Claims figures show BMW drivers not worst on road

According to a recent report many motorists think that the worst drivers on the road are those that drive BMWs. However, recently released figures relating to insurance claims have suggested that this is not the case. Read more

Tags: Ford, rush hour drivers, car accident, respondents, bmws, car insurance, insurance claims

NAPF: Pensions still seen as most important benefit

Workplace pension schemes are considered the most important benefit an employer can offer and it is expected that their up-take will increase in the future, the National Association of Pension Funds (NAPF) has said.

The Personal Accounts system is expected to be launched in 2012 and the changes in workplace pensions that it will bring about are expected to make them even more popular, according to the organisation.

Mark Brooks, a spokesperson for the NAPF, said: “There is a growing realisation that to enjoy a good standard of living on retirement, there is a need to have an additional pension…it is no surprise [workplace pensions] are still seen as the most important benefit.”

He said that tax advantages and employer contributions are two factors that make work pensions attractive to employees.

A recent survey by NAPF found that almost 49 per cent of respondents said they would feel greater loyalty to their company if a workplace pension was offered.

Tags: employment, organisation, Association, important benefit."He, Pension

More savers in the north and spenders in the south

More consumers in the south were in the mood to spend than those in the north, reveals the findings from a new financial study.

Research from Legal & General showed that 31 per cent of Londoners quizzed were up for spending their money compared with only 21 per cent of those in the north.

However, 70 per cent of northerners were concerned about putting money away to save with while this appealed to just 57 of London-based respondents.

Julia Clayworth, Legal & General’s Wealth Management head of marketing, said: “Whilst the overall spending and savings patterns havent changed dramatically this month, what we have noticed is a growing regional difference in spending and savings habits.”

Meanwhile, when questioned about their ability to meet monthly bills, nearly one in five people from the north claimed to be spending more on paying bills and debts than they earned.

Recent research from Legal & General showed that in January, there was a split in spending habits between those in their 20s and those over-45.

The older generation were in less of a mood to spend than their younger counterparts.

Tags: london, law, research, regional difference, consumers, quizzed, respondents, Julia Clayworth

Insurance industry improved customer experience, says survey

Up to 85 per cent of consumers claim that their insurance provider ‘treats customers fairly’, according to a new survey.

Findings from a customer impact survey from the Association of British Insurers (ABI) shows that 53 per cent of respondents agreed that the insurance industry has an excellent reputation, a figure up from 48 per cent last year.

Maggie Craig, the ABI’s director of Life and Savings, said that the results show that the insurance industry is making improvements in its treatment of customers, despite the overall dip in customer confidence due to recent economic uncertainty.

“The industry recognises that the customer impact scheme is a long-term undertaking and that it will take time for the full effect of the industry’s work to be seen,” she added.

However, she also stated that the survey showed that there is still room for improvement, particularly in the handling of complaints.

Only three per cent of respondents had reason to complain to their provider, but 57 per cent felt their complaints had been handled poorly.

Meanwhile, the ABI has warned that tougher planning controls need to be in place for new homes.

Tags: uncertainty, industry recognises, director, tougher planning controls, Association, scheme, respondents, undertaking

One in 20 do not tell the truth in insurance applications

One in 20 consumers admit to having lied when filling out a life insurance application, according to new research.

Findings from a survey by Friends Provident showed that 95 per cent of people said they always tell the truth when completing forms for insurance.

Mark Jones, protection products and actuarial manager at Friends Provident, said: “It’s good to see many people recognise the importance of advice when buying insurance, and they take the time to answer all questions truthfully when applying for insurance.”

Over half of the respondents said that those who did not tell the truth deliberately on the forms should be punished by not being allowed any benefits

Under half said they would do research online before taking out insurance while 20 per cent would take advice from a financial expert and a further 15 per cent would rely on information from family and friends.

A further one in five admit to not reading the terms and conditions in a policy before signing up.

Meanwhile, research from Nationwide has revealed that a fifth of homeowners do not have buildings insurance.

Tags: benefitsUnder half, Financial services, respondents, Types of insurance, family, Provident, actuarial manager, policy

Consumers’ impulse buys costs them

A love of impulse buying helped by credit cards and the internet is leaving Brits financially out of pocket, according to new research.

Findings from swiftcover.com show that 91 per cent of respondents made a regrettable impulse purchase last year with a further 60 per cent admitting to spending in excess of £100 last year on spontaneous buying.

A fifth of consumers blamed credit cards for their impulse spending while a further 26 per cent said the convenience of online shopping made them susceptible to

Tina Shortle from swiftcover.com. said: “Whether it’s a pair of killer heels, or the latest ‘must-have’ gadget, it seems that we’re addicted to spending now, paying later.”

He added: “But that means that we’ve also dropped our guard when it comes to ’sensible’ habits like shopping around and as a result we are getting stung by shops’ returns policies.”

The survey showed that seven out of ten people admitted that they do not bother to read returns policies before buying.

