‘General’ News
Financial gloom taking toll on Brits
Posted 2008-03-27
Almost one in three Brits fears they will be unable to cope with their debts because of the growing pressure of the credit crunch, new research has suggested. MoneySupermarket.com commissioned a survey which found that a massive 84 per cent of people spend a significant amount of time worrying about their finances. ...
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‘No down-side’ to new ISA rules
Posted 2008-03-25
The overhaul to the rules governing Individual Savings Accounts (ISAs) "can only be a good thing" for consumers, MoneyFacts.co.uk has claimed. ...
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Youth have knowledge gap for savings
Posted 2008-03-24
Many young people between the ages of 16 and 21 lack even a basic understanding of financial issues, it has been claimed. According to new research by Alliance & Leicester, some two thirds of individuals falling into the age group are unaware what the abbreviation ISA (Individual Savings Account) stands for. ...
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Parents educating offspring about finance
Posted 2008-03-19
Children are increasingly learning about financial issues in the home, recent research has suggested. About eight of ten parents now actively make an effort to educate their offspring about matters relating to personal finance, according to a new study by Engage Mutual Assurance. ...
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Brits ‘waking up’ to importance of credit ratings
Posted 2008-03-16
More British consumers are coming around to the idea that having a sound credit rating is an essential way of attaining financial security, it has been claimed. With the effects of last summers US sub-prime crash still reverberating around the globe in the form of a credit crunch, MoneySupermarket.com has said more and more consumers are waking up to the dangers. ...
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Parents finances ‘pushed by pestering’
Posted 2008-03-11
People in the UK are being forced to stretch their finances to meet the material demands of their children, according to a new study. Research carried out by Engage Mutual Assurance found that 49 per cent of parents with kids under 18 admit to giving in to their offsprings moaning in the last year. ...
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British men believe they ’sort out the mortgage’
Posted 2008-03-10
British men believe that they hold the purse strings when it comes to making decisions on financial matters with their partners, according to new research. Mortgages and other household outgoings are typically sorted out by men, claim three in five of them, although it seems all is not clear - with just six per cent of women saying that their partner makes the money decisions for them. ...
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Younger generation ‘overly optimistic’
Posted 2008-03-9
Many young people in the UK have unrealistic expectations of how financially secure they will be in the future, new research has suggested.Having polled some 8,500 teenagers, Natwest and RBS revealed that the average respondent anticipated earning more than £31,190 by the time they were 25, despite the average salary for a 22 to 29-year-old running to just £17,817. Furthermore, six out of ten of the young people were of the opinion that they would own their own home by the age of 25 - a vastly optimistic prediction given that the average age of a first-time buyer currently stands at 34.Commenting on the findings, Stephen Moir, head of community investment at Natwest, acknowledged that many young people display a "worrying lack of realism" about financial matters, but he stressed there were also positive indicators to draw from the findings."A hopeful generation of young people is not necessarily a bad thing," Mr Moir insisted. "However a practical and realistic approach is crucial to equipping the next generation with the skills and knowledge they need to face the financial challenges ahead of them."Citizen Advice recently launched a youth finance drive in a bid to help encourage young people better understand money matters....
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A third of Brits unable to save
Posted 2008-03-7
More than one in three Brits (37 per cent) is finding themselves unable to put aside regular savings, new research has found.With household expenses having risen by five per cent in a year and many consumers struggling to meet mortgage and loan repayments, Sainsburys said the UKs savings accounts are taking a beating.UK adults now save on average 5.9 per cent of their gross income, excluding pension contributions, but the latest research shows that 16 per cent are saving less than a year ago compared with just six per cent saving more.Among those finding themselves more hard-up for cash, 47 per cent blamed the increased cost of living, while 16 per cent cited changing personal circumstances and 14 per cent pointed the finger at debt."Many people are clearly finding it difficult to save, with a worrying number unable to set aside anything at all," commented Neil Cameron, savings manager at Sainsburys Finance. "At the very least, it is advisable to have money set aside for emergencies and recommendations vary from saving ten per cent or more of your salary to having at least three months salary readily available."...
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One in six ‘think UK already in recession’
Posted 2008-03-6
A significant proportion of British consumers believe that the UK is already in a recession, new research has found. While economists stress that the officially-recognised conditions for a recession - two consecutive quarters of falling GDP - have yet to be met, Fool.co.u...