Money morsels: Third of Scots expect to work until 70s

ONE third of Scots expect to have to work until their 70s, according to a new survey published today.

The average age at which Scots expect to retire is 66 – in line with the UK government's new default retirement age – but the average at which they would like to retire is 62.

For the UK as a whole, the average expected retirement age was 67, rising to 68 in London.

For a significant minority of people, working past the default retirement age will be a positive decision. Some 31 per cent of respondents to the survey fear they will "get bored" when they stop working, while 43 per cent said they enjoyed the "social contact at work".

Trevor Matthews, chief executive of Friends Provident, which carried out the survey, said: "It is crucial that we plan for retirement early enough in life while we have more options available to us."

Call for charities to use gift aid scheme

CHARITIES are losing out on donations worth 750 million a year and must do more to promote the "gift aid" scheme, according to Virgin Money.

Under the gift aid rules, charities can claimed back an extra 28 per cent in tax relief on every donation they receive from a UK tax payer.

But a survey by Virgin Money's charity website found only 53 per cent of donors use gift aid.

A further 40 per cent said they would use the scheme if they were reminded to do so by charities, prompting calls for action in the voluntary sector.

Jo Barnett, executive director at Virgin Money Giving, said: "Gift Aid is a major resource for charities and should be used to the maximum."

Charities are campaigning for the UK government to create a standard database for gift aid claims and to allow charities to file claims online.

Guisers land Scots with 393 repair bill

THE "mischief week" between Halloween and Bonfire Night costs the average UK household 324 in repair bills, a survey published today claims.

About 25 per cent of the population suffer damage to their homes from stray fireworks, fireworks pushed through their letter boxes or eggs being thrown at windows, according to Santander bank.

Households in Scotland were hit with an average repair bill of 393 from over-enthusiastic guisers and troublemakers, with London posting the highest cost at 457. The repair bill was lowest in the East Midlands, where households have an average outlay of 228.

The bank also warned about the dangers of house-breaking during "mischief week".