Consumers ‘Sleepwalking’ Into Financial Difficulty
Keywords: financial, pressure, increasing, secured, loans, personal, finance
A complacent attitude towards their finances could see many Britons struggle with money as they get older, new figures highlight.
In research released by Defaqto, a number of consumers are “sleepwalking” into financial hardship as they are saving an inadequate amount of cash into pension schemes. And as a result of a shortfall of deposits into savings accounts, they may face pressures on their ability to service demands on their spending in later life, for example on utility bills, secured loans and mortgage costs.
The study also revealed that there are more people who are saving up for their next foreign holiday than those putting cash away for retirement. Meanwhile, money management difficulties could be even more pronounced for the one in three consumers who are not making any pension contributions at all.
Commenting on the findings, Matt Ward, principal consultant of pensions and wealth management for Defaqto, said: “Our research showed that many people are sleepwalking into retirement. While the majority are planning to retire from full-time work at or around normal retirement age, many people realise that their income in retirement may meet their needs”.
“For this reason, some 50 per cent of those currently working expect to either continue doing some work in retirement or to defer their retirement to make their savings last as long as possible. Relying on part-time work could be really dangerous, partly because the jobs might not be there when they are needed and partly because people may not be able, or indeed inclined, to work when it actually comes to it.”
Mr Ward added that consumers need to start thinking about their financial future “now”. By putting as much money as possible into pension accounts when they are able to do so, they will be able to provide themselves with “the greatest degree of comfort” for when they get older.
Additionally, the financial research company revealed that people are looking for greater assurances about the money they are saving for later life, with consumers wanting more guarantees concerning how much they will be due to take out upon giving up work. Meanwhile, a larger number of Britons are seeking “more incentives” to begin saving for retirement. About a third of respondents believe that everyone should be made to put money towards a pension scheme, while there was also support for the idea that employers should have to provide retirement accounts for their staff.
For those concerned their present financial situation does not give them enough opportunity to put money into pension schemes, taking out a debt consolidation loan could be an advisable option. In doing so, borrowers will be able to merge existing debts owed on loans, overdrafts and credit cards into a single monthly repayment. Such a move could be welcomed by some 1.5 million people over the age of 55, as research from Scottish Widows showed that such consumers will have to work beyond retirement age due to a shortfall in the money saved into pension schemes. The study also indicated that some 41 per cent of this age group view their current financial situation as being “tight” as they do not have sufficient disposable income at the end of each month to allow them to begin saving.
Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare cheap loans online. Then apply for the best low rate loans and bad credit loans available. Visit today www.loan-arrangers.co.uk
Previous Articles Highlighter:
What Are Mortgage Points? (1)
It also goes that the fewer points you pay, the higher the interest rate will be. Home buyers will normally try to pay anywhere from 0 to 4 points, depending on how much cash they have on hand and how much they want to lower their interest rates.
Why Your Credit Report Is Hurting You (2)
Consumer reporting companies are legally obliged to provide you with a free copy of your credit report on an annual basis. This will give you everything you need to know about the items on your report that are affecting your score.
Bank OF England Chooses To Maintain Base Rate (3)
Following the MPC's announcement, now could well be an advisable time to consider taking out a cheap loan for those looking to supplement their spending, help fund purchasing a car or carrying out home improvements.
Tips For Saving Money On Auto Insurance (4)
Saving money starts with knowing your policy. Many times insurance companies try to squeeze in extras that just tack on more money to the bill. The first step is to look over your policy to make sure you are not being charged for anything that you do not want or need.
Retirement Planning With Stocks & Mutual Funds (5)
One way is through appreciation, meaning that the fund will be worth more than what you paid for it as the market changes and you'll be able to resell, making a small profit.
Forex Training - A Career Changing Decision For Investment Success (6)
As stated earlier, a budget should be set as to how much the traders going to invest in him or herself in order to become proficient at their new-found art or career move, depending on how seriously they are going to be taking the forex investing and to what level they wish to trade.
