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| Weighing Up The Financial Pros And Cons Of Moving Out |
Young people in Britain are increasingly choosing to remain in the family home well into their twenties and even thirties, according to a raft of new reports.
As the cost of living soars, many young adults are finding it easier to live with Mum and Dad than attempt to assert their independence by buying or renting a home.
A new study out by engage Mutual Assurance suggests that more than a quarter of young people (28 per cent) do not expect to be able to move out of home until beyond the age of 25, with the problem worst in London.
The poll of 2,000 people aged 25 and under discovered that many Britons are forced into an early childhood by problems with affordability, with just 11 per cent of respondents owning their own property.
A quarter of those quizzed (25 per cent) said that they did not expect to be able to afford to buy their first home until they are older than 30, while eight per cent predicted that they would never be able to purchase a property.
Karl Elliot, enagage 3GB spokesperson, commented: Money is often a key determinant in deciding when the time is right for young adults to move out of home, get married or buy their first property. With the younger generation finding it increasingly difficult to gain financial independence, our research has shown that supporting young grownups is placing an increasing strain on older family members.”
A growing number of graduates are choosing to move home in order to pay off some of the debts they accrued as students and, with a total debt mountain of 1.2 trillion in the UK, others are remaining at home in order to pay off credit cards and loans long after they have started working.
The number of people going to university has risen from just six per cent of young people in the 1970s to 40 per cent today and students now face higher costs for their education than ever before. Many students are now working during university and facing years of clearing debts at the end of the course.
A recent report by right wing think-tank Reform claimed that the number of young people in the UK in debt has risen rapidly and many are struggling to buy a home in the face of rocketing house prices that continue to outstrip wage inflation.
First-time property prices are an estimated eight times higher than average earnings for 22-to-29-year-olds, with around 47.5 per cent of 20-t-24-year-olds still living at home.
Although many young people are remaining at home well into their twenties, others are moving into their own homes, attracted by the space and freedom it affords. The average age of marriage is now around 27 and the age at which women have their first child has risen above 29, signalling that most people are settling down later than ever before.
Mortgage approvals are rising and the UK’s rental market is healthy, with more and more landlords entering the sector. Although household bills such as council tax, water and energy have risen sharply in recent years, many other items such as furniture and electrical goods are considerably cheaper, making the cost of setting up home more affordable.
An increasing number of parents are helping their children out financially even after they have flown the nest, with many prepared to fund property deposits, provide cash for bills and emergencies and help out with DIY.
A study by Halifax Home Insurance found that parents helping out with DIY at their children’s homes have added around 33 billion to the value of their properties during the past five years. Two thirds of the 18-to-35-year-olds polled said that asked their parents for help in doing up their home.
However, those counting on their parents’ continuing support should be mindful of a new trend, dubbed SKI-ing (spending the kids’ inheritance), which sees retired Brits and those whose children have left home enjoying their increased leisure time by spending cash on holidays, hobbies and adventures.
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| Brits Clinging Onto Shares |
Nearly a million Brits retain their shares purely because of emotional reasons, according to research from AXA.
Of nine million people who own shares in a listed company, some 900,000 keep hold of their investments because they hold sentimental value having been passed over by a friend or relative.
Meanwhile, one in eight keeps their current shares because they enjoy the perks and benefits involved in their association with a particular company.
More than two and a half million shareholders keep hold of the same stock for over three years with a lack of planning or clarity on when to sell contributing to this statistic.
AXA’s Colin Nelson said: “While it is encouraging that investors are holding on to shares as part of their investments, it is worrying how many people are investing their savings in the stock market without seeming to have a clear, rational strategy for managing their money.
“Investors should be setting clear goals for what they want their investments to achieve. Shares can play an important role but investors should be clear about what that role is – is it income, is it capital growth or a mixture of the two.”
| Help With Buying Abroad |
Consumers thinking of buying a holiday home in the sun or planning to retire to foreign shores need to consider the different rules and regulations for mortgages and properties in different countries, according to an industry specialist.
The Association of Mortgage Intermediaries (AMI) has launched a fact sheet to help homeowners thinking of setting up a new place abroad for fun or for good.
Issues to be aware of, according to the AMI, include the currency difference, paying for the property and legal issues as the house will be subject to the country’s laws and not just the usual property regulations.
Other considerations include insurance protection, transferring money into a foreign country, the health system of the country, setting up a bank account and what level of local taxation needs to be paid.
“An increasing number of UK residents are buying property abroad, be they holiday homes, future homes to retire to or as buy to let investments. There are many considerations for mortgage intermediaries when advising their clients on such a purchase and they must take great care to ensure the process goes as smoothly as possible,” said Rob Griffiths, associate director of AMI.
“The key point that should be remembered is that buying abroad is different to buying in the UK. In different countries there are different laws regarding property and mortgages, and there will be differences in practices, customs and local regulations.”
| What does inflation mean to me? |
Inflation is a measure of rising prices. It’s useful to know how much the cost of goods is rising for many reasons. Some pay deals and pensions are linked to inflation so salaries might increase at the same time that food and other goods in the shops rise in price, easing the damage on your pocket.
