Money Saving News for November 2008
- AEGON: Pension packages must be more flexible - 20th November, 2008
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AEGON has published the results of a survey of independent financial advisers (IFAs) which shows that many Brits would like to see pension packages that offer greater flexibility.
As retirement becomes less of the landmark lifestyle change that it once was, 86 per cent of IFAs say their clients want newer, more flexible retirement solutions... - Estate agents call for action to revive flagging property market - 19th November, 2008
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The National Association of Estate Agents (NAEA) has called today for the government to act decisively to revive the housing market.
A survey revealed that 54 per cent of estate agents feel that the government had not done enough so far and demanded a suspension of stamp duty as well as a further reduction in interest rates... - Brits 'may struggle with interest only mortgages' - 19th November, 2008
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A study published today by LV= shows that nearly half the Briton's interest-only mortgages do not have an investment vehicle in place to pay off the loan.
This means around 1.3 million people do not have a definite plan as to how to pay off their mortgage.
According to the research, around 530,000 of these are planning on selling their property to pay off the remaining balance on their mortgage, a position which LV='s analysts said was "optimistic".
Mike Rogers, LV= group chief executive, said that a previously booming property market had led many people to think that they could count on selling their homes to pay off their mortgage and still have enough left over to buy a second property.
He said: "However this strategy may have been overturned by current and predicted future falls in property prices."
Last week it was revealed that many mortgage lenders were refusing to cut interest rates on their fixed-rate mortgages despite the Bank of England's cut in the base rate of interest... - Abbey: Less disposable income means Brits make sacrifices - 19th November, 2008
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Research released by Abbey today has shown that Brits have significantly less disposable income than two years ago, meaning many run out of money by the end of the month.
According to the high street bank, disposable income is down by 29 per cent on average from two years ago.
This leaves 64 per cent of people in the UK having to make sacrifices every month because they have run out money, not including the money kept in savings accounts or tied up in property investments... - Scottish government launches debt helpline - 18th November, 2008
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The Scottish government has unveiled plans to promote a national debt helpline to help cash-strapped Scots who may be worried about their property investments, savings accounts or paying back their personal loans.
Deputy first minister Nicola Sturgeon announced that the Scottish government would give £382,000 to the National Debtline, which will be promoted in conjunction with the Money Advice Trust.
Ms Sturgeon said: "As the recession bites, families across Scotland are feeling the pressure financially, with increases in food prices, rising bills and mortgage and lending uncertainty all adding to the headache."
She added that it was important for people to be honest with themselves about their debt and admit that they might need to seek help sooner rather than later... - Credit crunch worries women more than men - 18th November, 2008
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A study released recently has revealed that women are worrying more about their financial situation during the credit crunch than men.
The research, conducted by Moneywise.co.uk, showed that 43 per cent of women were worried about the state of their finances, including savings accounts and property investments, compared to only 25 per cent of men.
Equally 58 per cent of male respondents said they felt confident about their financial situation, compared to just 26 per cent of women... - Allowing people to withdraw pensions early 'would be popular' - 18th November, 2008
Prudent Minds - number 1 for pensions advice
Research by pensions advice bodies has shown that a scheme which allowed people access to the money in their pension funds before their retirement would encourage more people to keep up with regular pension payments.
The study, conducted by Legal & General in conjunction with the Pensions Policy Institute, revealed that 42 per cent of those who already have pensions would be likely to increase their contributions if such a scheme were implemented.
An additional 42 per cent who did not pay into any pension fund said they would be more likely to join one if they were allowed access to the funds before their retirement... - AXA: Recession fears lead to pension holidays - 17th November, 2008
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A survey published today by AXA reveals that one in 12 pension holders may stop their pension payments during the next two years because of the impending recession - a move which could see pension funds lose out on nearly £35 billion.
The research shows that over half of the £1.5 million workers who may be planning to stop their pension contributions are doing so because the economic downturn has increased the cost of living and left them needing to pay of debts... - Direct Line: Tailgating on the increase - 17th November, 2008
Research released today has shown that tailgating, or driving too close to the car in front to force it to move faster, has become a widespread problem on roads in the UK - news which could affect car insurance premiums....
- Holidaymakers should check home insurance, experts warn - 17th November, 2008
An insurance expert has issued a warning to tourists heading off on holiday this winter to check their home insurance policies before flying out to their place in the sun....