September 2009 Archive
Posted on September 1st, 2009 in Debt.
The current economic climate should give a greater incentive for people to plan for their financial futures, it has been said.
Caroline Anstee, director of elementsifa.co.uk, believes financial planning is a must and that people should avoid splashing out on large purchases.
"People are also more cautious about committing to financial plans at the moment like saving into an Isa for the next five years," she continued, suggesting that confidence is yet to be restored to the wider market.
Looking to the long-term future can make savers feel more assured of their actions, noted Ms Anstee, who believes they will be able to plan where they will be at financially in ten or 15 years.
Research from NS&I recently found that the recession has caused almost two-thirds (63 per cent) of Britons to be more aware of their finances and look after their accounts more closely.
More than two fifths (41 per cent) of those who have children are more confident of their exact financial circumstances, compared to 48 per cent of those without.
Posted on September 1st, 2009 in Debt.
An increasing number of students are being forced to work while at university to fund their studies, a survey has found.
Research from Halifax shows 73 per cent of students have resorted to term-time work, up from the 66 per cent seen in 2008.
"It’s more important than ever that students make every penny count. This includes sensible budgeting and keeping the cost of debt to a minimum," commented Mike Regnier, current account director for the Halifax.
Students are also concerned that the economic climate may restrict the amount of money made available by their parents, the study found, with those in their final year of study the most likely to take on a job.
Students who started at university last year can expect to owe nearly £21,200 by the time they leave, Push.co.uk recently estimated.
It also suggested that student debt has topped £5,000 for each year of study for the first time, marking an increase of 10.6 per cent year-on-year.
The UK average projected debt on graduation stands at £15,812, but at six universities, the figure has already exceeded £25,000, the website stated.
Posted on September 1st, 2009 in Debt.
People approaching retirement should make sure they are managing their debts effectively before giving up work, it has been suggested.
There are a number of reasons as to why people are unable to take advantage of debt management expertise at the moment, including falling house prices and savings rates, said Becky Wilks, spokesperson for the Money Advice Trust.
"It is important to try and pay off your debts because whatever you have paid into your pension now is not going to increase whereas if you are still working you may get a better job or receive a pay rise," she commented.
Those approaching retirement will find they have more to do with their money, which Ms Wilks believes makes them a unique age group.
Research from the fifth annual Scottish Widows UK Pensions Report reveals that the debt burden for retirees is getting worse, although overall UK debt is falling.
Average outstanding non-mortgage debt among retired people is £7,344, up from £6,732 in 2008 and £5,930 in 2007.
