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Research from Abbey Savings has revealed that 28 percent of UK parents have no savings, whilst 36 percent are reliant on savings for day to day living and to pay bills. 20 percent of those parents with no savings, have less than £1000 for an emergency.

Concern is growing for families, more so those with children at primary school age, who are experiencing increased costs to raise their children. As a consequence, a quarter of parents have reduced the amount they are saving by up to £3,300 per annum. Some are even using existing savings, taking out an average of 28 percent of their entire savings this year. This is equivalent to £1,800.

Reza Attar-Zadeh, Director of Savings and Investments commented:  “It’s vital for everyone to have a rainy day fund even more so for parents, who must juggle the need to build up a nest egg for their children’s future with the need to provide for the here and now”. 

According to Abbey Savings, childcare costs have increased by 6.5% since December 2007. From the age of 6 months up to 14 years, childcare could cost parents up to £53,818 per child. This works out at £332 per month. The cost of educating a child has also increased, with the average household now spending as much as £50,240 over their offspring’s lifetime. Included in this cost is £34,300 to put a child through a 3 year university degree which requires funds for tuition fees, travel, books and living expenses. A third of those surveyed by Abbey said that they wanted to save more each month in the future.

Reza Attar-Zadeh continues “It is concerning that many families are saving less, as this could leave them facing financial difficulty in the future. It’s encouraging to see that some families are looking ahead and planning to save more - we hope this trend will continue”.

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Homeowner parents who have relied on credit or store cards due to rising childcare costs, and who would like to consolidate their debts, could consider doing so with a secured loan for debt consolidation. A secured loan is one of many options to consolidate debt and rather than having several repayments to make each month, the borrower will have just one. If opting for a secured loan to consolidate debt, it should be remembered that consolidating debt may increase the amount paid back overall and will also extend the repayment period of debts.

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According to a report by Abbey Savings, 57 percent of monthly ‘paid for’ entertainment is consumed by Brits in the home and just 43 percent is consumed outside the home.  Abbey Savings refers to the former as ‘in-tertainment’, which includes renting DVDs, working out at home, hosting dinner parties and having takeaways. 

The report revealed that such forms of entertainment saved Brits £3.9 billion last month, which equated to £89 per head.  Nevertheless, £1.7 billion was still spent on home entertainment – the equivalent to £38 per head.  It was found that this money was spent on 1.7 million DVD rentals, 63 million takeaway meals, 16 million dinner parties and 53 million hours exercising at home.

It was also discovered that Brits in employment are spending a significant proportion of their holiday days in their property.  In fact, the average working Brit reportedly spends half of their annual holiday entitlement at home.  Furthermore, it is anticipated that 31 percent of employed Brits will spent three quarters of this year’s annual leave at home.  For 37 percent, the motivation is to save money.

Abbey Savings points out that an increasing number of Brits have luxuries in their homes.  For example, during the study 14.2 million people claimed to possess ‘high end home cinema equipment’.  In addition, it was found that 5.5 million people own a cappuccino maker, 2.7 million have their own gym equipment at home, and 1 million have a Jacuzzi.

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Homeowners who have had to make considerable cutbacks as a result of the recession, but are still finding their finances tight, could look into the possibility of taking out a secured loan for debt consolidation.  One of many finance options available, a secured loan for debt consolidation could be prove helpful for those with existing personal debts and credit cards.  By consolidating debts, the borrower could potentially reduce their current outgoings.  Furthermore, debt consolidation leaves the borrower with just one monthly repayment as opposed to having to manage several.  However, when taking out a debt consolidation loan, it must 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 Abbey Mortgages, individuals who are renting their homes would be better off getting on the property ladder.  However, this does not apply to those intending to buy their first home in the city of London.

This conclusion was reached by Abbey Mortgages following their research, which revealed that the 1.61 million Brits who are intending to buy a property outside London would each save £624 by doing so.  This equates to £1 billion during the course of the next 12 months.  The average cost of rent for these individuals is reported to be £434 per month; however their average mortgage bill would be £382 per month if they had a 25 percent deposit.

With regard to the 187,000 individuals looking to buy a property in London, it was found that their finances would be adversely affected by making this move.  In fact, they would lose out on £466.19 each month.

The research showed that Welsh first time buyers are likely to make the most significant monthly saving at £90.91, followed by North West inhabitants at £87.43, and those living in Yorkshire at £77.06.  In contrast, it is reported that first time buyers residing in East Anglia will only save £2.59 per month.

