Saving money when shopping for food

The ongoing financial climate in the UK means that we are all looking for ways to save money on our monthly outgoings, and one of the ways in which this can be done is to review your shopping habits. Many of us have shopping habits that end up costing us far more money than we actually need to spend, and in addition to this we also end up wasting a huge amount of food every week, which is basically money down the drain. Read more

Tags: long life, haven, addition, save money, money saving tips

Half the Population of the UK Don’t Have Funds Set Aside for Retirement

The BBC recently revealed that about half of all the people living in the UK aged 20 to 60 have not been putting aside any funds for their retirement years. This does not mean that they do not have any savings for such purpose, but they haven’t been paying into a pension fund. Read more

Tags: today, way, plan, wife's situation, Gfk, uk, retirement

Shopping Around for the Best Deal in Broadband

The aim of the British government is to bring Broadband into every home in the country within a three year period. This is indeed an ambitious plan that leaves households scrambling to find the best possible deal in getting a connection. Read more

Tags: month, connection, high speed internet, United Kingdom, long time, dial, plan, cheap broadband

Government confirms second bailout for banking industry

In a week that saw Royal Bank of Scotland reveal losses of around £28 billion, and saw share prices in banks plunge amidst fears over instability, the Prime Minister has announced the second bailout of the banking industry in the space of just a few months, and once again this will come at the taxpayers’ expense. Read more

Tags: bank bailout, week, prime minister gordon brown, fears, single one, plan, government help

How is your retirement looking?

When we think of retirement many of us imagine spending our days soaking up the sunshine in a retirement home in Spain, travelling the world and seeing the sights we never had time to enjoy before, or even spending time with loved ones and enjoying the chance to spend both time and money with family and friends. However, in reality this is something that many of us will never see or experience, because a recent report suggests that many people will still be well in the red when they hit retirement age. Read more

Tags: thought, culture, retirements, time and money, fifty

Mortgage squeeze not letting up

The mortgage squeeze in the UK doesn’t show any signs of easing according to officials in a recent report. Officials from the Council of Mortgage Lenders have recently said that the problems in the mortgage market do not seem to be letting up, and tighter credit and lending conditions are still very much in place. The problems in the mortgage sector began last summer with the arrival of the global credit crunch, and since this time the number and availability of mortgages has fallen rapidly. Read more

Tags: mortgage industries, Subprime mortgage crisis, order, plan, financial markets, mortgage market

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

It’s ‘risky’ not to take out life insurance with your mortgage, says expert

Although people are trying to save money as they find their finances increasingly squeezed by the credit crunch, neglecting to take out life insurance along with a mortgage can be “risky” an expert has advised. Read more

Tags: life insurance, critical illness cover, economics, assurance, Insurance, provider

Homeowners facing arrears advised to speak to lenders

Homeowners who think they are getting into difficulties with their mortgage repayments should speak to their lender as soon as possible, an industry expert has advised. Read more

Tags: Mr Clarke, mortgage payments, credit, plan, council of mortgage lenders, problem, option, mortgage lending

Up to one in five put off dentist trip due to costs

As many as one in five consumers are putting their teeth at risk by not going to the dentist due to the cost, new research shows.

Findings from the health plan provider HSA found that over a quarter of consumers believe that looking after their oral health is unaffordable.

Spokesperson for HSA, Richard Halley, said that the results of the study arrive shortly after the NHS has revealed that half a million fewer adults are visiting the now dentist than two years ago.

He said: “This could be down to cost, and also difficulty in accessing an NHS dentist. Indeed 27 per cent of those surveyed claim that they have struggled to find an NHS dentist.”

The study also showed that over two fifths of people think NHS dentistry will disappear altogether in the future while 28 per cent think it will exist in the future, but will only be available to a few.

Meanwhile, more research from the HAS showed that 65 per cent of firms believed their employees would most value dental benefits.

Tags: nhs dentist, plan, Richard Halley, new research shows, provider

Shopping around for credit card deals ‘vital’

Consumers are advised that carefully considering their options is extremely important when it comes to credit card deals.

With pressure being felt on the UK economy after the credit crisis, it is “more important than ever that people should shop around”, according to Cathy Neal, senior researcher for Which?

“Even if you’ve got the best credit card today, keep checking it every two months to make sure that it still is one of the best – and switch if your card has changed significantly since you took it out,” she advised.

Shoppers would be best using their credit cards on higher cost purchases as they will have better protection, although they must also take into consideration how they are going to repay their balance, she continued.

This Christmas, 76 per cent of Brits plan to spend around the same amount or more on their gift purchases than they did last year, with average spending at £397 per person in 2006.

Meanwhile, 29 per cent confess that their financial situation is tighter this year owing to the credit squeeze.

Tags: Gift, shopping, senior researcher for Which?, protection, business, credit, senior researcher, plan

Independent school loss of earnings cover ‘not comprehensive’

Loss of earnings cover provided by independent schools may prove to be “value for money”, but they are often “very basic”, an industry expert has said.

According to Steve Danson, a chartered financial planner at Elementum, the insurance would not cover sickness absence or death in some cases.

“People should definitely get a plan for their particular circumstances, and quite often the plans we would recommend would be the same types of plans we would recommend to anyone with a big commitment,” he said.

He added that many companies will sell school fees insurance as a specialist product, when in fact it is a combination of normal insurance covers.

The Independent Schools Council (ISC) recently claimed that 620,000 children are educated in around 2,500 independent schools, which represents an estimated seven per cent of the total number of British schoolchildren.

