Saving is sexy again, says expert

More people are putting aside money as saving is “becoming sexy again,” according to an expert.

Emma Byrne, a savings advisor, said that people aged between 18 to 34-years-old are increasingly seeing saving as a financial priority and are more concerned about it than 55-year-olds.

A study conducted by Opinium Research earlier this month revealed that men feel they need an average of £101,999 to be financially secure, compared to a figure of £82,193 for women, making the overall average £92,507.

Furthermore, one in 50 people said they would leave their partner if they were financially secure enough to do so.

Although Ms Byrne noted that a third of people regularly move any spare money they have left at the end of the moth into a savings account, she also voiced concerns about the remaining two-thirds of the population who do not have this habit.

Ms Byrne said: “We’d really encourage people, once they’ve sorted out their monthly incoming and outgoings, to go and put that money into a savings account.”

Tags: average, population, habit, Ms Byrne, Opinium, home

Over a million ‘lie’ to insurers

Over a million people have knowingly given false information to insurers, new research suggests, meaning that their policies could be invalidated.

An even greater proportion admit to guessing at certain details because they do not have the time to find out the necessary information, according to research from Sainsbury’s Bank.

Extrapolating the results of the survey to the population at large, Sainsbury’s Bank’s findings suggest that 1.12 million people have deliberately lied on insurance forms and 12.59 million have estimated figures.

Home insurance was the area provoking the greatest levels of dishonesty, with 18 per cent of respondents admitting to lying. Car insurance was second, with 15 per cent.

Nevertheless, it was those guessing at crucial figures that caused Steve Johnson, head of Insurance at Sainsbury’s Finance, greatest concern.

“It really is quite concerning that so many people seem to think it doesn’t matter if they take a guess at the information requested at the point of taking out cover. Although it may seem like a good idea in an effort to save time, it could become a real headache later when they find they have invalidated their claim,” he warned.

“We would encourage people to always take the time to go back and check any details.”

Tags: headache, Extrapolating, crucial figures, Insurance, population, head, false information

Mortgage holders told credit cards ‘not necessarily a bad thing’

People with mortgages who use credit cards to make sure they meet repayments are not necessarily doing the wrong thing.

According to the director of Debt Advice Bureau, Stephen Rose, some people have more or less paid for a house with the help of a credit card and “they’ve done very well”.

“If somebody is paying considerably less on their credit card than they are on their mortgage then it’s a good thing, but if they are paying more on their credit card than they are on their mortgage then it’s a bad thing,” he said.

A recent survey published by Shelter magazine ROOF showed that over a million people have used a credit card to pay off their mortgage or rent in the last year. This figure represents six percent of the population repaying mortgage loans or rent.

The Debt Advice Bureau is a not-for-profit organisation that gives information to residents in the UK concerning their debt issues.

The bureau sees around 4,000 people every month, giving them impartial advice on their problems relating to debt.

Tags: shelter, Stoozing, organisation, debt advice, debt issues, population, somebody

How things have changed in last 50yrs

Half a century ago (July 1957) Conservative prime minister Harold Macmillan famously said that the people of Britain “have never had it so good”.

He was talking at a time when rationing had only just come to an end following World War II but Halifax has been comparing the economic picture in the UK in 1957 and comparing it with today’s situation.

Understandably, it has found that massive changes have taken place and concludes that the people of Britain in 2007 really have never had it so good.

The average annual wage in 2006 stood at £31,278, compared to a miser miserly £731 that workers took home on a yearly basis 50 years ago.

More people own their own home today, with 70 per cent of the adult population holding the rights to a property, compared to just 38 per cent in 1957.

We work shorter weeks today, with the average being 38.9 hours, while in the fifties they worked 48.5 hours per week.

Some things were better in 1957, with unemployment figures very low at just 1.3 per cent compared to today, while house prices were fantastically low at just £2,330.

The pound was also very strong in those days, sitting at $2.79.

Tags: July, pound, week, War, halifax, population, world

Financial benefits of quitting smoking

Smokers are being encouraged to kick the habit ahead of the June 1st ban on lighting up in public.

The health benefits of kicking the habit are clear but Alliance & Leicester is encouraging smokers to look at the financial benefits of stubbing out.

Around 24 per cent of people in England smoke and with the average 20-a-day smoker spending £1,909 each year on cigarettes, their banking situation is suffering as a result.

Alliance & Leicester points out that this money would be better invested in a high interest savings account which would see the saver earn up to £1,962.

“Kicking the habit isn’t an easy thing to do, but the benefits speak for themselves,” said Ross Dalzell, manager for savings at Alliance & Leicester.

“The English population spends billions of pounds on cigarettes each year – money which could be going towards that new kitchen you’ve dreamed of, a two week holiday in the sun, or simply kept as a nest-egg for the future.”

Around 70 per cent of people who smoke say that they want to quit and there is hope for those who want to kick the habit.

Figures show that 21 per cent of women and 27 per cent of men are now ex-smokers.

The smoking ban is introduced in England from July 1st and will mean that lighting up is prohibited in all workplaces, including pubs, restaurants, airports and train stations.

Tags: future, billions, English, ex-smokers.The smoking ban, public.The health benefits