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Half of Britons 'have never taken financial advice'

Wed, 18 Jun 2008 15:31:03 GMT

More than half of the people in the UK have never taken out any type of financial advice, it has been reported.

According to research from Zurich, 57 per cent of adults have so far refrained from enlisting the services of a financial adviser.

This figure reaches 70 per cent among single people and 73 per cent for people who are in a relationship but live on their own.

Director of life marketing at Zurich Tony Solomon remarked that the research proved "troubling" reading.

He said: "The sheer number of people walking blind into their financial decision-making presents a disturbing trend in society and an alarming picture for the future."

At the end of April 2008, the total amount of personal debt in the UK stood at £1.436 billion, according to Credit Action research.

It added that in the UK the average amount of household debt is £57,683 including mortgages.

Britons 'would pay more for environmentally-friendly goods'

Thu, 17 Apr 2008 15:33:45 GMT

New research has found that people in Britain would be willing to fork out more for environmentally-friendly products.

According to cahoot, some 18.4 million people in the UK would be willing to support environmental concerns by picking up organic, recycled and energy-efficient goods.

The online bank added that close to three-quarters (71 per cent) of people buy fruit and veg grown in Britain, with women more likely to do so than men.

Director of cahoot Matthew Timms remarked that such environmental concerns among Britons are "great".

He said: "It's going to be difficult to keep buying more expensive environmentally sound products, but making the most of supermarket special offers and cash back deals will help those who wish to continue to help the environment."

This comes as environmentally-friendly cleaning company Living Clean, founded in 2002, has launched franchise opportunities for investors across the UK.

Consumers urged to consider Fairtrade options

Wed, 5 Mar 2008 15:58:50 GMT

People in the UK should consider choosing Fairtrade options when they can, it has been reported.

According to Fair Investment Company, ethical banking is an area more people should choose to explore if they can find the right providers.

Speaking on behalf of the firm, an official stated that while some institutions are looking to cash in on ethical concerns, there are some offers on the market with real integrity.

"Although banking habits are not always at the forefront of people's minds when Fair Trade is mentioned, some banks and building societies are looking to make a difference," said James Caldwell, director at the firm.

Environmental and ethical concerns have been highlighted in the media over the last year.

Last summer, former US vice-president Al Gore hosted the Live Earth concerts in order to promote environmentally-friendly practices, while the year before Bob Geldof reformed Live 8.

'Number of advantages available' in offshore investment

Tue, 28 Aug 2007 16:25:22 GMT

A wide variety of options are available to those who put their money into offshore investments, new research has claimed.

ShelterOffshore stated that people who keep funding outside of the UK can take advantage of a broader fund manager base, the perks of different currency rates and deferring taxation.

For those living abroad, it may be that the opportunity to invest in alternative marketplaces comes with "maximum diversification" to them, the firm added.

According to company director Rhiannon Williamson, stronger regulation is also a benefit in some foreign countries.

"There are a whole range of superior offshore jurisdictions which are highly regarded within the financial industry and where regulation and investor protection is actually very high indeed," the expert commented.

In 2004, Ms Williamson founded ShelterOffshore, which has since gone on to become a top resource for expatriates and people looking to invest in property abroad.

50% parents not paying pocket money

Mon, 19 Feb 2007 16:48:03 GMT

Around half of British parents are not giving their children weekly pocket money, but saving for the future instead, a financial group has found.

Some 41 per cent are depositing funds into a savings account, with 48 per cent doing so while not giving their offspring a weekly spending amount, according to Engage Mutual Assurance.

The organisation's statistics also revealed that mothers and fathers in the north-east are the most generous, with 65 per cent giving their children money to spend, compared to 39 per cent in the West Country.

However, a further 34 per cent of parents did both - something Karl Elliot, spokesman for the body, claimed was a positive thing.

"Giving younger children pocket money not only helps to educate them about the value of money, but also teaches them important life skills such as saving and budgeting," he said.

In December 2006, the amount of personal debt in the UK reached £1.25 trillion, according to the money charity Credit Action.

Saving as simple as skipping a sandwich, says money group

Wed, 31 Jan 2007 12:44:00 GMT

Some seven out of ten people save five per cent of their salaries each month, or around £3.19 each day - the cost of an "up-market sandwich", according to Fool.co.uk.

Their research into saving habits, which encompassed 1,500 of the company's readership, found that one in seven reckoned their finances had "good money months" throughout the year.

And although December and January were revealed to be the most strenuous months for personal finance, 14 per cent of those questioned said their savings could deal with a 'bombshell' like Christmas.

"Unexpected events can stretch even the best-intentioned budget to breaking point. Consequently, it is vital for people to provide adequate slack in their budgets," said David Kuo, head of personal finance for the body.