Of the ISC’s member schools, 31.43 per cent of pupils received financial support with their fees this year, valued at a total of £300 million.

Tags: Council, combination, number, money, circumstances, Financial economics, plan

Figures show increase in bankrupt pensioners

Recent figures have shown that the number of pensioners in the UK that are going bankrupt has doubled in the space of five years.

There are now twice as many pensioners declaring themselves bankrupt as there were five years ago according to the figures. In the past year around 7% of bankruptcies were made up of pensioners, but in 2002 the number of pensioners that made up total bankruptcy figures equated to just 2% according to records.

Some experts have stated that it is increased life expectancy that has had an impact on the finances and savings of pensioners, tipping many over the financial edge and resulting in bankruptcy. This, state experts, has been made worse by the rises in the cost of living, fuel, and other areas, which has put further strain on pensioners’ finances. The research also shows that there appear to be more pensioners going bankrupt in rural areas compared to urban areas.

One insolvency expert stated: “More and more pensioners are going bankrupt as they struggle to repay debts when their pension is their sole source of income. Although attitudes towards bankruptcy have changed dramatically since the days of debtors’ prisons, the older generation still feel the stigma of bankruptcy and are reluctant to ask for help until it’s too late.”

Around 1250 bankrupts around the UK took part in the research. It is thought that the reason for the higher concentration of bankrupt pensioners in rural areas is the result of fewer work opportunities and higher transportation costs.

Some industry officials state that the cost of food – on which many pensioners spend a large proportion of their income – is contributing to the financial strain faced by many in this age group. Food price inflation rose from 2.5%in July to 2.8% in August according to figures.

Tom Smith
3rd November 2007

Tags: money, longer, life, bankruptcy, age, pensioners, plan, bankrupt

Brits are fretting about their finances

People in the UK are deeply concerned about their finances, a new study has shown.

Research from Alliance & Leicester indicates that 3.4 million Britons consider their finances to be their biggest worry – with 18 per cent fretting about cash on a daily basis.

Despite this, around half of those questioned admitted that they had not thought about whether changing their bank would provide them with a better deal.

Perhaps unsurprisingly, the study revealed that Brits tend to worry more about their cash at certain times of the year. Half said Christmas was a stressful time financially and 40 per cent admitted to thinking about their finances before a holiday.

“Money is obviously a topic at the forefront of most people’s minds,” explained Andy Bayes, head of current accounts at Alliance & Leicester.

“Regardless of whether money worries stem from managing day to day finances or finding the money in the run up to special times of the year, it’s crucial people check that their bank account is working hard for them.

“Considering the time people spend worrying about money, and the lengths some will go to find more, it’s surprising to see that so many customers still remain faithful to the same bank they have been with for years, which pays very little in credit interest.”

Research from Lloyds TSB indicates that 36 per cent of people from the UK plan to sort their finances out this autumn.

Tags: plan, christmas, half, britons, bank account

House of Lords report slams internet security

The internet was branded as a “playground for criminals”, in a hard hitting House of Lords report published today.

Science and Technology Committee members from the chamber also branded the world wide web as being like the “wild west”, and recommended a kite mark system for trustworthy web service providers.

The world’s largest online payments service PayPal reacted to the report by releasing its own ten-point plan for customers to improve their own security.

PayPal recommended that suspicious emails purporting to be from users’ banks be subjected to special scrutiny.

Consumers were to look out for an urgent tone, a generic greeting and links to non-secure websites – those not prefaced by ‘https’, with ’s’ standing for security – on such emails.

Cristina Hoole at the payments service said: “The security of people who use the internet and shop online must become a top priority, not just for the Government but also software vendors, if the ongoing threat of e-crime is to be culled.

“Online companies have an obligation to consumers to help them stay safe online, so they do not become the unwitting victims of e-crime. PayPal does a number of things to help its customers stay safe online, and at the heart of our own activity is consumer education.”

Tags: today, threat, consumer education, number, greeting, plan, slams, e-crime

British savers are ‘fantasists’

Millions of Brits are failing to plan their banking properly and this could lead to problems in the future.

National Savings & Investments (NS&I) has slammed 33 per cent of Britons as financial fantasists.

Its research shows that many of us are expecting to see our wages increase or are hoping for an inheritance windfall to help us out.

The NS&I Quarterly Savings Survey showed that 24 per cent expect to see their wages increase, five per cent think they will be able to borrow whatever money they need and four per cent are hoping to receive some inheritance.

However, 55 per cent say that they do not have a financial plan in place and NS&I points out that it is folly to wait in hope for financial changes that may never arrive.

“It’s a real concern that such a high percentage of people haven’t made a financial plan for their future and even more worrying that a significant number are basing their financial security on their future earnings potential,” said Dax Harkins, senior savings strategist at NS&I.

“There’s never any guarantee that people will earn more as they get older so it’s really important that people start their financial planning and start saving as early as possible.”

Women are less likely than men to have a financial plan for the future in place.

Tags: National Savings & Investments, business, harkins, NS&I points, NS&I Quarterly Savings

Pet Insurance

It’s a Dog’s Life

Whether you have received a cute kitten or a puppy as a present or been out and bought one for yourself, vets bills and care of the animal are all part and parcel of being a pet owner. Insurance is there to help with the unexpected or even expected bills. Read more

Tags: dogs, cover, vet, pet, treatment, cost, family