More than 22 million savers in the UK hold Premium Bonds, hoping to be among the lucky ones who win big in the monthly prize draw. Every £1 you invest in Premium Bonds gives you a single entry into the draw, with a top prize of £1 million. This might make Premium Bonds sound very attractive, but it’s important to remember that only two incredibly fortunate people win £1 million…
On 30 October 2024, chancellor Rachel Reeves delivered her much-anticipated Budget to parliament. Prior to the announcement, the government had repeatedly spoken of a £22 billion “black hole” in the public finances and hinted at tax rises. As you saw in our recent Budget update, the chancellor revealed several changes that could affect your finances, including an overhaul of certain Inheritance Tax (IHT) rules. Consequently, you may need to rethink…
You might think of your financial plan as being a way to help you reach your life goals. But it could benefit more than just you. As a financial plan focuses on your goals, you might choose to include ways to create a legacy for your loved ones. It could mean your wealth provides long-term financial security to your children, grandchildren, and others who are important to you. So, how…
Research suggests that a worrying number of families are putting off major life decisions until they receive an expected inheritance. It could place their long-term finances at risk, but talking to your loved ones may identify ways you could offer support. According to a Canada Life survey, more than 1 in 5 UK adults who expect to benefit from the estate of a loved one are delaying major life events…
Artificial Intelligence (AI) is providing scammers with new ways to try and dupe you. One type of scam that’s on the rise that you should be aware of is “voice cloning”. Voice cloning uses AI technology to replicate the voice of a friend or family member. Fraudsters then use this to contact you to ask you to transfer funds or share sensitive information. It can be incredibly difficult to spot…
While inflation is stabilising in many major economies, markets continue to experience some volatility, which may have affected your investment portfolio. According to the latest International Monetary Fund’s Global Financial Stability Report, markets could be underestimating the risks of conflicts and upcoming elections. Indeed, the rising price of gold suggests some investors are seeking a safe haven amid news of interest rate cuts, the upcoming US election, and escalating tensions…
Chancellor Rachel Reeves delivered the new Labour government’s first Budget on 30 October 2024. Amid the announcements were key changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) that could affect your financial plan. Ahead of the Budget, prime minister Keir Starmer said it would be “painful” as there was a £22 billion black hole in the public finances. Indeed, Reeves went on to announce measures that would raise…
On 30 October 2024, chancellor Rachel Reeves became the first woman in history to deliver a Budget to the UK parliament. In the lead up to the announcement, there was much speculation in the media about which taxes would increase and how this might affect your financial plan. You might have been concerned about the effect that the Budget could have on markets too, and whether it could influence the…
You might see the Halloween season as the perfect opportunity to enjoy some horror films, dress up in scary costumes, and carve spooky pumpkins with your family. Yet, one area where you won’t want any frightening surprises is your financial plan. Unfortunately, when creating an investment portfolio there are some simple mistakes that could make achieving your financial goals a nightmare. Read on to learn three terrifying investment mistakes to…
Almost four months after Labour won the general election, chancellor Rachel Reeves has delivered her 2024 Autumn Budget, outlining the government’s plans for this tax year and beyond. Arguing that the July general election had given Labour a “mandate to restore stability and start a decade of renewal”, Reeves described it as “a Budget to fix the foundations and deliver change”. Against a backdrop of a manifesto pledge not to…
Many consider Sir David Attenborough to be a national treasure, loved for his engaging nature documentaries. Unfortunately, criminals exploited his popularity when they used his likeness to promote an investment scam. According to NatWest, an image of Attenborough appeared on a social media advert, claiming that he earned £125,000 every month from his investments. Unsuspecting members of the public were invited to invest their own wealth in the same products,…
Purchasing an annuity could provide you with a regular income throughout retirement. And rising annuity rates could help your pension savings go further. An annuity is something you buy, often with the money saved in your pension, which then provides a guaranteed income. The annuity rate offered affects the income you’d receive and it can vary between providers. If you’re nearing retirement, the good news is that annuity rates have…
Classic board game Monopoly hit shelves in 1935 and has been causing family arguments ever since. As the real estate game was loosely based on property values at the time it was launched it provides some interesting insights into how the market has changed over the last nine decades. The original Monopoly game was based on Atlantic City, US, but it didn’t take long for the game to be adapted…
