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A study conducted on behalf of F&C Investments, which involved questioning 3,000 Britons between 35 and 45 years of age, has revealed that over half ‘do not feel fully in control of their finances’.  A further 36 were found to feel ‘a degree of control’ whilst 14 percent admitted that they ‘did not feel at all in control’. 

With regard to the gender divide, the study uncovered that 61 percent of men felt in control of their finances, whereas this was the case for 43 percent of women.  Furthermore, of the respondents with debts, a third were reportedly either ‘a little worried’ about their level of borrowing or were ‘finding it hard to keep up with repayments’

Findings also showed that virtually a third of those questioned have ‘enough rainy day cash on deposit to fund several months’ outgoings’.  This was found to be the case for 40 percent of men and 27 percent of women; however 34 percent of women and a quarter of men do not possess any savings at all.  In relation to investments, the study revealed that three quarters of women, and 58 percent of men, do not have any aside from cash on deposit and any pension arrangements.

When respondents were asked about their intentions for the coming year, 41 percent reportedly explained that they were not intending to increase their savings or investments.  Nevertheless, the study showed that 35 percent of men and 26 percent of women would open a savings account or increase the amount that they save.  Additionally, it was found that 17 percent of men and 3 percent of women would ‘put more in unit trusts / OEICs, investment trusts or shares’.

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Homeowners who are looking to re-organise their finances, particularly any existing credit, could consider taking out a secured loan.  One of many finance options available, a secured loan for consolidation could allow borrowers to replace multiple monthly repayments with just one.  What’s more, this single monthly repayment could even be lower than the sum of current outgoings – thus lowering monthly outgoings.  However, if opting for a secured loan to consolidate credit, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to Caxton FX, credit card interest rates are at their highest level for twelve years.  Therefore, the foreign exchange company is highlighting the importance of planning that Easter holiday money.

It has been revealed that despite the Bank of England rate being the lowest it has ever been at 0.5 percent, the recent recession saw a rise in defaults – a cost that credit providers are factoring into their APRs.  It would seem that even existing credit customers who pay the minimum each month, whilst never exceeding their credit limits or missing a payment, are being affected.

Findings from a recent survey showed that last year one in five Brits utilised a credit card whilst abroad, with the approximate spend per traveller coming in at £600.  Caxton FX views these figures as ‘worrying’ due to increasing interest rates combined with fees for overseas credit card use.  It is believed that Easter holidaymakers could ‘be stung for thousands’.

The majority of cards reportedly levy a fee in the region of 2.75% on the foreign exchange mark-up, in addition to charging commission.  Furthermore, foreign ATM withdrawal fees are thought to be widespread.

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Homeowners who are currently juggling several credit card bills each month could consider tying these debts up into one place with a secured loan.  One of many finance options available, a secured loan for debt consolidation could leave borrowers with just one monthly repayment.  What’s more, this single monthly repayment could even be lower than the sum of current outgoings.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to a survey conducted by Confused.com, 76 percent of Brits claim that the freezing weather conditions have increased their awareness of energy usage.  However, it has been revealed that a significant number of people are ‘still falling foul of bad habits what will send their bills through the roof’.

Findings show that 22 percent of pet owners are leaving their central heating on when they are not at home for the benefit of their animals, whilst one in ten vacant homes are preheated all day in preparation for a warm entrance after work.  Furthermore, it was found that 37 percent of homeowners will turn the thermostat up rather than putting on a jumper.  The survey also revealed that just one third are thinking about switching tariffs, despite concerns surrounding bills.

Confused.com points out that although the nation is now ‘savvier than they’ve ever been’ in relation to their energy consumption, central heating is still being relied upon as the primary means of keeping warm at home.  In fact, it has been reported that the average homeowner is living in a temperatures that surpass those recorded in Miami during January – 22 degrees Celsius.

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Homeowners who would like to reduce their long-term energy bills could consider taking out a secured loan to fund any household projects required to insulate the property.  One of many finance options available, a secured loan for home improvements could allow borrowers to set about replacing a roof that is in a state of repair for example.  In addition to enhancing the water-tightness of a property, this should also increase heat retention – particularly when fully insulated.  Borrowers may also wish to replace any draughty doors or windows for even greater heat retention.  There are a range of options available to borrowers who are looking to transform a chilly house into a cosy home, whilst keeping energy bills down.

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According to Moneyfacts.co.uk, growing competition within the credit card market at the end of the 1990s resulted in rates beginning to fall.  In 2006, credit card rates reportedly reached their lowest average level of 14.8 percent.  However, as the economic downturn set in, credit card rates started to steadily rise.  In fact, it has been revealed that average credit card rates now stand at 18.8 percent, which marks the highest percentage for 12 years.

