UK Household Savings Lowest Since 2005
A rise in consumer spending has seen savings levels drop to their lowest level in 13 years.
According to The Office for National Statistics, there has been a “sharp decline” in savings due to a rise in consumer spending. Savings fell by £68.9bn between 2005 and 2017, leaving UK households collectively £8.4bn in the red. Consumers have been borrowing to maintain lifestyles, with less cash available to them from their earnings. As The Telegraph explains: “This has partly been triggered by low rates of real wage growth, as pay rises have been eaten into by higher inflation”.
For more on the change in household savings, head to The Telegraph website. If you would like help or advice on choosing your own savings account, take a look at what we can do for you.
The chancellor gave her Autumn budget - this is a summary of all the important changes she announced.
Unfortunately, today’s online scams are becoming more convincing than ever, by understanding the latest tactics and knowing what to do if you’re targeted, you can help keep your money and personal details safe.
Finding the right financial adviser can feel overwhelming, but having professional guidance is one of the best ways to make confident decisions about your money.
Whether you’re planning for retirement, managing investments, or protecting your family with insurance, the knowledge of a local adviser can help you make the most of your finances.
Taking the first step towards buying a home in Dronfield is an exciting life event, but it can also feel daunting without the right guidance. Understanding the stages of the mortgage and home-buying journey will help you move forward with confidence.
This article sets out the key steps first time buyers in Dronfield will go through, and explains how working with a local mortgage advisor, like Charles James, can make the whole process much smoother.
April has brought significant turbulence to global stock markets, with sharp declines in value shaking both investors and markets alike.
In this post, we’ll take a closer look at the events causing this market instability and provide insights into how you can successfully manage your investments during times of heightened volatility.
An annuity is a financial product that allows you to convert your pension savings into a guaranteed, fixed income for the rest of your life - often referred to as a secure income.
Choosing an annuity is a significant decision, as it is usually irreversible. That’s why it’s essential to fully understand how annuities work, the different types available, and the features they offer before making a commitment…
While inheriting a property may come with sentimental value, it also brings important financial and legal considerations. Understanding your options will help you make the right decision for your circumstances.
To guide you through the process, we’ve outlined key considerations when inheriting a property, including your choices, tax implications, and legal steps.
For much of 2024, interest rates were above 5% and the markets have experienced ups and downs which might have made you tempted to prioritise cash savings, seeing them as a safer option. However, for long-term savings goals, relying on cash savings alone may not yield the returns you need. This is where the strategy of regularly investing smaller amounts can be highly beneficial.
If your plans for the future have felt stalled recently, now might be the ideal time to revisit and reignite them…
Your pension and ISA allowances remain two of the most effective ways to improve tax efficiency and protect your savings.
Here’s a simple, practical breakdown of how they work and how to make the most of them