Still, the amount of personal debt in the UK totalled £1.25 trillion in November 2006, statistics from charity Credit Action revealed.

Investors flood the markets

Tue, 16 May 2006 17:53:17 GMT

Private investors in the UK have been pouring money into stock market investments claims the Investment Management Association (IMA).

IMA figures claim that 68 per cent more cash has been placed in managed funds of funds during the first three months of 2006 than the same time period of last year.

Some £921 million was placed into funds during the first quarter of 2006, compared to £376 million during the first three months of 2005.

Money inversted in stock market tracker funds increased by 46 per cent to £24 billion and ethical funds increased by 30 per cent to £4.4 billion.

"At almost £900 million, net retail sales of funds of funds reached an all time record level in the first quarter," said IMA chief executive Richard Saunders.

"They continue to increase in popularity and are now running at about 20 per cent of all fund sales."

UK throwing away £7.6 billion on tax

Fri, 3 Mar 2006 18:08:38 GMT

The UK is gifting the chancellor a collective £7.6 billion in tax revenue that they could be squirreling away in duty-free saving products, IFA Promotions has claimed.

Four fifths of adults are throwing away money that could be theirs to keep if they picked the right saving device, said IFA.

The laziness is increasing with the no-doubt rather chuffed chancellor trousering £1.8 billion more of our money on taxed savings than he did last year.

"Whether through apathy or confusion, the failure to claim tax credits is just one way we're gifting unnecessary and vast sums of money to the taxman each year," said David Elms, IFA Promotion chief executive.

"And people can take even simpler steps to stamp out tax waste, such as non-taxpayers filling in a simple form, married couples making sure they use up both tax-free personal allowances, or people simply submitting their self-assessment forms on time."

"Over the past few years, the onus for managing tax affairs has shifted increasingly to the individual, but our awareness and action is not keeping pace, and so the mountain of tax waste keeps growing," he added.

ISA commercial property investment to reach £12bn, say analysts

Thu, 2 Mar 2006 17:49:34 GMT

A massive £12 billion in commercial property investment is due to be made through ISAs, analysts are predicting.

The sudden injection of cash into property investment is expected due to changes that allow direct investments into commercial property, such as office blocks and retail space, to be made through tax-free savings funds such as ISAs.

UK savers can put up to £7,000 of their savings into ISAs every year tax free, and with the 2005/06 deadline approaching on April fifth, time is running out.

Once savers have filled their cash ISA allowance for the year they can also invest £4,000 into a mini investment ISA.

Norwich Union and Legal and General are among the big providers of ISAs who have already made their funds eligible for commercial property investment.

Commercial property investment has garnered headlines recently due to the relatively strong performance over 2005.

While the growth figures of the past few years may be misleading, it remains a strong and steady investment, said Darius McDermott of Chelsea Financial Services.

"You are probably too late if you want to get some of the great returns of the past few years of commercial property," he told This is Money.

"However, as an asset it is not linked to shares or to bonds and can give very steady returns. It is excellent if you need some balance in your portfolio."

ISAs back says F&C

Mon, 27 Feb 2006 17:51:48 GMT

Sales of cash ISAs have shot up over the past year, F&C Asset Management has revealed.

Cash ISA purchases rose an extraordinary 110 per cent in January 2006 compared to the year before, rising from £39 million in 2005 to £82 million this year.

Cash ISA sales are a good indicator of the savings sentiment of the smaller investor, those investors who have long shunned the markets," said Jason Hollands of F&C.

"Cash ISAs are still important allowances since all capital gains made within them are free of tax, there is no additional income tax liability to pay on distributions and investors don’t even have to disclose them on their annual tax return," he added.

Filling the full £7,000 worth of your savings allowance makes a lot of sense if you are intending to save through the next year, said F&C as unlike other comparable investment there will be no charges involved.

Private investors prove clueless on returns

Fri, 10 Feb 2006 17:20:03 GMT

The greater majority of private investors have no idea what the best investment of the last 12 months was, says research by Star Asset Management.

Only 7.1 per cent of the 2,000 part-time investors knew that the best investments of 2005 were equities.

Choosing between residential property, commercial property, fixed income, equities and cash, just a whisker under a quarter of correspondents said that the best asset had been residential property.

This was actually the poorest performing investment opportunity of 2005 returning just 3.2 per cent over the year.

Equities on the other hand grew by 23 per cent. "This research highlights the gap between consumer perception and reality," said Ben Robinson of New Star Investment.

"It raises a number of important issues - primarily, that equities are still suffering negative sentiment despite their strong performance in 2005. Based on this research, the opportunity cost of this perception gap is very significant."