More people opt for private healthcare

A recent report has shown that an increasing number of people are now opting for private healthcare cover rather than relying in the National Heath Service, reflecting the concerns that many have when it comes to NHS care. The survey showed that many of the people switching to private healthcare cover have stated that their reason for switching was fear of super bugs such as MRSA. Read more

Tags: Healthcare reform, healthcare, decline, time, momentum, Association, Private healthcare, sophisticated consumers

Retired couples amass savings

Retired couples in the UK have average savings and assets to the value of £269,479, according to a survey.

The average figure for single pensioners was found to be £134,739, Prudential reports.

Despite retired people having amassed such substantial savings, the organisation states that only 17 per cent of pensioners have sought financial guidance from a professional adviser.

Gary Shaughnessy, Prudential’s managing director of retail life and pensions, expresses surprise at the amount of savings and investments held by the average pensioner.

He adds: “The average pensioner could substantially boost their retirement income simply by using their savings and assets in different ways and exploring other options such as equity release to deliver an income.”

A separate study revealed last week by Zurich Financial Services suggests that one in five of the overall population believe it is too expensive to see a financial adviser.

In addition, it found that only three out of ten single people stated they had sought professional financial guidance.

Tags: Zurich Financial Services, amount, ING Group, single people, Social Issues

Brits ‘worth more than they think’

Most Britons have possessions in their home worth considerably more than they realise, a study claims.

The average 40-year-old thinks their possessions are worth about £29,000 but in actual fact the true value of their possessions is over £40,000, according to the research from More Th>n insurance.

It is 46-year-olds who were found to have the highest value possessions in their homes of any age group, with an average figure of £40,919.

More Th>n product director Dowshan Humzah suggested the findings add weight to the old adage that life begins at 40 but expressed concern at how little thought people seem to be giving to the total value of their possessions.

“Brits work hard enough to buy things but by not keeping track of what they own, they run the risk of being under-insured.”

Meanwhile, research from Sainsbury’s Bank has suggested that British consumers are to spend £7.89 billion in the summer sales this year.

Tags: age group, Humzah, realise, Sainsbury's Bank, director, product, average figure, old adage

A regular savings habit is “good housekeeping”

Making a regular habit of putting some money aside in a savings account each month is “just good housekeeping”, the chief executive of Moneynet.co.uk has said.

Richard Brown emphasised the importance of saving money, saying that it is a “brilliant habit”.

He pointed out that even a small amount can make a difference.

“We looked at several accounts and if, for example, you save £25 a month with Halifax, that’s £330 with your ten per cent…It gets you in a habit for when you are in a position of earning more money,” he explained.

Although three-quarters (74 per cent) of people recognise the importance of saving, only 50 per cent make an effort to save regularly, according to figures from Nationwide.

Furthermore, nearly 57 per cent of Brits said they are not saving as much as they think they should and just 41 per cent believe they will in a position to save what they think they should in six months’ time.

Tags: habit, regular habit, Save (baseball), savings account, importance of saving money, finance, Abraham Lincoln, Brits

Some Brits losing money on savings

British taxpayers earning less than 5.4 per cent on their savings are losing money in the current economic climate, a new report warns.

With the retail price index at 4.3 per cent, consumers who are making taxable savings need to earn 5.4 per cent interest at least if they are to break even, a new report from moneysupermarket.com states.

There are currently 487 savings and current accounts which offer less than 5.4 per cent, the report notes.

Kevin Mountford, head of savings at the price comparison site, urges the government to consider ending the tax on savings as it tries to control the cost of living.

“Savers, especially those paying the higher rate of tax, should make sure they take full advantage of their annual £3,600 Isa allowance if they want to inflation proof their finances,” he adds.

Earlier this month, Nationwide Building Society released the results of a survey into saving attitudes which showed that while three-quarters of British consumers feel saving is important, just half of people in the UK do save regularly.

Tags: tax, price, inflation, cent, consumers feel saving

Brits ‘failing to save for old age’

Britons are not making adequate savings for their retirement, an expert has warned.

Donna Bradshaw, a financial planning strategist with IFG Financial Services, a firm of independent financial advisers, stated that people in Britain are simply not saving enough money.

