The self-employed pension gap: All work and no retirement savings

The gender pensions gap could be worse than first thought. According to Fidelity, Women earn 10% less than men before having children, but once they become parents, that gap widens to 30%. As a result, the average 60-year-old woman’s pension fund amounts to just half of that of a man at the same age. (Source: Aegon) And for self-employed women, the story takes an even worse turn, as 32% are making no effort to save toward retirement at all. What is to blame? There are three main ...

Do as I say, not as I do: Working mums lack financial protection

What happens if you are suddenly unable to provide for your family financially? Research from Scottish Widows shows that 60% of working mums have no Life insurance, while 87% are without Critical Illness Cover. That means that many mums risk leaving their household in financial difficulty, should they die or become seriously ill. How important are you? However, the impact of losing a mum’s income on a household is clear, with the loss of their income meaning that 61% of families would struggle to pay household bills. In addition, ...

Buy to Let or pensions? Which is the best way to plan for your retirement?

What is the best way to save for your retirement? It’s not an easy question to answer; if possible at all. There are a number of options available, each one with a myriad of advantages and disadvantage all specific to you and the type of retirement you wish to have. A recent study from the Office of National Statistics (ONS) suggests that: 40% of people believe that their workplace pension is the safest option 30% of people believe that investing in property is the safest option (Source: ONS) With the ...

End of year financial planning: 6 tips you can’t afford to miss

Sufferers of FOMO; take note. There are six important things to do before the end of the tax year. For those who are eager to add another acronym to their repertoire, FOMO is fairly new phenomenon, meaning ‘fear of missing out’. Often caused by seeing social media posts or articles online, it is an unshakeable anxiety that something important is happening elsewhere, and you’re about to miss out on all the action. To ensure that you don’t lose out on important personal finance opportunities before the 5th of April (and to ...

Women: Don’t let financial jargon stand between you and investing

What makes you feel confident in your decisions? For many of us, it’s a mix of having a plan in place, understanding the subject matter and knowing the outcome of our actions. It’s therefore fitting that recent research from HSBC shows that the top three things which make women less likely to seek investment advice are:     An overuse of financial jargon (35%) A dislike of taking risks (72%) A lack of time (17%) It’s not just women, but it is an issue More than a quarter (26%) of men also ...

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 ...
« Newer PostsOlder Posts »