Credit, Collections & Insolvency News
New research from Investec has shown that changes to inheritance tax (IHT) rules are set to increase the financial support provided through the Bank of Family. More than one in five (22%) retired people say they plan to increase how much they give their family over the next five years as a direct result of…
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Nearly four in ten parents say grandparents are saving for their children’s future, helping younger generations prepare for major milestones including university, driving and buying their first home, new research from Paragon Bank has found. The study found that 39% of parents said grandparents were putting money aside for their grandchildren. Among those families, university…
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Almost four in ten parents with children under 18 have no Junior ISA (JISA) open for their children, Scottish Friendly has found. The mutual’s latest Family Finance Tracker research has found that 38 per cent of parents with children under 18 have no JISA in place for any of their children, with everyday pressures and a lack…
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Almost a fifth (18 per cent) of UK adults do not have or cannot identify a long-term financial goal, new research from Scottish Friendly has found. Nearly one in five people surveyed told the mutual they did not know what they wanted their finances to achieve over the next five years or more, according to…
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New data from AJ Bell has found that one-in-five (19%) people have less than £1,000 saved in an emergency cash pot. The data showed that younger people tend to have less saved than older people – 21% of over 55s have £20,000 or more saved in an emergency cash pot, while 37% of 18 to…
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Households with £2,000 in savings are around 60% less likely to fall behind on household bills, according to new research from the University of Bristol’s Personal Finance Research Centre, commissioned by the Building Societies Association (BSA). The study, which followed thousands of UK households over a decade, provides new evidence that savings play a crucial…
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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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