In relation to the nationwide price of a typical first time buyer flat or terraced house, the research revealed that the average value has fallen by 9 percent to £92,861.  As a result, a first time buyer will now require an average deposit to the sum of £23,215 if they want to put down 25 percent.

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Homeowners who have just moved into their first property, but do not have the funds available to put their personal stamp on it, could consider taking out a home improvement loan to facilitate any desired work.  A home improvement loan could finance a range of projects from general re-decoration to structural changes.  Additional living space could be created by means of an extension or attic conversion for example. 

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According to Abbey Savings, Brits have accessed £11 billion worth of ISA savings over the course of the past year.  Findings revealed that over 7 million savers have dipped into their ISA accounts in the past 12 months, to make an average withdrawal of £1,573.  In contrast, this figure stood at £579 a year earlier, thus marking a rise of 171 percent.

With regard to the reasons behind the withdrawals, it would seem that living expenses have been the driving force for 39 percent.  Luxury purchases and high street purchases have reportedly dropped since last year – from 26 percent to 22 percent and from 8 percent to 5 percent, respectively.  Furthermore, 13 percent have had to rely upon their savings as a result of redundancy or lower income, and 19 percent have had to turn to their savings to finance unforeseen expenses.

The research also revealed that parents with young children have been utilising their savings more so than the majority.  In fact, their withdrawals were recorded at £4,015 over the past 12 months, with living expenses being the main cause for 58 percent.

Director of Savings and Investments at Abbey, Reza Attar-Zadeh, said: “The sharp increase in the amount that people are withdrawing shows that many of us may have needed our savings to make ends meet, and just goes to highlight the importance of having savings to fall back on. 

“There’s no denying it’s been a tough year so it’s understandable that people have turned to their savings in these trying times.  It’s vital that we all keep some money aside in the event of an emergency but raiding your ISA account can prove costly in the long term as what you take out you can’t replace”.

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Homeowners whose finances have become tight amid the recession, and who have several credit and store cards they would like to consolidate, may wish to consider taking out a secured loan to do so.  One of many finance options available, a secured loan for debt consolidation could be used to re-organise existing debts by tying them up into one place.  In taking this approach, multiple monthly repayments will be placed into one.  Additionally, the new, single, monthly repayment could even be lower than current outgoings.  However, when considering a secured loan for debt consolidation, 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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New research by Abbey Savings has revealed that since January of this year there has been a 26 percent increase in the amount of money set aside by the average saver each month.  Findings show that an average monthly sum of £206 is now being saved, which equates to approximately £59.5 billion.  In contrast, £163 per month was being saved at the start of the year.

However, according to Abbey Savings, the total number of savers has dropped by 6 percent since the beginning of the year.  In addition, 26 percent are now said to be saving less than they were in 2008, which marks a 6 percent increase since May of this year.  Furthermore, 40 percent continue to refrain from putting away any money at all.

Director of Savings & Investments, Reza Attar-Zadeh, commented:  “At a time when it’s never been more important to put money away for a rainy day, it’s encouraging that the amount being set aside by savers each month has risen by more than a quarter.  And it’s not too late for those Britons who haven’t yet kick started their savings habit to make a start - putting aside even a small amount each month will quickly add up to help provide them with a safety net in today’s difficult economic climate.  Opening a cash ISA offers savers one way of achieving this through a tax-free rate of interest to help make their money go further.”   

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Homeowners who are not in a position to save due to outstanding credit commitments, could consider re-organising their finances with a secured loan.  One of many finance options available, a secured loan could be used to consolidate existing debts, such as personal loans and credit cards.  By tying these debts up into one place, the borrower could not only reduce their number of monthly repayments, but also their total monthly outgoings.  However, when considering a secured loan for debt consolidation, 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 new research conducted by Abbey General Insurance, since the onset of the recession there has been a 9 percent reduction in the amount of money spent on wedding gifts for close family members. Findings reveal that the average outlay now stands at £64.79 as opposed to the £70.43 that was being spent two months prior to the beginning of the credit crunch in June 2007.

At £46.72, those between 18 and 24 years of age were found to spend the least on wedding presents for close family members. In contrast, those over the age of 65 were found to spend the most at £89.10.

Despite the fall in wedding gift expenditure for close family members, spending has remained stable where friends are concerned. The average sum stands at £34 per gift, with those between the ages of 25 and 34 parting with the most at £35.92.

