Back in 2017, a survey by the FCA revealed that around 15m people in the UK are relying on the state pension to fund their retirement. They had no other provision to keep them in old age. Many had left it too late to make alternative provisions, but others admitted they found pensions too confusing and this had prevented them from making informed decisions.Nobody wants to think about their … [Read more...]
Should I put my money in Premium Bonds?
The British aren’t renowned for being an optimistic race. Yet 22 million of us have invested £79 billion in Premium Bonds, a scheme that offers low odds on winning even a modest prize. So, what’s the attraction? Is this really a good way to boost our savings or chances of retiring early?In this post, I’ll explain how Premium Bonds work, how the potential rewards compare with other forms of … [Read more...]
We Need to Talk About Money
One of the many privileges of being a financial coach is that people confide in me. The fact that my role is only ever to help them means they’ll tell me things they probably wouldn’t share with anyone else. And it’s not just clients. At a party recently, a guest was utterly bemused by my job, asking “How on earth do you get people to talk about money? I never would.” “Well,” I responded, “I might … [Read more...]
Should I open a Junior ISA for my child?
It’s never too early to start saving, and all children would benefit from a lump sum to launch them into adulthood. There have been various Government incentives over the years, such as the Child Trust Fund, and the latest incarnation is the Junior ISA.Junior ISAs are available to those aged under 18. Anyone can pay up to £4,260 into the account each year ((Only parents or legal guardians can … [Read more...]
What is Peer to Peer Lending and is it a good idea?
There’s been quite a buzz around Peer to Peer (P2P) lending over the last few years, yet it remains a niche area. P2P platforms are marketplaces that match lenders with borrowers, bypassing traditional banks. People who struggle to access credit through conventional channels can get a loan on reasonable terms; meanwhile, someone with money to spare can receive a higher rate of interest than they’d … [Read more...]
Why you need to act quickly if you want a Help to Buy ISA
Last time, I dangled the prospect of free money for those of you under 40. But what if you’re older, does the Government offer incentives for first-time buyers? Well, the answer is yes, but only if you act swiftly. The Help to Buy ISA ends on 30th November 2019. In this post, I’ll explain how the How to Buy ISA works, how you get one, and the main differences from a Lifetime ISA (LISA). What is … [Read more...]
Could you get some free money through the Lifetime ISA?
Are you under 40? If not, look away now – this post will only upset you. For those of you still reading, I have good news: you might be eligible for thousands of pounds. The Lifetime ISA (LISA) is available to anyone aged 18-39 to encourage them to save for their first property or to put money away for retirement. Naturally, there are many restrictions, but this remains a generous offer. I’ll … [Read more...]
Livening Things up with a Stocks & Shares ISA
It’s fair to say that Cash ISAs aren’t very exciting, even for a financial geek like me. Stocks & Shares ISAs are where it starts to get livelier. Here you can enjoy a tax-free investment portfolio, and the possibilities are limitless. As is often the case, this flexibility means that a Stocks & Shares ISA can be complicated to understand. Many of my clients opt for a Cash ISA, purely … [Read more...]
Should I put my money in an ISA?
Admittedly, Individual Savings Accounts (ISAs) aren’t very exciting, but they do offer one of the best tax breaks available to anyone looking to build substantial capital. And the terms are surprisingly generous, too. As with every financial product these days, there are some layers of complexity that make it hard to work out whether an ISA is right for you. In this post, I’ll explain how ISAs … [Read more...]
The Importance of Building an Emergency Fund
As a catastrophist, I'm very good at imagining all the things that could go wrong. Although this means I spend a lot of time worrying, it's very handy for financial planning. More optimistic people (of whom I'm often envious) tend to assume that everything will be OK. Until it isn't. Most disasters - such as ill health and unemployment - are completely unpredictable, so it's important to build an … [Read more...]