Savings: As interest rates remain low, should you be tempted by Peer to Peer lending?

As interest rates remain low, should you be tempted by Peer to Peer lending?New figures from the Financial Conduct Authority show that many beleaguered savers are struggling to find ‘real returns’. The research showed that a saver who opened an account five years ago, and has stuck with it ever since, is getting an average interest rate of 0.3%, well below the current rate of inflation. Savers have many options for improving their returns, one in particular is growing in popularity. A report, published by the Peer to Peer Finance Association (P2PFA), ...

Over 55’s “significantly poorer” than a year ago

A new report has shown that the rising cost of living has caused savings levels for the over 55’s to fall by a quarter over the past year. The average person over the age of 55 had savings of £15,262 this time last year, the new research has shown that this has now fallen to £11,153; a drop of over £4,000. Inflation and savings The figures are published by Aviva in their ‘Real Retirement’ report, which interviewed 12,000 people, and highlights the rising cost of living as they key factor behind the over 55’s needing to dip into their savings to meet day ...

High inflation: the winners and losers

High inflation, the winners and losersThe announcement that CPI (Consumer Prices Index) rose to 5.2% and RPI (Retail Prices Index) moved up to 5.6% in September has caused concern for many. But exactly who are the losers from high inflation? Is there anyone who gains? We thought we’d take a look. Losers Savers The double blow of high inflation and low interest rates mean that it is now almost impossible to find a savings account which will pay enough interest to beat inflation. Previously non tax payers and ISA (Individual Savings Account) ...