Credit, Collections & Insolvency News
Generation X, often described as the ‘forgotten generation,’ is heading towards retirement with worryingly low levels of preparedness, according to new research from PensionBee. The analysis found that savers over 50 have significantly smaller pension pots than they need, with women holding an average of £30,644 compared to £54,512 for men. This gulf highlights how…
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New research by Aviva has found that the number of people with a partner, that nearly half (47%) keep financial secrets, with more than £6,000 on average per person stashed away in secret accounts. This is despite almost half (45%) believing they ‘know everything’ about their partner’s finances. Of those who have secret accounts, the…
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A quarter of adults in the UK are ‘silent savers’, preferring to keep financial matters private and rarely discussing savings or investments with others, according to new research by KPMG UK and the charity National Numeracy. The study of 2,000 UK adults which also found that 18 per cent identified as ‘cautious calculators’, who carefully…
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Over a third (35%) of people say they don’t know how much interest their current or savings account earns, according to research from savings app, Spring. The findings come as the UK inflation rate jumped to 3.5% in April – the highest in more than a year – eating away at the potential savings of…
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New research from The Current Account Switch Service has revealed that one in four (24%) UK adults have less than £250 in their current account. The data also shows a decline in those with higher balances in their current accounts, with a 15% decrease of those with over £2,500 since 2021. A vast majority of…
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Latest Financial Conduct Authority (FCA research has found that one in ten people lack any cash savings, raising concerns about their ability to manage emergency expenses. The data showed that 21% have less than £1,000 to draw on in an emergency. The regulator’s research also shows that one in four people in the UK have…
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New research from Chase has found that two in five adults (39%) use the new tax year as an opportunity to reset and reassess their finances. The data showed that over half (52%) actively use this time to think about where they’re putting their money as their ISA allowance resets. Nearly half (44%) reset their…
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Research published by the Building Societies Association has shown that three-quarters (73%) of UK adults with Cash ISAs are against the Government scrapping or reducing Cash ISAs. Just 8% were supportive, and the others didn’t have an opinion either way. The analysis highlights that the majority of UK savers who currently save in Cash ISAs…
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New research by HSBC has found that boosting mental health is a key driver for adopting good saving habits, with one in three (31%) people in the UK confirming that they are less stressed when they are saving regularly. HSBC says that consumers will be using the ‘Twixmas’ period to lean into saving habits and…
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New research by the Building Societies Association has revealed that around half (48%) of all parents* have a secret savings account or have had one in the past, compared to just one in five (22%) of non-parents. The main reasons people admit to doing this are to maintain independence (40%), followed by wanting to be…
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A report from UK Savings Week shows that having a regular savings habit can help protect individuals and families from financial shocks, increase their chances of achieving long-term life goals, and generally improve their mental wellbeing. UK Savings Week, an annual campaign aimed at getting people engaged in the benefits of saving, commissioned the University of…
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Social media may be inspiring a new generation of savvy savers and fiscally responsible young adults, with 74% of Gen Z participating in social media-driven challenges to boost their overall savings according to research by NatWest Savings Index. In comparison to other age groups, Gen Z are the most likely of any generation to budget.…
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Research by Phoenix Group has found achieving a comfortable retirement is the top long-term savings goal for people in midlife, but many face an uphill challenge to meet this standard. Midlife is a key life stage which often prompts people to think about their future finances, with retirement less than 10 years away for some…
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