Spokesperson for Moneyfacts.co.uk, Michelle Slade, said:

“The UK continues to suffer from a high level of unemployment and providers are worried about the increased risk of customers not repaying their debts.

“This increased risk continues to be passed on to both new and existing credit card customers through higher rates.

“Borrowers with £5,000 debt on the card, who just repay the minimum each month, will now repay an additional £2,289 over the life of the debt than they would have in February 2006.

“Other charges such as balance transfer, cash withdrawal and foreign transfer fees also continue to go up, leaving customers paying more across the board.

“Card companies are reassessing their existing customer base, resulting in numerous customers seeing a rise in their rate.

“Many such customers who would previously have switched to another provider are now finding it’s not so easy to do so.

“Competitive deals for balance transfers and introductory purchases remain on offer, but card providers are being extremely selective over exactly who they accept for these deals.

“If customers do receive notice of a rate increase, they should challenge their provider as to why the increase is necessary, especially if their credit status hasn’t changed.”

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Homeowners who may find multiple credit card repayments confusing, could consider tying these commitments up into one place with a secured loan.  One of many finance options available, a secured loan for debt consolidation could leave borrowers with a single monthly repayment, which could even be lower than the sum of current outgoings.  Therefore, borrowers could be left with more money each month, which could potentially be set aside in a savings account for future use.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to The Children’s Mutual, the cost of supporting 18 to 30 year old children is expected to go beyond £30,000.  This revelation came about following a survey which also uncovered that 93 percent of parents are funding their adult children, labelled ‘yuckies’ – an abbreviation for ‘young unwitting costly kids’.

In fact, findings show that 28 percent of parents have either remortgaged, or they are planning to remortgage, to financially support their 18 to 30 year old children.  Over half of all parents reportedly turn to borrowing in order to meet expenses.  Furthermore, it was found that two thirds of parents either have, or will, reduce their day-to-day living expenses in order to fund their ‘yuckies’.  For example, 28 percent said that they will be more economical when it comes to food shopping, 7 percent will sell their cars, and 42 percent will be careful with their heating and lighting usage at home.

Chief Executive of The Children’s Mutual, David White, commented: “These figures unveil the stark reality of the cost of being a parent.  No longer does turning 18 mean financial independence – in fact 16 per cent of parents questioned expected their child to remain financially dependent on them into their thirties and beyond.

“The families we questioned had just one message for parents whose children are still young – save, save, save!  More than half agreed that if they’d have known when their child was born what they now know about the cost of having an adult child they would have saved more through the years, with just 13 per cent having saved regularly in preparation.  These figures give us a very clear warning – children aren’t financially independent at 18 and parents need to plan for this to save their whole family’s financial future.”

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Homeowners who may have accumulated a number of credit cards or personal loans in the past due to supporting their grown up children, could consider tying these up into one place by means of a secured loan.  One of many finance options available, a secured loan for debt consolidation could leave borrowers with a single monthly repayment as opposed to juggling several.  Furthermore, this replacement monthly repayment could even be lower than the sum of current outgoings – thereby freeing up useful money each month.  This extra money could potentially be set aside in a savings account for future use.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to research conducted by moneysupermarket.com, one in five Brits carries in excess of three credit cards.Furthermore, the price comparison website’s research uncovered that 17 percent of credit card holders utilise their credit card at least once a day, whilst 28 percent utilise their card at least once a week.

In relation to the types of purchases made, it was found that 56 percent of credit card holders utilise them to buy goods online, whilst 40 percent utilise them to finance everyday expenses.  Nevertheless, moneysupermarket.com discovered that consumers are ‘savvy’ with regard to ‘making their plastic work hard for them’.  The research showed that 25 percent make use of their credit cards in order to gain reward points, and 11 percent do so for cashback and zero percent purchases.

Findings show that 26 percent of men have a minimum of three credit cards, compared to just 16 percent of women.  In fact, a third of women reportedly do not possess a single credit card, whereas this is the case for a quarter of men.  What’s more, just 49 percent of female credit card holders reportedly utilise their credit cards more than once a month, whilst 49 percent of male credit card holders make such purchases on a weekly basis.

It would seem that those over the age of 70 are likely to possess the greatest number of credit cards, with 27 percent possessing more than two cards compared to the national average of 20 percent.  However, amongst this group, it was found that one in four make credit card purchases everyday compared to 31 percent of those under the age of 20.

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Homeowners who are faced with several credit card bills each month could consider taking out a secured loan to tie these commitments up into one manageable monthly repayment.  One of many finance options, a secured loan for debt consolidation could eliminate the need to juggle multiple, confusing credit card bills – whilst potentially leaving borrowers with more money each month.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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