Lower-income households are using savings and borrowing more during the coronavirus lockdown according to research by the Resolution Foundation. In fact, poorer families are twice as likely as richer ones to have increased their debts during the crisis. By contrast, richer families are actually saving more because they’re not able to eat out or go on planned trips abroad. Just one-in-eight high-income households have increased their use of consumer credit Read More….
As many as 1.5 million workers could delay their retirement as a direct result of the COVID-19 pandemic, according to Legal & General (L&G) Retail Retirement. Research found that 15 per cent of over 50s still in work will push back their retirement date by an average of three years. However, 10 per cent admit they could delay their plans by five years or more. Over a quarter of those Read More….
As the world starts to readjust for the long-term consequences of the COVID-19 pandemic, businesses must find ways to guarantee financial stability. For many, this means turning to investors for capital. But why are companies doing this? Should investors take such a leap of faith with their money? And what are the long-term consequences of saying yes or no? Reasons for seeking investment Turning to investors for an injection of Read More….
Even though retirement is a time of life that many look forward to, this doesn’t mean to say you can simply stop working and expect to be taken care of. As you approach your retirement years, it makes sense to get some financial advice and start thinking about your options, as you are bound to be faced by decisions that could determine how much money you will have to live Read More….
Just like every other type of investment, pensions tend to fluctuate in value over time, especially during political or economic uncertainty such as the current coronavirus pandemic. This can result in a great deal of stress and anxiety, because not only did you work hard to save for your pension, it’s what you’ll be relying on to live comfortably in retirement. So what are some of the main reasons why Read More….
If you’re a self-employed individual and your work has been affected by coronavirus, you may be able to get financial help and assistance from the government. If you’ve lost out on income or had to stop working to look after someone, you could get 80 per cent of your average profits up to a maximum of £2,500 per month under the government’s Self-Employment Income Support Scheme. But what other help Read More….
It has been revealed that HM Revenue & Customs (HMRC) has refunded more than half a billion pounds in overpaid tax since the pension freedom rules were introduced in 2015. Designed to give people more control over their finances, the rules allow over-55s to withdraw money from their defined contribution pension pots as and when they want. But according to new data, the taxman has overcharged pensioners by £600.4 million Read More….
The potential impact of the coronavirus pandemic could see pension liabilities increase by as much as 15-20 per cent. That’s according to the River and Mercantile Group, who believe the industry will be hit with the “perfect storm…in terms of funding”. In its Interim Financial Report, the group revealed that an ongoing collapse in gilt years together with a sharp fall across global equity markets has resulted in a major Read More….
The interest rate cuts announced by the Bank of England earlier in March could lead to reduced pension pot value. Steve Cameron, of pension provider Aegon, said that the rate reduction would result in a “double whammy” for pensions as annuity rates are also likely to be cut. The outgoing BoE governor Mark Carney slashed interest rates by half a percentage point to a record low of 0.25pc in response Read More….
If you’re approaching retirement and have concerns that you’ll outlive your savings, then you might be right. A recent study by the World Economic Forum found that British pensioners will on average outlive their pension savings by about 10 years. Investing in (and for) Our Future revealed that men retiring in the UK were expected to run out of money 10.3 years before they died. The outlook is worse for Read More….