Personal Finance

Personal Finance

FCA sheds light on poor savings rates

Cash savings returns have plunged to the lowest level ever recorded after banks and building societies slashed rates on more than 100 accounts last month.

Personal Finance
Families about to go on holiday are about to waste �12m of food, a report says.  Picture: Contributed

Holidays see £12m food mountain binned in UK in a single week

A massive food mountain worth £12 million is thrown in the bin across the UK in a single week as families head off on summer holidays, according to new research.

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Retirement planning can be complicated. If in doubt, seek independent financial advice. Photograph: Getty

More than a fifth of adult Scots believe they’ll never be able to retire

Record numbers are working past their state pension age and more than a fifth of adults in Scotland believe they’ll never be able to retire.

Personal Finance 1
Scotland may see less volatility than England due to the nature of the market. Picture: John Devlin

Housing market is facing a slowdown

The Scottish housing market is expected to slow down over the coming months as the uncertainty created by the European Union referendum undermines confidence among buyers and sellers.

Personal Finance
Many older people plan to live off the proceeds of selling a family home and moving to a smaller one. Picture: Feverpitched

Millions risk downsizing nightmare of retirement poverty

Pensioners who plan to use the value of their home to fund their retirement instead of a pension can expect a slump in their standard of living, a report has warned.

Personal Finance
The prospect of lower demand for commercial property, particularly in London, fuelled a wave of redemption requests. Picture: Leon Neal/Getty

Property fund lock-in a scary sign of the times

Investors will be vigilant for signs of further contagion this week after property funds with more than £15 billion of holdings moved to prevent people from withdrawing their cash.

Companies
Mark Carney has already eased restraints on lending. Picture: Dylan Martinez/Getty

Jeff Salway: ‘Whatever it takes’ small comfort to savers

The man currently running the UK has spoken. Mark Carney’s latest comments on the fallout from the EU referendum were refreshingly clear. They had to be. It was the governor of the Bank of England who calmed nerves in the hours after the result was confirmed, and again several days later when he pledged to do “whatever it takes” to avert a financial crisis.

Opinion 1
Around �5 billion is lying in dormant bank accounts and �3 billion in unclaimed pensions. Picture: Bill Henry

Tracking down the missing billions

Almost 60,000 people have failed to claim shares or cash they were entitled to after the demutualisation of Standard Life a decade ago - but the deadline to act has finally arrived.

Personal Finance
Traders worldwide caught the contagion of Brexit anxiety. 
Picture: Spencer Platt/Getty

How should investors weather the Brexit storm?

Investors have been piling into safe havens in recent days in response to the volatility that followed the EU referendum.

Personal Finance 3
Andrew Bailey faces a daunting challenge

Jeff Salway: Bad timing for ‘light touch’ watchdog

A week after the UK cemented its status as a world leader in stupidity by voting to leave the EU, the new boss of the City watchdog finally took up his position.

Personal Finance 8
Many pensioners will have voted for Brexit last week but, after the celebrations, they now face falling annuity rates and drawdown woe. Picture: Getty

Brexit pensions threat as rates plummet

People using their savings to secure a guaranteed income when they retire will be worse off as a result of the EU referendum, after insurers once again cut annuity rates.

Personal Finance 1
The Brexit vote is announced at the Euronext Stock Exchange in Amsterdam on Friday. Photograph: AFP/Getty Images

What impact will Brexit have on your finances?

The dive in stock markets and sterling in the immediate aftermath of the EU referendum was as unsurprising as it was alarming.

Personal Finance
Picture: Getty

How to manage your investments amid Brexit turmoil

TAKE stock. Markets hate uncertainty and so the result of the referendum has unsurprisingly caused a great deal of volatility in stocks and shares and currency movements, especially as markets were seemingly pricing in a ‘remain’ vote beforehand.

Personal Finance
There will be other implications further down the line. They might include a review of the triple-lock on state pensions. Picture: Getty

Jeff Salway: Act to reduce the drawdown drawbacks

PENSIONS are set to suffer after the referendum vote, says Jeff Salway

Personal Finance
Pension savers have been urged not to panic in the wake of the EU vote. Picture: John Devlin

What does the Brexit result mean for pension savers?

Pension savers have been urged not to panic, or make hasty financial decisions they may later regret, following the vote to split with the EU.

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Two thirds of young Scots consider themselves good at saving money. Picture: Phil Wilkinson

Scottish teenagers ‘have best attitude to saving money’

Young people in Scotland have the best attitude towards saving and financial planning, according to a survey.

News
Further turbulence is expected next week as the referendum nears. Picture: Getty Images

Jeff Salway: Look to the dollar but avoid US market

Investors should be ready in case of a Brexit vote, says Jeff Salway

Personal Finance
Picture: PA

Bank of mum and dad lends £500m to children, says report

The “bank of mum and dad” is a major Scottish lender, a report has revealed, with more than half a billion loaned out to family members by parents.

Personal Finance
Think ahead when home buying. The sad fact is not every relationship survives long-term. Picture: TSPL

How to manage your money as a couple

PLAN early. We often assume that we don’t need to give much serious thought to our financial and legal affairs until much later on in life, but the reality is that young cohabiting couples are most likely to be caught out by poor financial and legal planning.

Personal Finance
Ostrich farms are just one of the more unusual unregulated investments that have caught the eye of regulators. Picture: Getty

Jeff Salway: Don’t go sticking your head in the sand

FROM ostrich farms and truffle tree estates to parking spaces and vineyards, the “opportunities” promoted to investors in Scotland are varied and exotic, writes Jeff Salway

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