Archive for May 2011

Many People Are Not Saving For Their Retirement

May 26, 2011

Many Britons are going to be penniless in their retirement, if they ever retire. Many people have not even saved a penny to get them through the hard times.

This generation has been nicknamed “the Ostrich Generation” due to the fact that they have knowingly ignored the need to save despite warnings.

Many people have argued that they should not save for the future if they are going to carry on working. Anti-discrimination laws mean that you cannot decline someone a job just because of their age. The Ostrich Generation will work until they die.

The Ostrich Generation have seen many of their parents’ pensions go down the drain due to the actions of irresponsible handling of pension funds. They are now reacting against this process, by spending.

People will need to work to stay out of debt, and maintain their lifestyles.

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Bills Are Squeezing Families So Hard Something Will Have To Give

May 18, 2011

In this year alone fuel prices have increased by a whopping 15.9%. The bills are coming in through families’ letterboxes throughout the country and they have rocketed up to an eye watering £54 over the last six months.

Many people are worried that the increasing cost of living will force many families into debt. Families have already been cutting back on expenses such as holidays, luxury items and dining out but things become really difficult when basic living costs spiral.

This recent attack on family finances is two pronged. While the cost of living goes up, taxes have also risen. VAT and National Insurance have increased and changes are being made to the benefits system.

The next worry just over the horizon is that the Bank of England will raise interest rates. This would cause serious problems for many families as their mortgage payments would increase.

Inflation Hits 4.5%

May 17, 2011

Inflation has reached its highest level in two and a half years: The current level is higher than expected. The rising cost of living has driven inflation to its current level. As petrol prices rise, duty is hiked up and air fares increase you have get less bang for your buck.

Current inflation levels are a problem for The Bank of England and deciding how to deal with the problem has divided the Monetary Policy Committee. Interest rates are being kept low in an attempt to incubate a slow growing economy.

Now people who have savings will worry that they will start losing cash as inflation overtakes interest rates. Those in debt will be worrying as inflation increases. Wages are not rising to meet inflation. Pressure is on The Bank of England Monetary Policy Committee to raise interest rates to curb inflation.

For now people can do little but sit and wait for things to change.

Bidding For Too Many Olympic Tickets May Leave People In Debt

May 13, 2011

Many people will now be kicking themselves after they failed to exercise restraint when signing up for Olympics tickets. 1.8 million people have provided their bank details to the Olympics ticket distributors, and the money for tickets will be deducted from their accounts on Monday.

Although people have the opportunity to sell back unwanted tickets, their accounts will debited for the price of all tickets allocated.

Many people did not consider the sate of their finances when signing up for tickets and they may be pushed into debt on Monday.

If you are worried about going over the limit of your overdraft on Monday you should contact your bank and ask permission for you overdraft to be extended. Going over your overdraft limit can lead to penalty fees which will only add to the misery if you have just been knocked into debt.

Insurance Premiums Set To Rise This Year

May 13, 2011

Insurance premiums will rise by 10.0% as leading firms recoup the costs of previous payouts. There have been so many natural disasters this year from earthquakes, to tsunamis to tornadoes. All of these disasters have left millions of claimants across the world seeking insurance payouts.

Lloyds, the London insurance firm have already released a statement warning current customers that insurance tariffs will rise since they have been hit by £2.4 billion worth of claims.

2011 has not been a good year for the insurance industry as disaster has followed disaster. One estimate for the damages bill after the Japanese earthquake and tsunami was £1.2 billion: This is the fourth biggest claim to hit the market, ever.

Some commentators have pointed out that some insurers could be bankrupted by these huge claims. So far there has been no sign that insurers cannot pay back what they owe.

Sunny Weather Brings Out The Best In People, Including House Viewers Apparently

May 12, 2011

It has not gone unnoticed by estate agents that the number of house viewings has increased as the weather has improved. April saw many more people viewing properties than in March.

There are a number of explanations for the causal link between good weather and house viewings. Good weather makes people more optimistic therefore they are more likely to think about their prospects including moving to different locations.

Traditionally spring is the time when most people view houses. This spring has been unusually sunny. The combination of the two may be the explanation for an increase in property viewings.

The property market has been depressed recently. House prices have been falling across the country therefore this sort of news will please estate agents. The only problem is that many people cannot get mortgages at the moment as banks tighten up their lending regulations.

Pet Insurance Can Save You Serious Money

May 11, 2011

Operations performed on your pets can be eye wateringly expensive and vets’ bills can easily mount up. If everyone knows the potential cost of surgery on their pets, then why are more than half of pet owners not insuring their animals?

Animals can get injured easily and some injuries require multiple operations where the bills can cost thousands of pounds. Research has shown that vets fees are rising 12.0% year on year so it makes good financial sense to insure your pet.

When purchasing pet insurance, do your research. Shop around so that you find the best deal for you. Various terms and conditions are attached to policies. You should check whether it includes treatments for your pet if they require physiotherapy or rehabilitative treatment after an operation.

Time and time again it has been proven that pet insurance is a worthwhile investment. You do not want to get caught without it.