• 21May

    Children Saving For University as Early as 10

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    New figures suggest that children as young as 10 are already making savings for various points in life, with university being a key example.

    The news comes from a report published by Scottish Widows. The findings suggest that children are more aware of the current economic situation, saving up for various expenses later in life from an early age.

    11% of children, for instance, were said to already be saving up for college, university or their first home. Another 6% also said they were saving for a car or vehicle. 2% are even storing money away to start their own business. Of course, not every child is as financially savvy or long-term orientated, as 48% still save up for toys and games according to the report.

    Saving

    Overall, around 98% of the 10 year old children asked indicated they were already squirreling money away. Whilst the reasons varied, this is a lot more than current adults at that age. Only 15% of adults that were surveyed said they were saving before the age of 15.

    In terms of actual money, the average amount of pocket money received was between £5 and £9 a week. Only 10% put all of this into savings, but the rest of the 98% still saved a share of this money.

    Current and Long Term Financing

    It is thought that this study may indicate the effect today’s economy, and the news surrounding it is having on young children. Children arguably appear to be more financially minded and savvy. They also seem to show long sightedness. 70% of those surveyed, for instance, understood the concept of a pension. That said, 10% assumed a retirement age of under 50.

    Of course, sometimes, it doesn’t matter how much planning is done – unexpected expenses can still cause problems. If you’re in need of cash until you get paid, same day loans are simple to apply for, and you’ll get a decision in minutes.

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  • 21May

    Savings Rates Fall by 68% in Two Years

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    Interest rates on savings accounts have fallen by an average of 68% over the past two years.

    The news comes from figures according to moneyfacts.co.uk, indicating that rates have dropped dramatically. This of course means that consumers aren’t able to save as much as they used too, with a lower average rate resulting in less compound interest.

    The news also comes as Consumer Intelligence publish a study suggesting that many savers are not changing or seeking better interest rates. The research concluded that, despite the declining rates, 92% of customers stayed with their current account and interest rate.

    Bonus Pay

    Likewise, the number of accounts that pay a bonus rate have also dropped. The research from moneyfacts concludes that only 32 easy access accounts pay any form of bonuses to its savers, out of a total of 378 accounts. Two years ago, 101 out of 523 offered a bonus.

    The amount paid out as a bonus is also shrinking. Two years ago the highest rate was given as 3%. The average bonus for this rate was 1.21%. Today that is less than half, with the highest rate standing at 1.45% and the average at 0.93%.

    If emergencies have caused your finances to have dwindled as fast as interest rates recently, and you are struggling to cover unexpected expenses, a payday loan may be an efficient way to tide yourself over in an emergency. As long as repayments can be made quickly, and you do not allow interest to mount up, this could be a useful option in times of need.

    Outside of easy access accounts, similar findings are being reported. Accounts which used to lock money into a notice account, in exchange for an attractive interest rate, are declining.

    Two years ago the highest bonus offered through notice accounts was 2.12%. The current highest rate is 1.25%, which is lower than the highest bonus offered through easy-access accounts, making the notice account a much less tempting offer.

    Whilst the modern consumer does have choice, the research concluded that the overall quality of the options, in terms of average rates on offer, has diminished. Whilst the Consumer Intelligence study suggests many are happy where they are, this is important for those who want the best rates available.

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  • 21May

    UK Wealth exceeds £7 Trillion

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    The total household wealth in the UK has reached past £7tn. This is the first time it has gone past this figure, according to recent research.

    The research, conducted by Lloyds TSB Private Banking, took into account the net wealth, using its own findings as well as official figures. This included both the financial value of residential buildings and any other financial assets owned by such households.

    Excluding any debts that are currently outstanding, this total figure for the country has been estimated at £7.05tn at the end of last year.

    Increasing Wealth

    Despite tough financial times, Lloyds also said that this research showed a growth of £2.71tn over the last decade. On average, this worked out as £86,000 more per household compared with figures from 2003.

    If you are not feeling the benefits of this rise in wealth and are actually closer to a financial emergency than anything else, a same day payday loan could be a way of dealing with short term emergencies until your payday, so long as repayments can be made quickly. Otherwise, the interest may continue to build, which can make it a more expensive prospect.

