Brits admit saving less for retirement

As the prices of food and fuel continue to increase, Britons admit they are saving less for their retirement, a new report reveals.

Research published by financial services firm Edward Jones has shown that many people are cutting down on such savings in order to meet their everyday living costs.

Andrew James, retirement planning manager at the firm, said the findings are a “big concern”.

People who fail to save sufficiently for their old age are likely to face issues in the future, he continued.

Mr James also expressed worry that 23 per cent of those questioned admitted failing to save any money towards their pensions.

“It is imperative the government and all those involved in the pensions industry do all they can to keep driving the message home that people must continue to make provisions for their retirement,” he urged.

Earlier this month, financial services firm Life Trust warned that because people are living longer than ever, many could be forced to re-think their financial strategies for retirement.

Tags: Pension, provisions, concern, personal finance, big concern".People, findings, report, life trust

One million Brits cannot claim as they did not read the small print

Up to one million Brits have not been able to claim on a travel, home or car insurance policy in the last year because they weren’t covered, despite believing that they were shows new research.

According to findings from Tescocompare.com, neglecting to check the small print has cost UK consumers up to £736.

Of these, 82 per cent say it has altered the way they will go about dealing with this sort of purchase in the future.

Paul Baxter of Tescocompare.com, said insurance policies are complicated and “it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren’t”.

Meanwhile, when it comes to understanding what they are purchasing women are much more aware of what it is, claims a new study.

Further findings from Tescocompare.com shows that female consumers are much more likely to have read the description and detail of what it is they are buying, with the exception of traditional male items such as cars.

Tags: findings, Paul Baxter, traditional male items, Business and Economy, com, print, business, description

Banks moving ahead of overdraft charges ruling

Banks have made a move to reduce overdraft charges ahead of the High Court ruling over unauthorised customer fees, according to new research.

Findings from MoneyExpert showed that the average unauthorised charge has dropped by five per cent over the past year, decreasing to 20.01 per cent compared with 25.25 per cent.

Sean Gardner, chief executive with finance experts, said that the current account market is changing very rapidly.

“It is encouraging that average unauthorised overdraft rates have dropped by five per cent in the past year. That said though a 20 per cent rate is still very high and well above the average standard credit card rate,” he said.

An estimated nine providers, including Northern Rock, still charge customers 29 per cent on going into the red.

According to MoneyExpert, a further 52 out of 136 accounts from 27 providers charge more than 25 per cent on their overdraft facilities.

Meanwhile, analysis from the financial experts showed that customers who insist on a passbook with their saving account are receiving an average of 0.5 per cent less on their cash.

Tags: Banking in the United Kingdom, overdraft facilities, Moneyexpert, card, findings, Transactional account, unauthorised