FOREX Trading Market And Trading Platforms (7)
The forex trading values rise and fall between days, hours, and minutes and even in seconds to your dismay! Time is very precious so that should be one thing to consider when choosing for a forex trading platform to use.
Parents 'Getting Personal Loan To Fund University Costs' (8)
It is important to consider how best to support your child with the minimal amount of strain on your pocket as this commitment is likely to last for several years.
Consumer Credit Report - Do You Know What Yours Says? (9)
Keywords: Bankruptcy Credit Report, Bureau Credit Report, Credit Report, Federal Credit Report, Free Credit Re A consumer credit report is the annual assessment of each person's credit standing. By knowing what is on your you can get a lot of benefits when you go to get credit based services like loans, credit cards and even rent and phones.
How To Profit With Forex Currency Trading (10)
This analysis is mostly based on that specific currency's performance in the past and involves studying the factors that can influence the price and movement of a currency. These factors may include, but are not limited to, changes in Government, war, crises, and other world incidents that can change the supply and demand of the currency as reflected in the forex market.
Some Key Things You Need To Know When Applying For Automobile Financing (11)
An individual's credit history is a concise report of every transaction you've made in the that pertains to anybody loaning you money or charging you for their services. This history can include charge cards, public utility bills, student loans, house payments, car payments, and much more.
Edgewater - Living The High Life In Galveston County (12)
In Galveston County, there are plenty of neighborhoods to choose from, and many of them offer wonderful amenities like beautiful community parks and a wonderful sense of community spirit. One of the best Galveston County neighborhoods, without a doubt, is the community of Edgewater in the city of Webster.
Bureau Credit Report - Key Tips (13)
One the shopping review site eopinions.com they are rated five out of five. There benefit include a Simple to order website and their information's easy to view and understand.
How To Avoid Credit Repair Scams (14)
William Brooks - Learn the fundamentals of debt elimination by downloading your Free Report, "The Underground "Debt" Railroad." William also wants you to have his 5 day Audio Quick Start Guide...
Some Reasons For Bad Credit (15)
The foremost is inquiries. An inquiry can occur from a bad credit card company, a utility company, or a collateral company. The problem is that it takes 40 to 60 days for credit to show up on your report.
Tips For Dealing With Short Sales (16)
When all is said and done, if you have found yourself facing financial problems, if you have found the prospect of a foreclosure looming on the horizon, it is vitally important for you to be as proactive as possible.
What Do You Need To Know About Forex Brokers To Start Forex Trading Today? (17)
Because Forex operates 24 hours a day, your broker should offer 24 hour telephone support. Telephone support is important because the Internet is not completely fail proof and therefore if there is a problem with either your platform or your system and you need to take action on the trade that is currently open, it's important that you are able to use the telephone brokering to manage your trade in an emergency.
The Key To Financial Success Is Asset Allocation (18)
Online information is quite good and often free if you look in the right places for fund performance histories, portfolios and management. A lower risk alternative to stock markets are the market in government bonds.
New Home Builders In Houston Texas (19)
As the new home builders in Houston, Texas if they provide after build services for problems and if they fix any building errors once they have finished building. A good building company will stand behind their work and offer you a fair warranty for the building, should anything go wrong.
Easy Tips For Starting A Home Budget (20)
If you find sticking to your home budget difficult, use the buddy system. When faced with the urge to buy something, call your budget buddy. Ask the person if he or she agrees with your desire to purchase the item.
Newer Articles Highlighter:
How To Save Money On Utilities (1)
It is recommended that you have improved appliance efficiency. The heating system appliances are the ones that consume too much electricity. The refrigerator and the water heater consume that much energy as well.
Your Quick And Easy Secured Loan Guide (2)
Conclusion Secured loans offer a flexibility generally not seen with other lending methods, for example loan amounts equivalent to 125% of your property value can be arranged. Typically a remortgage will offer only 90% or thereabouts.
Free Credit Report - Be Warned (3)
It has been recommended by many recommended consumer sites that you should get a copy of your report more often then just once a year. The main reason for this is that when you take out a loan or get a credit card the lender needs to report this information to one of the 3 main credit bureaus - TransUnion, Equifax, and Experian - but they only have to report it to one so what if you choose a copy of your credit report from one of the other credit bureaus?
