The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
Brexit reassurance, housing uncertainty and UK borrowingSpectator.co.uk (blog)Meanwhile, Nandini Ramarkrishnan, global market strategist at JP Morgan Asset Management, told BBC 5 live's Wake Up To Money that it was 'a pretty momentous event' when earlier this week the yield on UK 10-year gilts (government debt over 10 years ...
This is Money'Pension time bomb' warning: Annuity rates slashed 8% and final salary deficits widen as Brexit vote sees gilt ...This is MoneyA collapse in gilt yields - the interest earned on UK Government bonds - could be building a 'pension time bomb' as annuity rates are slashed 8 per cent and final salary scheme deficits widen after the Brexit vote. Both annuities and final salary ...and more »
The GuardianPut it on the plastic: Barclaycard, the UK's first credit card, turns 50The GuardianFor it was 50 years ago on Wednesday 29 June 1966 that Barclays launched Britain's first credit card. Barclaycard kickstarted a revolution in the way we manage and spend our money, and played a key role in creating Britain's £1.5tn personal debt mountain.Barclaycard celebrates 50th anniversary of the UK's first credit cardFinextra (press release)all 5 news articles »
Money MarketingPete Matthew: Advisers with flash cars are like dentists with bad teethMoney MarketingI make public my views about how money works and how I think personal finances should be managed. ... So I will continue to pootle about Cornwall feeling smug in my Seat Ibiza (£8,000 – bought for cash), while ramping up my pension contributions.
Express.co.uk10 ways Brexit could affect your financesExpress.co.ukHow will Brexit affect your finances? Here are 10 ways the UK's decision to quit the EU could affect you. ... Simon Vella, chief marketing officer at pension specialists Profile Financial, says: “Pension savings are a long-term investment and although ...and more »
Have you met...
Latest Members:


marwasaf


lolo


danny


midomidi2013


asmaasaad


shazly


ser1es

 

General News

Email this story to a friend:

Pensioners' income falls by almost a quarter in a year.

As interest rates hit historically low levels, more than 8 million UK pensioners have seen their monthly income fall by almost 25% from 12 months says SHIP (Safe Home Income Plans) - the trade body that represents the majority of regulated UK equity release providers. 20-04-2009

 With 8 out of every 10 UK pensioners relying on savings or share-based investment income to help fund day-to-day living expenses, this new research illustrates the shocking effects the base rate changes have had on pensioners’ income.

 

In April 2008, the average pensioner was enjoying a monthly return of £158 from their savings if they kept the capital in an easy access base rate tracker account.  This was in addition to their monthly state pension of £393 and accounted for 28.62% of their overall income.  Those couples - who had managed to save double that of singletons - saw their monthly income boosted by £315 which accounted for 33.39% of their overall income.

 

However, as the base rate has fallen so has the amount of income over 65's can derive from their savings and the modest monthly increase in the state pension over this period (single: £20 and couple: £31) has done little to address this problem.   Since April 2008, single pensioners have seen their savings income dwindles to just £16 per month (4% of income) and pensioner couples have seen it fall to £32 (5% of income).


If you are in this position and thinking of increasing your income through an equity release scheme get independent financial advice.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks