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…
The War for Talent: What is it? And could it impact your Savings and Investments?
Recently there was a story of an British company, The Hut Group, planning to have DJs playing at a return to work celebration. Accountants PwC have been offering staff a £1,000 bonus if they will come back to the office, suggesting it can be used for new work wear, commuter bikes or gym membership. Insurance company Phoenix Group is putting on “safe socialising” events for anyone who’s gotten out…
What is ESG? Will it matter more than the bottom line?
There have been a thousand-and-one articles written since the pandemic on people’s changing attitude to work. Millennials and the generations that follow them, so we are told, want different things from work. Flexibility, the option of working from home and, above all, to work for a company that shares their values: that values purpose as much as profit. It is not surprising then that we are hearing more and…
Worrying about saving enough for Retirement is more common than you may think
Determining how much you need to save for the retirement you want can be difficult enough without actually having to save the money. Your requirements and desires will change over time in the same way that your income is likely to fluctuate. You can’t be expected to know exactly what you’ll need in 5 years’ time, let alone 20 or 30, depending on where you are in your journey…