Are You Using Your Section 125 Wisely? (4)
This amounts to a savings of $28.85 per week to $46.15 per week depending upon your tax bracket. This is some pretty hefty savings over the course of one year ranging from $750 to $1,200.
What Is Pre-Qualify And Is It Good For Me? (5)
The lender may contact your employer, your bank and other sources to verify your income, assets, credit history, and current debts. The lender will then issue you a letter stating that your mortgage is approved for a certain amount of money within a certain amount of time.
New Home Builders In Atlanta Are Ready To Build Your Dream Home (6)
New home builders in Atlanta are also building the first conservation zoned neighborhood in the eastern part called The Preserve. It is now being built within its own nature preserve and offers 131 new homes.
Advice On Saving Money (7)
Start saving money by implementing ideas above now and you will spot the big difference between dining out and at home. To have proof for its effectiveness, try to list all your expenses you have by dining out with your friends, do the same when you've done it at home.
Real Estate Opportunities Awaiting In Colorado (8)
The state has proved to be one of the best places to live in by being able to stay in the top ten lists continuously for years. Also, the businesses that are associated with environment or other aspect of nature have also got a place in Colorado.
Borrowers Advised To 'Scour The Market' When Taking Out A Loan (9)
Ms Taylor said: "The last nine months has seen a steady increase in the rates available for unsecured personal loans. Only four months ago sub-six per cent rates were available, whereas today you would be hard pushed to get your hands on a rate of less than 6.9 per cent.
Advantages And Disadvantages Of Adjustable Rate Mortgages (10)
This helps home owners (at least to some degree) to better understand what the max payment might be for their home at any given time in the future. In a very real sense it voids the "sky is the limit" possibility.
How Did I Lose Money On My Bond Investments? (11)
Keywords: bonds If you are new to investing perhaps you are not familiar with bonds. Before you get started, you need to understand some of the risks associated with bond investing.
The New Home Builders In Houston Create Functional Art (12)
Now that is the type of brilliant design feature (granted designed by a decorator and not a builder) that one would expect to find in one of Houston's luxury homes.
How Does Forex Software Work? (13)
Web based forex software A web based foreign exchange trading system allows you to trade anytime and anywhere, provided you have an internet connection. This software application will allow you to log in and trade through the use of any available web client such as Firefox or Internet Explorer.
Bad Credit Student Loan - A Real Trap? (14)
Private loans don't have these advantages - they are really just loans either secured or unsecured, and you have to pay them back just like any other loan. It's essential you don't consolidate the federal and private loans together.
Discussing Basics Of Forex Markets (15)
Keywords: currency, forex, forex market, forex markets Discussing the basic of foreign exchange or forex markets gives you an essential idea on how to handle mazes found in the particular market.
Credit Report - The Fast And Legal Way To Fix Yours (16)
To be prepared you need to get together a letter from the creditor admitting that there has been a mistake made in a late payment. Ask you broker about these services - sometimes it can take two weeks but it sure is still a faster process than the old snail mail.
Car Insurance Costs 'Set To Rise Further' (17)
And with depreciation costs also rising, those looking either to sell or purchase an automobile should do so with care as otherwise they may find themselves on a "one-way road to debt".
Home Staging: Curb Appeal Is What Invites Prospective Buyers Into Your House (18)
Go outside in the street and stand back and look at your home. I mean REALLY look at your home. If you were looking to buy this house again, would it appeal to you?
Brits 'Not Thinking Enough' About Finances (19)
"It's very worrying that so many people are not thinking enough about their financial future and it's not just young people who are failing to make any sort of pension provision.
It's Back To The Future For Real Estate (20)
Inevitably, the demand for homes led to price increases, and elevated inventories, as builders produced more homes. Then the cycle was broken. What caused the break? Foreclosures.
Permalink to Consumers ‘Sleepwalking’ Into Financial Difficulty