Regular Assessment Of Finances ‘Can Help Consumers Manage Debts’
Keywords: cheap, competitively, priced, debt, consolidation, bad, credit, loans, loan, secured, personal
Companies need to do more to help their employees manage their money, it has been suggested.
According to research carried out by Axa, by allowing staff an hour every month to assess their finances, businesses could assist their workforce in adopting a more responsible attitude towards their monetary situation which in turn could help them be able to search for competitively-priced loans more effectively. In addition, companies who give their employees such time could find their workers’ general motivation improving as they feel that they are working for a firm which is concerned about their general wellbeing.
The news comes as the financial services company is to launch My Budget Day in November, which will encourage more Britons to devote a regular amount of time each month to sorting their money. Earlier this year, Axa trialled the scheme among its own employees working in Bolton and Bristol, during which they researched savings accounts, set up a monthly budget and investigated borrowing options such as cheap loans.
David Fleming, national officer for trade union Unite, commented: “The link between workplace stress and money is established. Indeed, the biggest cause for the UK’s stress and depression is money worries. Stress affects around 20 per cent of employees in this country, so helping employees to get to grips with their finances will improve a company’s chances of enjoying the benefits of a stress-free workforce.”
Richard Lambert, director general for the Confederation of British Industry, said: “Stress-related illness accounts for almost three-quarters of all workplace absence and is believed to cost UK plc around 3.7 billion pounds a year in lost productivity and healthcare costs, so anything that can be done to reduce it is to be welcomed.”
Meanwhile, Sonia Wolsey-Cooper, human resources director for Axa, pointed to research from the company’s Avenue project which revealed that “people really needed to spend just one hour a month on their finances to gain a clear understanding of their budget and how they can make the most of the money they have”. The experiment analysed the effects of the provision of financial advice for ten households and for another ten which did not receive any guidance.
Those receiving help were some 50,000 pounds better off as they appeared to be in a better position to pay off loans and other demands on their finances “with massive savings increases and encouraging levels of debt reduction” by the scheme’s conclusion. On the hand the consumers not getting any help with their money saw their net wealth fall by three per cent as they used up a quarter of the money they had put away into savings schemes.
Earlier this month, Chris Tapp, deputy director of Credit Action, reported that those particularly struggling to manage their finances and who are thinking about filing for bankruptcy, or an individual voluntary arrangement, should be aware that taking up such options can impact on their ability to access cheap loans in the future. As a result taking out a debt consolidation loan could be a wise way for those wishing to get back their financial feet and avoid unnecessary damage to their credit history and their future spending situation.
Abbi Rouse writes for AllAboutLoans.co.uk, an online loans comparison site, visit us today for information on all loan topics including secured loans UK applications and home loans from all leading UK providers. Our Site: www.allaboutloans.co.uk
Previous Articles Highlighter:
Government Foreclosure Home: Investment Opportunity (1)
Once a home has been foreclosed upon, the homeowner is taken out of the equation and no longer has any say over what is done with the property. While you can buy a government foreclosure home well under value at either of these stages, foreclosed homes often cost less than those that are merely facing foreclosure because the homeowner will try to make enough money from the sale to pay off the mortgage.
Mortgage Cycling And All That It Entails (2)
When you make menstrual or fortnightly payments, a greater part of the repayment you make specially month is taken or the interest part of your mortgage and you are paying off very little on the actual principal amount of the mortgage.
Avoid Foreclosure And Save Your Home (3)
Early action is key. Few people wake up to find that their home is in foreclosure. There are always warning signs that precede the event. Being aware of these warning signs and taking fast, decisive action early on can mean the difference between keeping your home and losing it.
Chapter 7 Bankruptcy And Chapter 13 Bankruptcy: What's The Difference? (4)
First, they must have taken a credit counseling course within six months prior to filing. The course must be approved by the government to count for filing bankruptcy. While some people may find this burdensome, particularly if they have already taken a course for another reason outside of the six month time frame, it is a rule that is in place so that people can find out if there are other more beneficial alternatives to filing bankruptcy.
Why Is Counseling Required To For Bankruptcy? (5)
For-profit or fee-based services should be approached cautiously and you will want to ensure that the service is worth what it costs. By not choosing an appropriate service, you may find yourself in deeper debt and your credit rating may be very low at the end of the process.