    Much of the value has also been put down to an increase in financial assets. Lloyds has included the likes of bonds, shares, pensions and building society deposits to assess and include the financial assets many may have.

    An rise in housing value of over £1tn also played its part in the increase in net wealth across the country.

    An Uneven Spread

    Of course, a lot of this is also being put down to a disparity in the UK’s wealth.  The wealthiest 10%, for instance, were said to hold an estimated 22 times more than those in the bottom 50%. As such, the average figure of £86,000 can’t always be easily applied.

    Therefore, it can be argued that the figure of £86,000 actually applies to very few, and that the recent developments may serve to prove an argument of ‘the rich get richer’.

    Despite the fact that the figures could be the result of trends in previous years, such as the expansive years prior to 2007, some can arguably look at the growth as a positive sign of improvement.

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  • 21May

    SSE fined £10.5 million for mis-selling

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    The energy provider SSE has been fined £10.5 million for “prolonged and extensive” mis-selling.

    The fine is the largest amount ever charged to an energy provider. It comes after energy watchdog Ofgem concluded that the company was mis-selling services through poor sales techniques, typically at the customers expense.

    Mis-selling

    Ofgem found problems with mis-selling from SSE via telephone sales, in-store sales and doorstep sales. Those contacted by SSE were given misleading statements with inaccurate information, including misleading information regarding SSE’s charges.

    An example given was that the comparisons between SSE and its competing supplier’s charges were inaccurate. Some customers were given the impression they were saving money while they were instead switching to a more expensive service.

    One woman who was paying £1,600 annually for gas and electricity was told switching would only cost £1,423 per year. After switching, SSE put her on a tariff that charged her £134 more than her original bill, or £1,734.

    If unexpected bills and the expensive cost of living has had an adverse impact on your finances that you weren’t expecting, payday loans may be able to tide you over until payday. If repayments can be made quickly, this could prove a useful option.

    Fines

    The fine is hoped to serve as a message towards companies to treat customers better, but also shows some of the misleading information that can easily be passed down to customers.

    Ofgem’s Senior Partner in charge of enforcement, Sarah Harrison, said: “In order to restore trust in the energy market suppliers must comply with their obligations and play it straight with consumers.

    “Ofgem’s findings show SSE failed its customers, mis-sold to them and undermined trust in the energy supply industry.

    “These failings did not just take place on the doorstep but also in the management of SSE. Ofgem’s fine reflects an absence of effective management control over energy selling.”

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  • 30Apr

    Npower Offering Fixed Tariffs

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    Energy provider npower is now offering fixed fuel tariffs. These give protection to consumers against changes in price, including hikes and drops, for the next two years.

    Currently called npower Price Fix December 2015, the organisation will keep the tariff fixed until that date (December 2015). It is estimated this would cost the average household £1,305 a year.

    Likewise, an Online Price Fix is also on offer, but this has a much shorter term, only covering until May next year (2014), but is said to cost the same average family £1,226.

    Fixed Tariffs

    Of course, this isn’t the only fixed tariff on the market. New legislation is looking to change tariffs in the future, potentially limiting each provider to four, fixed tariffs. The upside to such deals is that, for their duration, they spare you from any inflation or price increases.

    Unfortunately, not all prices can be fixed, as we have seen with petrol, food and utility bills. Dealing with essentials such as rent and bills can be difficult enough, but when an emergency occurs and you need some extra cash, a same day payday loan could tide you over until payday. Providing repayments can be made quickly, these can be a useful option.

    On the downside, fixed tariffs do not grant you any price drops, although many could argue this seems unlikely in the current climate. Many of these also have fixed penalty charges should you drop out early.

    Comparing the Market

    For anyone looking to save money, it helps to know how this tariff currently compares to the larger market, too. British Gas offers a similar Price Promise, which runs until April 2015. The average for this was given as £1,391 for each a year. It’s close, but its £86 more expensive than npower’s longer scheme.

    There are other options that are cheaper, but these don’t cover as long a length of time. EDF Blue +Energy offer a Prime Promise until June 2014 costing an average of £1,181.94.

