Over a third of UK workers are neglecting their financial planning, and the problem is most pronounced among lower earners, according to a new report by the Association of British Insurers (ABI). While 40% of people admit they have made no provision in their financial planning to cope with unexpected future eventualities, this figure rises to 46% among those earning less than £20,000 per year.
Posts Tagged ‘Banks Northern Ireland’
Consumers continue to neglect financial planning
Monday, March 29th, 2010Dangers of “going it alone” in buying life insurance, health insurance
Tuesday, January 5th, 2010
The pitfalls of arranging your own life insurance cover, health insurance, home insurance and motor insurance online or via price comparison websites have been highlighted in new guidelines by the Association of British Insurers (ABI).
Pensions and pension annuities: information still flawed, says ABI
Monday, December 14th, 2009Providers of pensions and annuities need to improve the quality, clarity and timeliness of the information they provide to consumers who are about to retire, according to The Association of British Insurers (ABI) in a statement.
The ABI has urged pensions providers to make greater efforts to remind savers of their right to ‘shop around’ when purchasing their pensions annuity, and assist them to maximise their retirement income.
‘Recession-proof’ yourself with correct insurances
Wednesday, November 4th, 2009The Association of British Insurers has called on consumers to protect themselves and their families from sudden loss of income by ensuring they have a well-designed suite of personal insurance products in place. In its new document ‘People Need Financial Protection’, the ABI refers to the current ‘uncertain economic outlook’ and warns consumers against ‘a sudden [...]
Stategic rethink may mean increased bank charges
Tuesday, November 3rd, 2009Banks are currently rethinking their strategy on current accounts, as part of a larger plan to seek new revenue streams in the current difficult climate. Â This may mean an end to free banking services, and in particular free current accounts, as charges are stepped up to anticipate the possible loss of other revenue sources currently [...]
PPI insurance claimants suffer due to vague policy terms
Tuesday, November 3rd, 2009The Association of British Insurers (ABI) has this week urged insurance customers to ensure that they fully understand the terms and conditions of their insurance policies, when insuring themselves against sickness and unemployment. The comments followed a case where an insurer turned down a payment protection insurance (PPI) claim, quoting a clause blocking claims where the insured ‘became [...]
Buying a pension annuity? Be sure to shop around
Monday, August 17th, 2009Nearly 40% of people retiring with defined contribution pension schemes are unaware of their right to shop around for a pension annuity, according to new research just published by the Association of British Insurers (ABI). Defined contribution pension schemes are those into which an employer pays a regular contribution, fixed as an amount or percentage of [...]
Don’t cancel your insurance, get a better deal!
Wednesday, June 10th, 2009Don’t cancel your insurance cover – look for a better deal! This was the recent warning from the Association of British Insurers (ABI) highlighting the dangers for consumers of cancelling life insurance and home insurance cover, as they tighten their belts in the current financial climate. New figures released today by the ABI show that in the past [...]
Are you an ostrich, where your pension is concerned?
Wednesday, June 10th, 2009Are you prone to ‘ostrich syndrome’, when it comes to planning for your future, and your pension plan? They say that the ostrich, rather than facing up to a threat or a problem, buries its head in the sand, in the hope that the problem will simply go away. Why does ‘ostrich syndrome’ appear to [...]
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