Abbey General Insurance’s research also shed light on the average sum that is spent on wedding gifts for acquaintances and distant family members. At £22.99, the value marks a 1 percent fall from 2007 when £23.13 was spent. Those between 18 and 24 years of age were found to spend the lowest sum at £20.26, whereas those aged 65 and over were found to spend the greatest sum at £25.79.

Head of Abbey General Insurance, Tony Beckwith, commented: “It’s not surprising that in today’s difficult economic environment, ‘gift thrift’ is setting in but what’s interesting is that Britons are reducing the amount they spend on wedding presents for close family members but not friends.

While newlyweds might be receiving less expensive presents as a result of the credit crunch, most are lucky enough to still be starting their married life in comfort thanks to the generosity of wedding guests and the help of ever more comprehensive wedding lists.

“In all the excitement of planning for a wedding and honeymoon, it can be easy to overlook the importance of ensuring that your home insurance policy covers your wedding presents, the value of which can very quickly add up. Many home insurance policies don’t offer a temporary increase on the value of home contents insured after a wedding and among those that do, many offer extra protection for just one month. However, Abbey’s Peace of Mind home insurance lets you insure your contents for an unlimited total amount and allows any new items to be automatically added to your policy, removing the hassle for newlyweds of ensuring that all their wedding presents are insured.”

Recently married homeowners who are keen to refurbish their home ready for their new lives together could consider taking out a home improvement loan to fund any desired work. One of many finance options available, a home improvement loan could allow the borrower to create their dream property. A range of projects could be commenced, for example, extra living space could be created by means of an extension, conservatory or attic conversion. Additionally, a brand new kitchen or bathroom could be fitted.

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According to GE Money Home Lending, 4 percent of Britons have booked a last-minute foreign get away, which equates to 1.8 million people. However, experts have warned that not shopping around for the best deal could leave holidaymakers paying up to 140 percent more for a two-week family break.

Furthermore, the research uncovered the fact that 1.98 million people are still paying for last year’s holiday. The average debt for this purpose stood at £1,012 in 2008, which amounted to a combined sum of £2 billion. A large proportion of this can be attributed to not searching the market for cheap deals, on flights for example.

In addition to the 1.8 million people that are soon to be going abroad, findings revealed that 4.6 million are still in the process of deciding whether or not to follow suit. It was found that London is home to the greatest number of people with plans to travel overseas at 8 percent, whilst 16 percent are contemplating the idea.

Homeowners who are still repaying last year’s holiday debt, and perhaps credit cards to boot, could consider taking out a secured loan to tie these borrowings up into one place. A secured loan for debt consolidation could leave individuals with a single monthly repayment rather than having to juggle several. New monthly outgoings could potentially be lower than they are currently, thus leaving the borrower with a little extra each month. However, when taking out a debt consolidation loan, it must 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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Recent research from Abbey Mortgages has revealed that there are currently 981,000 lodgers in the UK. This is a distinct rise of 152 percent on July 2008 when there were just 388,000 lodgers. Potentially, there is £6.29 billion lodger income and 16 million empty bedrooms in the UK.

Three percent of homeowners are adding a little extra to their income by renting out spare rooms and an additional 3 percent of homeowners say that they would consider having another lodger. Those who do have a lodger are earning an average of £4,716 a year in rental income.

In the research conducted by Abbey Mortgages, it was found that 16 million UK homeowners have a minimum of one spare room which if let could earn £6.29 billion per annum in rent. Regionally, 6 per cent of homeowners in London were most likely to rent a room to a lodger, while just one percent in Scotland and Northern Ireland would do so.

Nici Audhlam-Gardiner, Director of Alliance & Leicester Mortgages, commented: “If you have a spare room that’s gathering dust, its worth considering a lodger and earning £4,716 a year. Not only will you have some extra money each month but most of it could be tax-free too. Those homeowners who still have spare rooms to rent are collectively missing out on over £6billion a year.

“For homeowners who are not so keen to take in a lodger, A&L offers some market leading rates including a best buy tracker at 2.95 per cent, to reduce the monthly mortgage bill.”

Lodgers who have recently become homeowners, and who would like to make some home improvements to their new property, could consider financing these with a secured loan. Secured loans for home improvements could be used to pay for straightforward home improvement projects such as refreshing paint throughout, and replacing older kitchens and bathrooms with newer versions. Other new homeowners might have bought a smaller property which requires enlarging. A secured loan could also help fund larger scale space creating home improvements such as adding an extension or conservatory.