    Ovo’s New Energy offers a fixed deal at £1,172 although this only covers 12 months fixed security from when you switch. First Utility offers a fixed rate for dual-fuel. The iSave Fixed v7 runs for a fixed rate until September 2014, costing an average of £1,195.

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  • 30Apr

    Budget Unveiled Later Today: Tax-Free Allowances Expected

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    The 2013 budget is to be delivered later today, and UK consumers are impatiently awaiting the changes it will bring,

    Speculation dictates that the Chancellor is expected to ease taxes on lower-class workers, as well as additional support and spending.

    Tax-Free Allowances

    The Chancellor, George Osborne, is expected to show more support for lower-class workers by bringing forward a tax-free allowance of £10,000 by 2014. Likewise, it is expected that fuel duty rises, which are allegedly to be enforced later in September, may be postponed or halted.

    On the downside to this, however, 1 in 6 people are now paying at the 40% higher tax rate. The bracket for this rate of tax is to be cut from £42,475 to £41,451; a move that will bring an estimated 400,000 people into the fold of the more expensive taxes.

    Additional Support

    Likewise, plans offering more childcare support, in the region of £1,200 per child, are also expected for families with two parents both earning up to £150,000. Although it shows more support, like the tax free allowances, there are concerns that it doesn’t help single-parent families in need of childcare.

    New Spending

    Despite cutbacks and savings, new capital spending projects are expected. It was announced to the cabinet previously that the new budget would set aside an additional £2.5bn for such projects throughout the next two years. This was made through various cuts in Whitehall departments of 1%, which gathered the £2.5bn in addition to an extra £1.2bn for the 2015-16 spending period.

    The 2013 budget is to be announced by the Chancellor later today.

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  • 02Apr

    E-Books Now Used To Measure Cost Of Living

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    Recent changes to the inflation basket have seen ebooks included as a measurement for the cost of living.

    The inflation basket, a collection of items used to measure the cost of living by the Office for National Statistics (ONS), provides a way to monitor and record the changes in prices, as well as any impact they might have. This then provides an official glimpse and run-down of the country’s spending habits, purchases and life style.

    Changes

    The recent changes recognise the rising important and prominence of e-books as a consumer good. Other areas that have been added include various food items, such as charcuterie, hot chocolate, white rum and packaged vegetables. These are all additions that are used to reflect modern spending trends.

    Likewise, there have been a number of items that have left the list. Buying champagne in pubs and bars is no longer considered part of the inflation basket. On a similar note, round lettuces are being removed as there is a general move towards iceberg lettuce and pre-packed salads.

    Has the high cost of living forced you to remove items from your personal list? Cash-strapped Brits all over the country have been struggling amid price rises and austerity measures, and emergencies can cause real problems when also trying to juggle the cost of essentials such as rent and bills. If you are in a financial emergency of some sort, payday loans could be one way of arranging for some extra fast cash until you get paid. They’re a short term solution rather than a long term solution in order to help avoid getting into longer term debt.

    Signs

    These all, of course, show recent trends and changes in what people spend their money on. E-books can be seen as a move towards digital software and reading, rather than physical books. These are often read on popular devices such as the Amazon Kindle.

    In fact, data collected from Nielsen and Kantar Worldpanel estimates that these sales may compromise around 14% of the UK’s total book sales last year in terms of quantity. In terms of financial value, this is closer to 7%. This means, in theory, that more e-books are being sold at a cheaper rate compared to paper equivalents, a solid argument for their popularity.

  • 02Apr

    NatWest Computer Errors Deny Access to Accounts

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    NatWest is receiving strong public backlash and disapproval from customers who couldn’t access their accounts due to a technical problem.

    The IT problem, which ran through Wednesday and parts of Thursday a few weeks ago and caused the bank system to crash, left millions unable to access their money. Customers were unable to make withdrawals, payments or even use telephone or online banking.

    NatWest were forced to extend opening hours as a result, in order to allow customers direct access to their accounts.

    Repeat Performance

    This isn’t the first time NatWest has faced such a problem, either. Less than a year ago, back in June 2012, issues with a software upgrade at the Royal Bank of Scotland group, of which NatWest is a part (of alongside Ulster Bank and RBS) left customers unable to access their money.

