Singles ’spending more than couples’
June 3, 2008 by admin
Filed under News, News-Banking
Singletons are flashing more cash than those in relationships, a new study has revealed.
Research conducted by Legal & General has shown that six per cent more Britons managed to make some savings during April than was the case in the same month 2007.
However, six out of ten of the people still in the mood to spend their hard-earned cash on entertainment and fun are single, which Legal & General suggests is not surprising.
Julia Clayworth, the organisation’s wealth management head of marketing, commented that the findings show it is not “all gloom and doom” for Britons.
“It is reassuring that people’s saving habits are gradually changing despite the reported economic downturn and that they are still managing to have some fun as well,” she added.
A recent study by egg warned that just half of all workers in the UK could manage for four months on their existing savings, despite this being the average length of time people are out of work following redundancy.
Calculis: “No such thing as common law marriage”
May 8, 2008 by admin
Filed under News, News-Insurance
Calculis, the independent financial advisory, has said today that the idea of a common law marriage is a myth as it is not legally recognised, as many people believe. 
Director of Calculis Alex Pegley said that many people who live together think they have the same rights as a married couple but don’t realise they could be subject to things such as inheritance tax.
According to Advicenow, most people think that they become law husband and wife with the same rights as a married couple after they have been living together for a few years.
However, in reality such couples have hardly any rights compared with married or civil partners but they often only find out this is the case when they separate or when one partner dies.
To avoid being stung by inheritance tax, Mr Pegly advises couple to talk to a financial advisor, saying: “It doesn’t have to mean giving assets away; have a chat see what you can do without losing access to your capital.”
Single consumers better off than those in a couple
February 23, 2008 by admin
Filed under News, News-Banking
Single consumers are richer than those spenders in relationships to the tune of almost £4 million according to new research. 
Findings from Fool.co.uk show that the average single Brit is better off by £255.42 per month.
The average Brit not in a couple spends £281 a month on rent and bills, compared with the £500 paid out by someone in a relationship – meaning £2,600 saving per year on rent alone.
David Kuo, head of personal finance at Fool.co.uk, said: ” Money can’t buy you love, but it can help to ease the burden as pay day gets further away and the bills start rolling in.”
He added that the firm were not suggesting that money will ever replace the warm glow felt from loved ones, “but if you can’t be with the one you love, then learn to love your wallet”.
The average Brit in a relationship spends £39.50 per month when dining with friends – compared with just £22.85 forked out by singletons.
Meanwhile, UK payments association APACS has said that changes to processes on cashing cheques mean they offer “more certainty” than before.
Holy matrimony – cost of attending wedding revealed
June 21, 2007 by admin
Filed under News, News-Banking
As the British wedding season gets into full swing, the financial implications of attending someone else’s ceremony have been exposed.
Experian has published research which shows that the average British wedding guest will fork out around £386 to go to a wedding.
Rather worryingly, this leads to six per cent of us going into debt and many people will take out a credit card or increase their bank overdraft in order to attend.
Bizarrely, many of us are prepared to put ourselves at a financial disadvantage to go to a wedding that we do not even wish to be at, with 45 per cent of Brits saying that they have been pressured into going.
Much of the money, around £130, is spent before the big day has even arrived, with hen nights and stag dos taking their toll on our wallets.
“Weddings are a time to celebrate but it’s clear that people are increasing their financial stress and spending money they don’t have simply in order to be there,” said Jim Hodgkins, managing director of CreditExpert.
“The cost of getting married and attending other people’s weddings is often underestimated, but it’s a significant outlay that often hits hardest those who are first time property buyers or those still burdened by student debt.
“As a result, attending lots of weddings in a short space of time can mean your credit rating is adversely affected,” he added.
The research found that the stag night and hen do are the most expensive parts for a wedding guest, while the wedding gift was ranked second.
Buying clothes for the occasion followed closely, while travel, accommodation and drink also have an effect.