What Are The Consequences Of Not Paying Your Credit Cards? (6)
Sure, sometimes you tend to splurge a little bit and go beyond the amount you can pay back frequently, but you have always been able to get out with a little time and perhaps some help from family.
Forex Trading: Getting Started (7)
When you actually open an account with a forex broker, you will get access to their softwares, either standalone or internet based, through which you can analyze and trade in real time.
How Do I Find The Best Student Loan? (8)
There are many online resources for information on the best student loan programs available. You should set aside a period of time to review those sites and visit the lenders who meet your needs.
City Of London Banks Splutter Could Give Andorra A Cold (9)
Those looking for residency for tax reasons go more for the year round villages and towns which have a resident community. Outside of the capital (la Vella) these tend to be La Massana and the upcoming village of Anyos, Ordino and Arinsal, although Arinsal's nightlife during the ski season early December to late April tends to steer many newcomers to La Massana and Ordino, with La Massana having a good choice of financial instutions and banks in her high street.
Dangers And Pitfalls Of Mortgage Cycling Program That You Should Be Aware Of (10)
If your payment is overdue, banks will not consider your case as leniently as they would do with a monthly payment. The reason is that the payments are much higher when you cycle your mortgage.
Umbrella Insurance Explained (11)
Many companies will not sell umbrella insurance to someone who does not meet the definition of a good driver. Umbrella liability insurance can be purchased as a stand alone policy.
Low Cost Health Insurance - Hazardous To Your Health? (12)
Now, let's be fair: in today's market, YES it is certainly possible for companies to offer heavy discounts compared to more traditional companies, becasue they choose to do business in ways that result in much small business 'overhead.' For example, they don't spend millions of dollars on TV ads but rather advertise mostly on the Internet or via affiliate programs.
Buying First Home - Keep These Costs In Mind (13)
Property insurance covers the replacement value of the house and all it's contents. The mortgage lender requires this because the house is what is being used to secure the mortgage hence the replacement of the house must be covered.
Credit Counseling For Consumers (14)
Keywords: debt, debt consolidation, consumer credit counseling, credit counseling, finance, personal finance, Are you falling behind on your monthly bill payments? Consumer credit counseling might be a workable answer for your financial troubles.
Learn How To Begin Trading In The Forex Market (15)
Another important aspect in forex trading is to be able to map and chart. Charting software for forex are readily available so you can see just how the market moves.
Your Annual Right To All Three Credit Scores (16)
To obtain your free copy of your credit reports, you can order it online, by phone or by filling out a form that allows you to order the report for free.
Several Secrets About Successful Forex Trading (17)
Benefits of Online Forex Trading Thanks to the Internet being available to almost everyone, the Forex market may be accessed with ease. Computers are now able to make complex charts that are very beneficial when you go to trade in the Forex market.
Consumer Confidence 'Shows Signs Of Improvement' (18)
Tom Dawson is the Editor in Chief for Essentially Home Loans where visitors can apply for cheap loans online. We also specialise in debt consolidation loans, and secured loans.
Wall Faux Finishes And Selecting Colors (19)
Will you be trying to make the room seem larger or smaller? All of these questions will need to be addressed before you even begin your faux finishing project.
Best Ways To Save Money For College (20)
Encourage her to set aside a bit of her allowance or babysitting money, for example, to contribute to her college fund. Discuss interest rates and the various ways that money saved is able to grow.
Newer Articles Highlighter:
Debt Consolidation 'Number One Reason' For Getting A Loan (1)
Consequently the loans expert stated that many Britons are "planning to do things with finance and not savings". It was also suggested that the past few years have seen a shortfall in those consumers putting money into savings as they find it easier to obtain loans and other forms of credit, although this trend is now beginning to reverse as more people are starting to put more cash aside for the future.
Get Advantage Pledge Reduction Through Mortgage Cycling (2)
Well, basically the premise is quite simple. Instead of making monthly payments, you make only two huge payments in a year. Approximately, they will be equal to the amount you will be paying over the entire six-month time.
Not Getting Heating System Cover 'Can Cost Consumers Dear' (3)
Unfortunately this small saving can end up costing you dear - if your boiler packs up this winter you are likely to be facing a 500 pounds bill, plus the misery of trying to get somebody out quickly to sort it out for you - not much fun in the middle of winter." She also stated that many Britons are "put off" as they mistakenly believe that they have to take out boiler cover via their energy supplier.
