According to a study carried out by the Abbey National recently a number of UK people are dipping into their savings in order to pay their ongoing bills.
The Abbey National was looking specifically at money held in ISAs and, having seen around GBP6 billion taken out of them asked customers what the money had been used for. Just over 30 percent of people said it was to cover day to day expenses, the most popular answer provided.
Although it can seem easy to use savings to cover costs the issue comes a little later said an Abbey National spokesman. If a cash ISA had the maximum put into it then any withdrawals cannot be made up later, leaving the account holder with a reduced return through interest.
A new Legal and General Portfolio bond will be available from 21 July, ideal for financial advisors to use when putting together an investment portfolio for their clients.
Three different charging options are available, a wide choice of funds as well there being no charge to swap between different funds. Legal and General have listened to the needs of financial advisors and come up with a portfolio bond that seems to deliver what they have asked for.
The different options provided by Legal and General also cater for different risk profiles along with the option to take regular withdrawals. All in all investors will find all their bases covered with this new bond offering.
According to the Legal and General MoneyMood survey, the people of the UK are changing their habits regarding saving.
Compared with this time last year there are around 6 percent more people saving money now. It appears that consumers are, generally, not spending as much of their money as they once were, preferring instead to build up a buffer should they need the cash for more important things in the future. People are still going out and spending their money, just not quite as much as they used to be.
As a Legal and General savings spokeswoman said, it is good that consumers are managing to change their habits, ensuring they have some money put to one side whilst still being able to enjoy themselves.