Meanwhile, Which? has reported that shoppers are opting for cheaper supermarkets as Asda and Lidl entered the top ten of stores used by consumers in a recent survey.

Tags: Technology Internet, love, Brits, consumer, online shopping, pocket, respondents

Parents should open bank accounts for children ‘as early as possible’

Providing children with bank accounts as early in life as possible will enable them to have a better understanding of money say independent financial advisors.

MDM Associates said that opening a bank account as early as possible parents can then talk children through statements and show them where interest has been added.

Older children could receive an account with a debit card said the company.

Lisanne Mealing, managing director of MDM Associates, said: “That then starts to give them the idea of some financial responsibility – you’re trusting them because they’ll have access to that account themselves.”

Providing monthly pocket money to children can also be a good way to teach children about budgeting, she added.

According to an article on the Times Online, a recent survey by NatWest suggests that 51 per cent of young people want more advice from parents about how to manage money.

Many respondents said they were frustrated by well-trodden cliches such as ‘money doesn’t grow on trees’.

Tags: Business Finance, pocket, MDM, cent, idea, respondents

Personal finance education wanted in schools by parents

New research has revealed that nine out of ten parents think personal finance education should be taught in schools.

Findings from the Association of Investment Companies (AIC) showed that over half of respondents in the survey thought this should be mandatory.

Nearly half of parents believe it is the joint responsibility of both teachers and parents to teach children how to handle their money.

Annabel Brodie-Smith, communications director with the AIC, said: “Parents are clearly worried about their children’s ability to manage their finances in the future and feel financial education is a crucial skill for adult life.”

She added that many parents believe they have missed out on a financial education “so it’s no wonder they want their children to be better prepared for the wider world.”

The survey also showed that 90 per cent of parents had no financial education when they were at school.

Over two thirds of would now like some sort of personal finance training as an adult, either to pass onto their children, or so they can put their own financial affairs in order.

Meanwhile, research from the Social Issues Research Centre shows the average top up for a Child Trust fund is £21.20.

Tags: Social, child trust fund, Association of Investment Companies, school, adult, social issues research, communications director, respondents

A quarter of home refit projects go over budget say experts

Up to one in four of home makeover projects end up going over budget, according to figures from Halifax Home Insurance.

An estimated million under-budgeters have to find an extra £4,690 to afford £10,000 which is the average cost of completing a home improvement project.

This works out at a total annual budgeting shortfall of approximately £4.7 billion.

Martyn Foulds, senior claims manager at Halifax Home Insurance, said: “It’s interesting to see that the major reason for spiraling costs is often due to homeowners adding extras to a project half way through.”

He added: “Clearly it is all too easy to get carried away with adding more expensive fixtures and fittings as the project unfolds.”

The most commonly cited reason for escalating costs, from over half of the survey’s respondents, was upgrading to higher specification fixtures and fittings.

A further 20 per cent said costs had risen after building works had unearthed problems with their house that needed urgent attention.

Meanwhile, more research from Halifax has found that over two thirds of respondents believe the government could be doing more about the number of vacant properties in the UK.

Tags: specification, home insurance, Real estate economics, house, respondents, home makeover projects, Financial services

Rise in online banking reflects ‘pace of life’

The increasing use of online banking services by consumers reflects the “pace of life”, according to a leading financial association

The British Banking Association (BBA) agreed with the findings of a recent survey by Lloyds TSB, which revealed that over 50 per cent of the British public had not seen their bank manager for more than ten years.

However, the BBA believed that this was a matter of “simple convenience” rather than consumers avoiding their financial responsibilities.

Lesley Mcleod, spokesperson for the BBA, said: “We think that this is more to do with the way people live their lives these days, the pace of life is such that people are increasingly using the internet or a hole in the wall facility to do their banking.”

She added that bank managers and advisers are still available if required by savers.

“Banks are there to offer a service and they are happy to do so, but they are not a nanny facility for people,” she added.

The survey from Lloyds TSB revealed that just over a third of respondents had visited their bank manager in the last two years.

Tags: British public, Banking, Economy of the United Kingdom, internet, british, banking association

Polite Brits avoid money talk

Brits shy away from the “rude” topic of money in conversation, according to Fool.co.uk.

The website ran a study called Let’s Talk About Money, which showed 30 per cent on the 1,500 UK adults asked, stating that taking about money is rude as it is a personal subject that should be kept private.

As many as one in seven Brits say they are worried about what people might think of their financial situation while 16 per cent are embarrassed about their levels of debt.

Other figures show 33 per cent of respondents feeling uncomfortable about let slip how much they earn with 49 per cent thinking that nobody would be interested to know about their monetary affairs.

David Kuo, head of personal finance at Fool.co.uk, commented: “It’s a shame that when it comes to money, Brits are still stuck in the dark ages, too proud to talk about their financial situation which conforms to the typical British stereotype.

“Talking openly about money, especially with close friends and family has many benefits. Money matters can often spiral out of control if you don’t seek advice from others.”

Tags: money matters, fool, Polite, David Kuo, respondents, topic