8 Secrets To Choose A Forex Broker (4)
Superior customer service - If you need assistance, your forex broker should respond quickly and efficiently to any question that you may have. Representatives should be available around the clock either by telephone or e-mail.
When Can You Get A Credit Card After You've Declared Chapter 7 Bankruptcy? (5)
Whether you are planning on getting a credit card right after you file for bankruptcy or if you are just going to stay out of the credit world for a while, it is going to take time to recover.
Consumers See Finances 'Being Pulled In Both Directions' (6)
However, with the average Briton underestimating these costs by 30 per cent, a number of people could be set to face unexpected constraints on their money management which could extend to paying homeowner loans and other sources of borrowing.
When I Have A Dispute On My Credit, What Do I Include In My Letter To Correct It? (7)
They need to know not only what the problem is, but how you think it should be fixed, so you can save a lot of time by telling them first off how you think it should be, then allowing them to decide if your option is correct.
The Economic Crises Of 2008 (8)
A vicious circle if there ever was one. Will the world keep accepting US dollars? Probably, but at a price. Foreigners will demand higher interest rates on US Treasuries to compensate them for the dollar risk.
Can I Keep My Credit Cards After I File Bankruptcy? (9)
It is not difficult to get new credit cards after you file for bankruptcy. The fact that you could not pay off your debt may determine a higher interest rate and a lower credit limit, but you still can get a credit card.
How Does The Fair Credit Act Protect Me? (10)
This act protects you from your credit getting into the wrong hands, but there are a few people who are allowed access to your credit information for the purpose of checking it.
Impulse Spending? The Easy Way To Stop And Save Money To Pay Off Debt (11)
Impulse spending will not only put a strain on your finances but your relationships, as well. To overcome the problem, the first thing to do is learn to separate your needs from your wants.
Let The Government Help Start Your Home-Based Business! (12)
Most banks don't like to lend money to businesses that haven't proved their worth yet. Angel investors are one option to getting that much-needed money for starting a home-based business, if you can find one.
Persuading The Loan Provider (13)
This is the question that you will need answers to, for this is what will tip the balance in your favor when the time comes. You have to ensure that the loan provider cannot eliminate you on any aspect.
Move Your Auto Insurance While Moving (14)
Thus, it might be a smart thing to look for ways and means to cut down on costs even as you change your address. One major expense that you might encounter while you shift will be getting an insurance policy.
Homeowners May See Finances 'Stretched' Further (15)
Consequently, a cheap personal loan could be one way for consumers to help cope with unexpected financial difficulties. Abbi Rouse writes for All About Loans. Visist us today to apply for secured loans, personal loans, and debt consolidation loans.
Why Resort To A Refinance Loan? (16)
After all, the house can help pay off the loan if things become bad. If you want personal loans come to us at www.rebuild.org If you want a refinance loan, come to us at www.rebuild.org You guessed it!
The Long-Drawn House-Buying Process (17)
The house buyer will have to see to it that he possesses enough money to make a down payment. He also has to ensure that the ensure that the price that he is being quoted for the house is an accurate one.
Student Loan Consolidation Information - What Are Stafford Student Loans (18)
Since the interest is subsidized those loans are normally need-based, meaning that aid officials look at student and family incomes in determining whether the student qualifies, the EFC (Expected Family Contribution) number is used to evaluate income information provided on the FAFSA (Free Application for Federal Student Aid) application form, approximately two-thirds of all subsidized Stafford loans provided go to students whose parents have an Adjusted Gross Wages of under $50,000.00 per year, a further 25% are provided to those in the $50,000.00 to $100,000.00 per year bracket, however the definition of needy is indeed very flexible today, since slightly less than 10% of subsidized loans are granted to students whose combined family income is over $100,000.00 per year.
Rising Number Of Brits 'Paying Over The Odds' For Energy (19)
While such a move reduces initial connection charges for property firms, this in turn increases costs for homeowners which could consequently impact upon their ability to make utility bills and secured loan repayments.
Increasing Savings With Remortgage (20)
At least you can get a cheaper remortgage and save yourself some money. Additionally, you also have the opportunity to rebuild your creditworthiness. Need adverse credit remortgages? Get them at www.ukpersonalloanstore.co.uk or bad credit mortgages at www.ukpersonalloanstore.co.uk Come to www.ukpersonalloanstore.co.uk
Permalink to Regular Assessment Of Finances ‘Can Help Consumers Manage Debts’