As a result of the UK voting for Brexit (apart from the political turmoil), sterling has dropped significantly against the US dollar and the Japanese yen – the new safe haven currency it seems. We have a new Prime Minister and cabinet and a clear statement from the new Chancellor of the Exchequer that there will be no ‘Emergency Budget’. The normal Autumn Statement and Spring Budget process will be followed.
New ‘YOLO’ generation gambling with their financial future
The prospect of saving for tomorrow may feel too distant for some, but to achieve long-term goals (including financial security in retirement) we all need to consider reprioritising our needs to give ourselves a better financial future. But, more than four in ten Britons in their 30s and 40s (45%) are stopping any future saving in favour of spending their cash, according to Scottish Widows’ tenth annual Savings Study.
Two in three agree living with family is beneficial
Multi-generational households could be set to grow in popularity as property costs continue to rise. A new report from Aviva suggests that based on the rate of growth seen in the past 10 years – and assuming house prices will continue to rise – there could be 2.2 million people living in multi-family households and 3.8 million 21–34-year-olds living with their parents by 2025.
Taking an active interest in your retirement savings
Millions of savers currently spend very little time reviewing their pensions, with more than a quarter of savers (28%) admitting to never reviewing their retirement savings, while almost a fifth (19%) of those with a pension said they review it less than once every five years according to figures released by Aviva.
A quarter of us could only afford to pay household bills for a maximum of three months
Protecting your family should underpin financial planning, and it can also be a key business tool or estate planning mechanism. But, despite this, one in five (21%) people admit their household would not be financially secure for any length of time if it lost its main income through unexpected circumstances.