UK adults are now facing a retirement of 20 years plus, as men are predicted to live to 86 and women 89. Prudential reveals that 55% of British adults fear they may run out of finance in retirement, and are now boosting their pensions planning with second pensions, or other savings and investments.
Pension savers who saw the value of their pensions fall by 20% during the economic storm of 2008/9 could have to triple their pensions contributions, to stay on course with their retirement planning.
Managing Director of Principle First Gareth Flanagan talks about what financial planning really means and how important it is. “Financial Planning is the process of building a financial plan and evaluating it annually until you reach financial independence”.
The average household is now £17,480 worse off than at the beginning of the recession 3 years ago, according to new data published today by MetLife Europe. For those nearing retirement, the losses may never be recouped. Financial planning and pension planning have never been more crucial.
The cost of sending a child born this year for a 3-year course at university in 2028 is likely to top £64,000. University costs have already reached £42,000 in 2010, and are rising every year. To manage such a substantial challenge, forward thinking and family financial planning are crucial.
The government is to emphasise the need for financial education with the creation of a new body with a specific brief to educate consumers about financial planning.
The creation of the Consumer Financial Education Body (CFEB) was announced in the Financial Services Bill now before parliament and will be staffed by 160 staff drawn mainly from the Financial Capability Division of the Financial Services Authority (FSA).
A new draft law is set to dramatically improve the quality of cover provided by critical illness, health insurance and other insurance products.
The new legislation, to be tabled in Parliament by the Law Commission on 15th December 2009, will transform the way that insurance companies treat claimants who make innocent mistakes when applying for insurance cover.
Don’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 [...]
