According to a survey by the owner of the Egg card, only around half of employees in the UK have savings that would cover them for at least 4 months. This is the average time people find themselves between jobs for having been made redundant.
Egg also looked at the amount of money needed to live in the UK today, which works out to GBP1,077 per month, without any luxury purchases included. So four months at this level should be the minimum level of savings held by people in the UK. As stated then half the UK working population would be unable to sustain themselves if they found themselves out of work.
An Egg card spokesman urged people to seriously consider their own situation as finding themselves in a position where they are unable to meet their monthly bills would be disastrous for many families.
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Interest rates on nearly all the Nationwide Building Society International Sterling savings accounts are being reduced by between 0.25 and 0.3 percent.
The international arm of the Nationwide Building Society is not cutting interest rates on their Euro or Dollar savings accounts though, these will retain their existing rates. In addition they are actually increasing the rate of interest paid on their Lifetime Guarantee Account, going up by 0.2 percent. This gives it a first year rate of 6.4 percent.
Currency based accounts can be subject to fluctuations as the exchange rates vary following economic changes, hence the cuts announced here by the Nationwide Building Society.
A new survey by Saga Insurance has found that the grown up children of elderly parents may well end up financing their parents long term care from what was their inheritance.
As a company that works exclusively with the over 50’s Saga Insurance took the opportunity to discuss their plans and found that only 10 percent of people have actually discussed long term care for elderly parents. More worrying still perhaps is that nearly half of them fail to appreciate the actual costs, which are around GBP25 – 30,000 per year.
The view of nearly 60 percent of those who discussed the matter with Saga Insurance is that any inheritance will be used to finance the long term care parents may need. A large part of this may be that, with all the other financial pressures on people, trying to put aside money for parental care is just not possible, at least for the majority of the population.
