First-time UK parents spend more than £492 million[1] each year preparing for the arrival of their first baby, according to research from Aviva. This equates to £1,619 per family and shows a 17% increase to the £1,389 total in March 2012[1].
We’re becoming increasingly good when it comes to cost cutting, according to the latest findings of an annual online survey from long-term savings and investment specialist Standard Life by YouGov PLC.
Taking on the risk of managing your own pension
New research[1] from MGM Advantage shows the risk people are willing to take managing their own pension savings. 28% of the over-55s said they were not comfortable taking on the risk of managing their own pensions to provide a suitable income throughout retirement.
A huge reform of the defined contribution pension system (as opposed to workplace final salary schemes) announced in Budget 2014 means that under the proposals, from next year, millions of people reaching retirement age will be able to spend their pension pot in any way they want.
More than half of over-55s currently in the workforce are happy to work past the default retirement age of 65, according to new research[1] from MetLife.
Fundamental plans to redesign the UK defined contribution pension system (as opposed to workplace final salary schemes) were announced as part of the Budget 2014 speech. This is the most far-reaching reform to the taxation of pensions since the regime was introduced in 1921, introducing new flexibility to the pensions system.
It seems incredible that the Bank of England base rate has stood at 0.5% since March 2009. It’s made unhappy headlines for savers looking to generate income over the previous five years.
The number of people in the UK with no savings at all has risen year-on-year from eight million to over nine million, or 1 in 5 of the UK adult population, according to the 2014 Scottish Widows Savings Report. This brings the proportion of people who have savings (67%) down to a level not seen since 2011.
A tax-efficient way to help you minimise the tax you pay
No one knew back in 1999 how popular Individual Savings Accounts (ISAs) would become but with £443 billion[1] now held in ISAs, they’ve established themselves as a core option for saving and investing in a tax-efficient way to help minimise the tax you pay on the proceeds.
The Chancellor of the Exchequer, George Osborne, gave his fifth Budget speech to Parliament on 19 March 2014. He unveiled plans to support economic recovery – including tax breaks to boost productivity, exports and manufacturing.
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