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According to new research by Abbey Credit Cards, British holidaymakers spend a staggering £1 billion purchasing goods that they have left at home.

In terms of the most valued holiday items, 65 percent of Britons admitted that they couldn’t do without their cameras whilst they’re away. Furthermore, 56 percent see their sunglasses as being essential, with swimwear being cited by 47 percent. Also ranking in the top ten came books at 43 percent, credit cards at 39 percent, and mobile phones / Blackberries at 35 percent.

Despite cameras and swimwear ranking highly on the list of ‘holiday essentials’, Abbey Credit Cards found these items to be the top two that went forgotten when holidaymakers were packing their suitcases last year. In fact, 65 percent of Britons failed to remember at least one of their essential items last summer – thus facing an average replacement cost of £39. Those between 18 and 34 years of age are looking at a higher replacement cost of £50, rising to £51 for Londoners.

Head of Credit Cards at Abbey, Callum Gibson, commented: “Holiday packing often falls to the last minute because of more pressing pre-holiday tasks, making it only too easy to inadvertently leave essential items at home. With British holidaymakers forking out the astonishing sum of £1 billion pounds replacing such items, however, we should maybe all just take a few extra minutes this summer to ensure we’ve packed everything we need before setting off for the airport.

“Four out of ten Britons view their credit card as an essential holiday item but it’s important to use a card on holiday abroad that doesn’t charge an exchange fee for converting transactions made in foreign currencies.”

In relation to these avoidable foreign exchange fees, recent research by Abbey Credit Cards has revealed that British holidaymakers are likely to face over £73 million worth of foreign exchange fees this summer.

Homeowners who have had to rely on their credit cards to purchase essential items whilst on holiday could consider consolidating these debts with a secured loan. A secured loan to consolidate debts could facilitate the re-organisation of finances by tying up existing debts into one place and subsequently relieving the borrower of their multiple monthly repayments. The new, single, monthly repayment could even be lower than current outgoings, thus freeing up useful money. However, when taking out a secured loan to consolidate debt,,, it must be remembered that this may increase the amount you pay back overall and extend the repayment periods of your debts. Secured loans are one of many options to consolidate debt.

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According to Abbey Savings, typical British savers presently set aside an average of £120 per month. The monthly sums saved by men and women are reported to stand at £155 and £86 respectively.

All figures represent a reduction on those recorded during the first quarter of the year, with the current average sum of £120 being £43 less. However, it would seem that an intention to save more is apparent among many. In fact, 25 percent are planning to put away a greater sum of money in the next 3 to 6 months and 11 percent have already increased the amount that they save compared to last year.

With regard to further annual comparisons, the survey has led to the realisation that 21 percent are saving less than they were a year ago. This can be seen by the overall reduction of £315 per month. Contrary to this, 45 percent of respondents claimed to be saving at the same level as they were, and the aforementioned 11 percent are saving an average of £207 more per month.

Reza Attar-Zadeh, Director of Savings & Investments at Abbey commented: “This insight into the current state of British savings allows us to track the nation’s savings habits closely; we are certainly observing an overall decline which may not come as a huge surprise, but it’s positive to see that there are some good intentions out there.

“Whether savers decide to put their hard-earned money aside from the long term benefits, for a specific purpose such as a holiday or a wedding, or for emergencies, the most important thing for people to do when thinking about saving is to work out a plan of action that works for them - then choose the right accounts to suit their needs. To maximise returns, every taxpayer would do well to consider making the most of their annual tax-free ISA allowance, and a Cash ISA is a good first port of call.”

It would appear that instant access savings accounts are held by the greatest percentage of those surveyed, at 62 percent, while 43 percent have Cash ISA’s. Regular savings accounts are possessed by 20 percent and 14 percent have Stocks and Shares ISA’s.

Homeowners that are limited to the amount of money that they can save each month because of expensive monthly repayments on personal credit, may wish to investigate the possibility of consolidating these existing debts. A debt consolidation loan is one of many options to consolidate debt. This could leave the borrower with just one, potentially lower, monthly repayment – thus freeing up useful money each month. For those that are keen to top up their savings, this extra money could be put away for future use if desired. If using a secured loan to consolidate debt, it should however 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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