Cost of Living Crisis to impact on Pension saving
Putting money aside for the future is one of the most fundamental principles of good financial planning. But with inflation at a 30-year high, and set to rise even further over the coming months, countless families and households are struggling to pay the bills and put food on the table. As a result, the idea of saving money for retirement is far from being their priority, as their overriding…
Financial Advice can make you more confident managing your money
Navigating the complex world of personal finance can be daunting and overwhelming. So it’s no wonder that many people don’t feel confident managing their money, and often don’t end up making the best financial decisions. That’s why it’s so surprising that so many of us aren’t getting professional and regulated financial advice. According to figures from the Financial Conduct Authority (FCA), just eight per cent of the UK population…
How many Bank of England base rate rises will we see this year?
Just recently, the UK’s inflation figures for March were released. Having been 6.2% in February, inflation had risen to 7%, the highest rate for 30 years. Across the Atlantic, the figures were even worse, as US inflation reached 8.5% – the highest since March 1981 – as the Ukraine war pushed up energy prices. In the US, it is almost certain that the Federal Reserve will increase interest rates…
Has the pandemic prompted you to take charge of your Finances?
Coronavirus restrictions forced many of us to fundamentally change how we live and work, which in turn affected how we spend our money. With socialising being out of the question, travel restrictions meaning we couldn’t go on holiday, and stay-at-home rules forcing those who could do so to work from home, many of us simply didn’t spend the money that we would have done in normal circumstances. So what,…
What does rising Inflation mean for wage growth?
The UK is facing a cost of living crisis, with inflation hitting 6.2% in February 2022, and according to the Office for Budget Responsibility, it could average up to 8% this year. But people’s wages aren’t going up at the same rate, despite the words “high wages” effortlessly tripping off the tongues of government ministers only a few months ago. For example, in an interview on The Andrew Marr…
Many over-50s haven’t sought Financial Advice on their Pension
For many over-50s, the prospect of enjoying a long and fulfilling retirement doesn’t seem that far away. So now is the time for them to make sure they have their finances in order, so they can be sure of a steady income in retirement that lets them have the lifestyle that they want. However, a new study by the Social Market Foundation (SMF) has found that many aren’t doing…
What will the Bank of England do about rising Inflation?
This month’s 54 per cent rise in the energy price cap has put the cost of living firmly at the top of the news and the political agenda. Following the increase, a household using a typical amount of gas and electricity can expect to pay nearly £2,000 a year for their energy, and this could go up to £2,600 in several months. At the same time, council tax has…
Financial Planning has never been more important
The first week of February 2022 was not a good one for our personal finances. As everyone reading this will be aware, the energy price cap was raised, and headlines warned that British households face a record £693 price hike. This came on top of the confirmation from the Chancellor that April’s planned increase in national insurance – for both employers and employees – will go ahead. Andrew Bailey,…
Will you keep working after turning age 65?
Many of us dream of retiring early and spending our post-working life indulging in our hobbies and passions. But since the state pension age went up from 65 to 66 between late 2018 and late 2020, employment rates among 65-year-olds have reached record highs. According to a report from the Institute for Fiscal Studies (IFS), the increase in employment among this age group since the change was implemented is…
Do you know when the Pension age moves from 55 to 57?
The minimum pension age for accessing workplace and personal retirement savings is set to go up from 55 to 57 in 2028 – a change that could have a big impact on people’s retirement planning decisions. But a new study has found that less than one in five people in their 40s are actually aware of this upcoming change. Figures from the Pensions Management Institute (PMI) also show that…