Did you know that top athletes are coached on their “sixth sense” as part of their training? Proprioception is your body’s sense of where it is in space. It’s what allows footballers to score a goal without looking down at the ball or gymnasts to orient themselves in the air while somersaulting, but it’s also what allows us to open a door without using too much force and walk on…
New research and real-life case studies have recently revealed that it’s possible to slow – and even reverse – your biological age. Read on to discover more about how your biological age is measured, and six simple steps you could incorporate into your routine to enhance your life. What is your “biological age”? We’re used to measuring our lives in chronological age, or the number of years we’ve been alive.…
Economic data suggesting some developed countries, including the US, could fall into a recession continued to affect investment markets in September 2024. Read on to discover other factors that may have affected the performance of your investments. UK Data from the Office for National Statistics (ONS) shows inflation remained stable at 2.2% in the 12 months to August. The figure is slightly above the Bank of England’s (BoE) 2% target.…
More than 70% of Brits think Inheritance Tax (IHT) is unfair, according to a poll carried out by Tax Policy Associates in 2023. You might consider how other countries handle taxing assets when you pass away to be “fairer”, read on to find out more. Over the last few months, you’ve read about how IHT works in the UK and some of the steps you may take to reduce a…
In 1602, the Dutch East India Company became the first-ever publicly traded business and began issuing dividends – a portion of the company’s profits paid to shareholders. According to Investment Week, shareholders received a shipment of nutmeg and pepper as payment. Over 400 years later, dividends – now paid in the form of cash or additional shares – have evolved to become an integral part of the stock market. As…
Money worries are a common occurrence for many people in the UK, and ongoing economic challenges have only heightened these concerns. Indeed, research from the Financial Conduct Authority (FCA) has revealed that 43% of UK adults – more than 22 million people – feel stressed or anxious due to rising living costs. This worry can affect many areas of your life, ranging from your financial and emotional wellbeing to your…
Retiring abroad is a dream for many people nearing the milestone. Whether you’re picturing a sunnier climate or want to move closer to family, there are some implications you might need to consider when managing your pension. According to a report in Moneyweek, more than three-quarters of pension savers would like the opportunity to leave the UK behind when they retire. Perhaps unsurprisingly, seeking better weather was driving 46% of…
A new study has disputed the saying “money can’t buy happiness”. In fact, the research suggests the opposite is true, money can buy happiness, but it isn’t as simple as accumulating as much wealth as possible. According to the Guardian, a study from the University of Pennsylvania found a strong association between money and happiness. The researchers tracked the happiness of more than 33,000 adults in the US with a…
You could uncover “lost” pension savings and boost your retirement by tracking down old pots you might have forgotten about. Read on to find out why you might have lost pensions and how to rediscover them. 29 October 2024 marks National Pension Tracing Day and the campaign urges you to join the pension treasure hunt. It’s estimated there are 2.8 million “lost” pensions with a combined value of £26.6 billion.…
There’s an abundance of unregulated financial advice available, and research suggests it could harm your security and long-term plans. Whether you receive advice through social media or follow the financial decisions of friends, you could take more risk than is appropriate or miss out on opportunities. Read on to discover some of the potential perils of taking unregulated financial advice. Almost 14% of Brits use social media for financial guidance…
Did you know that a survey found that the UK consumed the equivalent of 1.77 billion bottles of wine in 2020? Whether you’re a wine connoisseur or are looking to improve your knowledge by visiting a region known for its exquisite wines, these incredible destinations in Europe could be perfect for you. From the delicious amber wines of Kakheti, Georgia to the brilliant wine festivals of Plovdiv, Bulgaria, read on…
August was a rollercoaster month for investors, with the global stock market experiencing significant volatility. Read on to find out what may have affected your investments. Many market indices saw sharp falls early in August sparked by fears that the US is on track for a recession. However, investors are likely to have experienced some recovery in the weeks that followed. On 16 August, global stock markets boasted the best…
When asked about her single status in a 2014 interview, pop icon Taylor Swift commented: “Life can be romantic without a romance.” It appears many people share this opinion as the Office for National Statistics (ONS) reports there were 8.4 million people living alone in the UK in 2023. Whether this is through circumstance or choice, many people are perfectly happy with single life and the independence it brings. However,…
If you’re a parent, you’ll likely want to make sure that your children and grandchildren have the best start in life. As such, setting aside wealth for your family might be a priority when creating your financial plan. You wouldn’t be alone in this as the Independent reports that the average UK parent has £4,001 saved for each of their children. Additionally, it’s estimated that parents who are actively saving…
