used to pigeonhole people with similar financial outlooks and priorities. This month, we have three new terms. Only this time, they’re descriptors of the three main types of first-time buyer in the modern market, at least in terms of the methods being used to gather the deposit for their first property. Focusing on deposits According to research from Santander, the average first-time buyer expects to need a deposit of approximately £20,478 toward their ...

How would living longer affect your finances?

Can you afford to live until you’re 100? If not, you need to start taking charge of your finances before it’s too late. Research from Retirement Advantage shows that, on average, people aged 55 to 64 believe their life expectancy to be 82 years. However, for men, the national life expectancy is 88, whilst the average woman is expected to live until she is 90. The same age group expect to retire just before their 65th birthday, which means that they are likely to be planning to financially support ...
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