    This last incident went on for more than a week in some cases, compared with the current issues which seem to have been resolved much faster.

    Emergencies like this can cause knock on effects, which mean that you’re stuck in financial difficulty. In short term situations, a sameday loan may be able to help you deal with it until you get paid, although it’s important to only use them as a short term solution.

    The most recent developments at NatWest have resulted in a number of unhappy customers. Last time this occurred in June, various other banks saw increases in applications following the issue.

    For instance, in the week following the June 2012 incident, the Co-op reported that new account applications rose by 25%. Charity Bank witnessed an increase of 200% whilst Ecology Bank received 266% more applications.

    Since this has happened a second time, it is likely that history could repeat itself further down the line. It has already emerged, via the likes of twitter, that many customers are not happy with the bank’s service. Furthermore, the incident is not likely to renew consumer faith in the scandal-ridden banking sector.

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  • 18Mar

    House Prices Diversify, February Figures Show

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    Figures and statistics for last month are showing a strong divide in the housing market.

    Specifically, there is a strong diversity in the house prices found in the south east, including London, and the rest of England and Wales. Overall, prices have grown by 0.1%, the first time since May 2012. Yet the diversity in prices means that some areas are becoming cheaper whilst others are more expensive.

    These figures come from a monthly national survey by Hometrack, a property analyst. Although monthly, the latest figures help shed additional light on growing news and concerns over the fluctuating property market.

    Price Changes

    Across England and Wales, there were reports of price increases in 14.8% of postcodes. Of these, 74% were in the south east of the country or in London. Speaking of the capital specifically, 48% recorded an increase in values. The increase was, on average, only 0.3% but nonetheless shows growing property prices in the city.

    However, there were regions reporting decreases in house prices. Most of these were notably further north. The north-east of England had an average decrease of 0.2%. This was followed by the north-west, Yorkshire and Humberside, which had an average decrease of 0.1%.

    Selling Figures

    Despite the higher costs, property in London was also some of the quickest to sell. Whilst the overall average time for a UK property was 9.7 weeks, the average London property sold in 5.2. By contrast, the slowest region was the East Midlands, with typical properties taking 13.6 weeks to sell.

    Of course, this doesn’t take into account the selling price. Figures so far suggest that the average property in London sold for 94.9%, compared with the overall figure of 93.4% and 91.9% for Wales. As such, despite rising prices, the demand for London property ensures that the market can still maintain very high value.

    Fluctuations don’t just affect property prices – they also affect everyday living expenses. This is most notable when you have to deal with an emergency, as you can end up having to make difficult decisions under pressure. In these situations, same day loans may be able to help tide you over. As long as you use them properly and repay them on time, you’ll know exactly what you’re dealing with.

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  • 18Mar

    41% of homes sold at a loss since 2007, research suggests

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    New research has indicated that 41% of homes, just over two fifths of the market, have been sold at a loss since 2007.

    According to research conducted by Castle Trust, 41% of homes were sold at an average loss of £24,430. Those that gained, however, netted an average profit of £45,199.

    As with anything in the property market, there has been some strong geographical variation reported. London has generally reported more profits, with 71.10% selling above their original value, whilst regions such as Yorkshire and the East Midlands fare much worse, with figures closer to 50% when it comes to selling under value.

    Despite being varied across the nation, there is some hope overall. A separate study provided by property website Zoopla concluded that just 31% of homes have had a cut in the asking price, down from 37% it was last year. Since this is the lowest it has been in over two years, this demonstrates an arguable improvement in the market, with sellers gaining more confidence.

    Sign of the Economy

    Of course, a lot of this can be taken as a sign of the economy as a whole. Selling at a loss in some areas would almost certainly suggest a buyer’s market. Other areas such as London seem to be in high demand as usual, leading to relative success from a property seller’s position. Part of the success from London also arguably stems from foreign investors; with sterling making for a more stable investment than the Euro.

    Various government incentives and schemes should hopefully help the market pick up a lot more. Specifically, this should help first-time buyers in their bid to purchase a new home.

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