Archive for the ‘News Articles’ category

Britains Need To Save More!

October 14, 2010

According to research by banking giant HSBC, the one in every three Britons could not survive a week on their current savings.

The pessimistic research reveals that a third of Britons which amounts to fifteen million of us have a less than desirable amount in our savings accounts: £249 or less to be precise. The amount is equated to the average Britons’ take-home salary after a 5-day week of working

The research also shows that 11% of us have some savings but these unsubstantial amounts are less than £249 and surprisingly, almost 20% of us have absolutely no savings at all. This is despite the fact the government advice that the minimum amount of savings one has should be equivalent to three months pay, which at the average pay amount, would be equivalent to £4,683. This is the recommended amount to cover people for unforeseen circumstances such as redundancy, job-loss, illness or anything else.

News that can be read alongside this worrying data is the fact that those claiming jobseekers allowance has increased to 1.47 million which show the fastest rate of increase since January.

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Fears Over Debt Management Firms

September 28, 2010

There are fears for more than 100 debt management firms after the trading watchdog found multiple errors made by the firms. The 129 firms in question will now face losing their licenses.

The Office of Fair Trading has uncovered a variety of dishonest and malpractice that has taken place over a long period of time. It was found that rather than give impartial and honest debt-related advice to both individuals and families, the companies were exploiting customers in order to maximise their profits.

The firms crimes are made worse by the fact that those who come to them for debt advice are usually vulnerable and in a dire financial position.

The Office of Fair Trading has also found that many companies falsely or misleadingly advertise so that customers step into a contract under disillusion. Often this involves advertising a free service when there is a fee. Firms are guilty of indulging in a certain amount of deceit, be it cleverly disguised or blatant.

In the worst cases, groups were using misleading trading names to make it appear that they are charities or government bodies, both of which give out impartial advice for free.

The firms have been told either shape up immediately or lose your license.

By the end of this year, consumers are expected to have paid a whopping £250 million in fees to debt management companies.

All this can leave you feeling vulnerable when it comes to seeking debt advice but you are not alone. If you go through an established price comparison website, the companies you are viewing have all been researched and certified prior to you visiting their sites. This is your best bet in finding a trust worthy debt management company.

Would You Make a Claim?

September 9, 2010

Would you make a claim against your employer if you had an accident in the workplace that wasn’t your fault?

In Britain and many other countries (the US, Australia to name a couple) consumers are more confident than ever when it comes to their rights.  OK, so they may not be as happy to splash their cash on the high street just yet but when it comes to claiming compensation and their rights it seems that everyone is now an expert.

Critics argue that this culture of claiming is verging on an aggressive attack on many sectors and businesses that otherwise provide excellent services.

However, others weigh up that ordinary people do have rights and if they have suffered as a result of negligence on the part of someone else, they are entitled to their compensation.  There are claims services for every purpose today – from standard injury claims to more complex clinical negligence claims.

Financial Review for September

August 23, 2010

As students and schoolchildren look ahead (but not necessarily forward) to a new term, parents may be clearing up the financial clutter.  After a summer – with perhaps a break abroad – many professionals attempt to review their finances and start the ‘new term’ at work with a fresh approach.

While it is never a fun prospect to consider ones bank statements, credit card bills and savings, it is a sensible idea to regularly review your own money and make sure you are making – and getting – the most of it.

September is rarely as ‘poor’ as January with its post-Xmas hangover and battered credit, but there is a similarity especially for parents that have had to deal with ‘back to school’ costs and a family holiday too.

Growth for First Quarter in Euro Zone

July 20, 2010

According to official data from Luxembourg, Euro zone growth improved in the first quarter, driven mainly by exports.  With the weak euro consistently being driven down on the currency market, Euro goods became nice and cheap for international investors. 

The fact that euro zone GDP increased for the first quarter was pretty much in line with expectations from experts and economists.  Most expect that the next quarter will bring more strength and recovery.  But what everyone is still a bit shaky on is the final half of the year – will growth slow down again?  Will the 16-nation area slip back into negative territory?

Global Shares Fall

June 29, 2010

Tuesday and shares have fallen around the world on the back of investor nerves.

Heading back to safer assets, investors are nervous on bank repayments to the European Central Bank later this week.  With large repayments due, a healthy portion of financial liquidity will be removed.  The euro fell as many headed back to the US dollar in this morning’s early trade in London.

Meanwhile BP shares have taken a further knock after the company announced its cleanup operation might be affected by tropical storm Alex, which might head for those areas hit by the oil spill.

Market Moves ahead of Weekend

June 24, 2010

It’s nearly time for another weekend, one which promises to bring fraught nerves and emotion.  Are we talking about a G20 summit or economic data announcement? No…this is far more important to most inhabitants of two European countries:

England VS Germany on Sunday in the World Cup.

But while the weekend, with its peak (or trough) on Sunday, may be around the corner there are still those who are focussing on the job in hand.  Today, Australia announced its first female Prime Minister.  Julia Gillard took over the pole political position after former PM Kevin Rudd chose to throw in the towel ahead of an internal ballot.

The news brought strength to the Australian dollar, which surged against its New Zealand counterpart.  Minining stocks also got a boost, as it seemed likely that the controversial mining tax will receive more attention and review by Ms Gillard.

Markets lost momentum (or interest?) in the topic later on though, with European stock slumps and another weak euro versus the yen and the dollar.  No prizes for guessing why (hint: Greece).