This could be partly down to house prices, she continued.

Britons have developed a “national obsession” with property which has skewed people’s focus from saving for their retirement, Ms Bradshaw asserted.

“Over the years we’ve made pensions unattractive with maybe too much legislation but we need to focus people through an education process,” she added.

However, Britons are making some savings; figures released by the Building Societies Association show that during April, such financial institutions received record savings inflow of £1.8 billion.

Adrian Coles, director-general of the body, remarked that savers are increasingly aware that building societies offer good accounts for savers during such “uncertain economic times”.

Tags: billion.adrian coles, Brits, money, enough money, GBP, financial planning strategist

Drivers ‘failing to check cover for Europe’

More than 4.3 million Britons plan to drive their vehicles to Europe this summer but many fail to inform their insurer, a report has revealed.

Research published by car insurance supplier Sheila’s Wheels shows almost half of motorists now take their cars when holidaying in Europe, rather than choosing to catch an aeroplane.

Furthermore, 15 per cent of drivers admit simply assuming they are covered for driving overseas and would take their cars to Europe without checking.

It discovered that 18 per cent of people would check their documents before taking their cars abroad and only ten per cent would phone their insurance providers to check their cover was valid.

Jacky Brown at Sheila’s Wheels car insurance said: “When planning to take a car to Europe, it is crucial for motorists to call their insurer and tell them that they want to extend their level of cover for driving abroad.”

Sainsbury’s Bank also published research this week suggesting that 17 per cent of people plan to take their motors abroad during the next year.

Tags: britons, Insurance, Automobile, europe, checking, plan, planning, published research

Mortgage approvals reach ‘record low’ in May

The number of mortgage approvals for house purchases reached a record low last month, according to an industry body.

Figures for May show that remortgaging levels held up, accounting for a record 53 per cent of all mortgages approved, reported the British Bankers’ Association (BBA).

It also found that consumers spent more on their credit cards last month but repayment levels on credit cards were lower.

BBA statistics director David Dooks suggested mortgage activity was lower in May as a result of tighter lending criteria and economic pressures on households.

He added: “Only remortgaging business is holding up, where people need or want to take advantage of deals with other lenders.”

Separate research released last week by the housing charity Shelter suggests that more than four million households used credit cards to help meet rent or mortgage costs in the past 12 months.

It also found that over two million households are spending in excess of half their income on rent or mortgage payments.

Tags: number, finance, BBA, lending, economic pressures

Online banking ‘improves personal finance’

Eight out of ten consumers who regularly use online banking say it makes them better at managing their finances, according to research.

The survey from internet bank cahoot has found that 38 million Britons have used online banking.

People now spend more time conducting their financial affairs online than they spend on internet social networking sites, the study suggests.

Matthew Timms, cahoot’s managing director, said the credit crunch is making Britons take greater control of their finances.

He commented: “We’re flocking to internet banking, where we can instantly access and manage our finances at a time and location of our choice as well as pick up some of the best rates on the market.”

Last week, separate research suggested that one in five British men believes he is “careful” with his money.

In the survey, commissioned by Scottish Widows, more men said they identified with thrifty businessman Ian Beale from EastEnders than with any other soap character.

Tags: britons, location, character, bank, Grupo Santander

Summer tennis may see ‘more home insurance claims’

Home insurance claims involving broken windows may increase in the run-up to the Wimbledon tennis championships, it is claimed.

The number of claims made in June last year for broken windows and other glass breakages was almost a fifth higher than the number of claims made in January of the same year, according to the Halifax.

People in Birmingham and Solihull made more home insurance claims in 2007 than anyone else for incidents involving broken glass, the data suggests.

Head of underwriting for Halifax Home Insurance David Rochester said that there is often an increase in these types of claims during the summer months.

He commented: “We’d advise any budding Murrays and Sharapovas to take care when playing ball sports close to home, and check they are insured for accidental damage should a mishap occur.”

Separate research revealed last week by Tesco personal finance suggests that messing around or horseplay results in damage worth £325 million to British homes each year.

Tags: tennis, solihull, wimbledon, personal finance, Insurance, underwriting, care, summer

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