Some of the decisions you make as you retire could affect your income and lifestyle for the rest of your life. Yet, data suggests that many retirees aren’t taking financial advice and it could mean they face hardship in the future. According to the Great British Retirement Survey, only 27% of retirees in 2021 sought the services of a professional …
The ongoing war in Ukraine, rising interest rates and soaring inflation could be pushing some economies towards recession in the coming months. This uncertainty has caused real volatility in global stock markets. Indeed, 2022 was the worst first half of the year for developed market equities in more than 50 years. As an investor, you may be worried about the …
The gender wealth gap is a widely acknowledged issue in the UK, particularly in the context of pension savings and women’s ability to retire. Indeed, a report by Now Pensions and published by consumer group Which? suggested that on average, women would need to work an additional 18 years more than men to close the gender pension gap alone. Yet …
The Bank of England’s (BoE) decision to scrap some affordability tests for people taking out a mortgage could mean you’re able to borrow higher sums. However, it’s still crucial that you have confidence in your budget and don’t overextend yourself. From 1 August 2022, lenders won’t have to carry out affordability tests that assess how buyers would cope if interest …
If a previous mortgage deal has ended and you’ve not taken out a new one, you could be paying a much higher rate of interest. If you’re on your lender’s standard variable rate (SVR), read on to find out why a new mortgage deal can make sense. When you take out a mortgage, the deal is for a fixed period, …
The day that you send your child or grandchild off to university can bring up mixed feelings. There’s pride and joy at their accomplishment, but also fear and worry as they venture out into the world on their own for the first time. There’s also the issue of their financial security, with the National Student Money Survey estimating the individual cost of …
As a self-employed worker, it can be more difficult to manage your finances. Your income may vary or not be as reliable as those who are employed. According to a study from Scottish Widows, almost half of self-employed workers said their income fluctuates. The research suggests that self-employed people could be more susceptible to income shocks, such as an unexpected …
Rising inflation and concerns about recession risks continue to place pressure on households and affect economies around the world. The World Bank has slashed its 2022 global growth forecasts from 4.1% to 2.9%. The organisation also warned the global economy is at risk of experiencing stagflation, where economic growth is stagnant, but inflation is high. As an investor, you may …
Amid challenging conditions, there are concerns that house prices could start to fall. It may affect how much equity you own in your home and could mean some homeowners end up in negative equity. The effects of the Covid-19 pandemic and the conflict in Ukraine mean inflation is rising in the UK and there’s a risk that the economy could …
The cost of living is rising quicker than has been normal in the last few decades. Indeed, the last time inflation was this high was in the 1980s. So, what happened then compared to now? According to the Office for National Statistics (ONS), inflation in the 12 months to May 2022 was 9.1%. As a result, the cost of living …