Global stock markets fell sharply on 5 August 2024, causing concern for investors. The Dow Jones Industrial Average posted its worst day in around two years and the Japanese stock market saw its biggest drop since Black Monday in 1987. As an investor, it’s natural that you may be concerned about this uncertainty. After all, you’re likely to have invested so you can grow your wealth to achieve your financial…
Creating a financial plan can help you to work towards and achieve your long-term goals. For example, your financial planner might help you by building a well-diversified investment portfolio or making the most of your pension contributions to ensure you save enough for the future. However, it’s often the simpler aspects of financial planning, such as budgeting and regular saving, that make the most significant difference in your situation. By…
In the past few years, you’ve likely seen news stories about higher interest rates and how they might affect your finances. For example, if you’re a homeowner, you may have experienced a sharp increase in your monthly mortgage costs. Indeed, according to the Office for National Statistics (ONS), the average monthly cost of a new mortgage rose by 61% in the year to December 2022. Yet, while high interest rates…
Have you ever invested due to a fear of missing out (FOMO)? Fearing that you’ll overlook the next big opportunity to grow your wealth might lead you to take on more risk or increase your exposure to a particular area or sector. Read on to find out how to boost your composure next time you’re facing investing FOMO. FOMO started as a term for the dismay you might feel if…
Homeowners worried they could face a financial shortfall in retirement are already considering using their property wealth to fund their plans. While equity release could provide a capital injection to reach retirement goals, it’s important to weigh up the pros and cons first. According to a survey conducted by the Equity Release Council (ERC), 3 in 5 homeowners are interested in releasing money from their property later in life. Indeed,…
If you know anyone who has suffered from dementia, you will understand what a cruel illness it can be. From forgetting simple things to aspects of your loved one’s personality changing, dementia can completely transform a person you thought you knew. However, as you might’ve seen in the news, new advancements in dementia treatments could help to diagnose and treat the illness more effectively than ever before. Read on to…
Sir Ian McKellen recently stepped down from his role in the West End theatre show, Player Kings, a modern retelling of Shakespeare’s Henry IV, after a serious accident during the play. The legendary actor was performing a fight scene when he lost his footing and fell from the stage. Theatre staff and two medically trained audience members rushed to help him, and he was subsequently taken to hospital. The following…
When you received your last promotion or pay rise, your first instinct might have been to celebrate by splashing out on a new gadget, booking a holiday or allocating more of your money to your disposable income. However, if you overlook reviewing your finances, “lifestyle creep” could affect your ability to reach long-term goals, including your retirement plans. Lifestyle creep leads to your regular expenses rising Lifestyle creep refers to…
Taking a lump sum out of your pension could provide you with more financial freedom. Yet, it could also land you with a large and unexpected tax bill. Read on to find out what you need to know about tax and withdrawing lump sums from your pension. Your pension withdrawals may be liable for Income Tax You can take up to 25% (up to a maximum of £268,275 in 2024/25)…
In a historic victory, the Labour Party won a majority in the 4 July 2024 general election. After 14 years of Conservative government, you might be wondering what the change means for you and your financial plan. Since Keir Starmer took office, a day has barely passed without headlines speculating about the changes Labour will enact. The news can affect your emotions and spur you to make decisions that don’t…
Your pensions are one of the most powerful tools you have at your disposal when saving for retirement. This is because, as well as your own monthly payments, you may benefit from employer contributions and tax relief. Additionally, the wealth you save in your pensions is invested, so it could potentially grow over time. You also don’t pay Income Tax or Capital Gains Tax (CGT) on the returns from investments…
In a decisive and historic victory, the Labour Party won the 2024 UK general election with a significant majority and Keir Starmer has become the UK prime minister after 14 years of Conservative government. The new chancellor, Rachel Reeves, has already pledged to “fix the foundations” of the British economy in a bid to drive growth. Read on to find out what a Labour government could mean for your finances.…
The past few years have been challenging for British households as the cost of living crisis and rising mortgage costs stretched our budgets. Fortunately, inflation has fallen in recent months and certain expenses, including energy bills, have come down. This could mean that the pressure starts to ease and you find more room in your budget soon – you may have noticed a change already. However, the increased costs that…