It’s also good to have an idea about whether prices will be going up in the coming months.
In the UK there are two main measures of inflation from the Office of National Statistics: the Consumer Price Index (CPI) and the Retail Price Index (RPI). Both are calculated by statisticians heading to shops and going online to check the price of everything from air tickets to knickers, sofas, eggs and much more around the country.
When the papers talk about inflation going up, it is usually CPI they are referring to. CPI is primarily an economic measure and it is the Bank of England’s job to keep it at two per cent. If it rises, then the bank could be forced to increase interest rates to bring it down. This is where inflation becomes important to the man on the street. If the headlines say inflation is up, then it’s likely that the cost of a loan or a mortgage is going to go up.
The idea is that when interest rates go up, it is more expensive to borrow and saving becomes more attractive. Therefore, there will be fewer shoppers on the high street, less demand for goods and the prices will not be pushed up so dramatically.
High inflation also affects investments. For example, if you put 100 in the bank at an interest rate of five per cent, after a year you’ll have 105. However, if inflation is at five per cent then the purchasing power of that 105 would be the same as 100 a year a go. The reason is that in that year the cost of goods has risen by as much as the investment.
If inflation is high and investments are not making big enough returns, the pressure would be on the Bank of England and the government to try to bring it down and keep big investors from leaving the UK in search of higher returns abroad.
Knowing the difference between CPI and RPI is also important. Often pay deals or pension may come with promises to match inflation. Generally RPI is higher than CPI so a pay deal for one per cent over RPI would be substantially better than one linked to CPI.
Also, with pensions the promise to match rising prices may not be so great. Although a weekly pension tied to CPI would mean a pensioner could buy the same number of goods over the years, as wages generally rise faster than prices the rest of society would be much better off.
| Invest In Property, But Be Cautious |
With a growing number of reports highlighting both the nation’s financial ill-preparedness for retirement and the seemingly indestructible housing market, it seems like a good idea to put your eggs in the property basket.
Consumer debt is spiralling out of control to such an extent that no-one will have any money, let alone savings, when we hit retirement – house prices keep growing.
It seems obvious then: climb the property ladder and rely on your wise investment in the autumn of your lives. But the trick is to live like our parents and grandparents by growing old gracefully and frugally.
Some people, it appears, think they’ve got it sorted once they’ve bought their first home. But security is deceptive for many British homeowners, as more than three-quarters of a million missed at least one mortgage payment last year, risking losing their abode in the process.
So despite the status and security afforded by home ownership, hundreds of thousands of people are so in debt and financially hamstrung that owning a property is rendered almost meaningless.
David Harker, chief executive of Citizens Advice, which conducted the study, said: “We are very concerned about the numbers of people who are missing payments. Missing payments on mortgages or secured loans could lead to arrears and possibly repossession.
“There is a clear need for more information and advice about the consequences of taking on financial commitments, particularly for younger adults.”
So how did do many of us get into this mess? One answer is that we’ve become such retail therapy-obsessed consumerists that financial prudence is now an alien concept. It’s me, me, me and now, now, now. The post-war rationing mentality is long gone not that I’m complaining, but it definitely installed discipline and humility in people.
Highlighting our new-found extravagance, another report shows that first-time buyers have a financial fling before settling down and purchasing their first home.
Around 19 per cent of first-time buyers spend 5,000 on luxuries such as cars and holidays before getting a foot on the property ladder. Men are especially guilty, spending an average of 1,600 more than their female counterparts before buying a property, but the findings suggest that property ownership can lull us into a false sense of security if we take advantage of the situation.
Credit card lenders are also undoubtedly to blame for our high debt levels and lavish spending now it’s more a case of how much money we can access rather than how much we actually have, and lenders are exacerbating the situation by offering us more and more credit, often when we haven’t even asked.
So ultimately my advice is this: pay off your credit card bills, buy a house or keep climbing the property ladder, and make sure you don’t bite off more than you can chew.
Now is a good time to buy if you can afford it. The latest figures show that house prices are growing faster than at any time since May 2004, with the August interest rate hike failing to deter buyers. In addition, buyer enquiries last month rose for the 15th consecutive month and at the fastest rate since September 2003.
But if you can’t afford to buy, there are ways around it. Many first-time buyers are overcoming their high property prices by clubbing together to get on the property ladder.
Research from HSBC showed that 57 per cent of potential first-time buyers said they would consider buying a property with friends or family. This is certainly a feasible option, especially considering nine in ten potential first-time buyers say affordability is a problem. And for those of you who are interested, in England and Wales it is legal for up to four people to jointly own a property.
Carina Kemp, head of mortgages at HSBC, says: “More and more people are getting round high property prices by clubbing together with friends or family to buy a home and this is a trend which we expect to continue.
“If you’re itching to get on the property ladder but prices look out of reach, banding together can strengthen your buying potential and make that first home affordable.”
So the key to looking after yourself financially is simple stay out of debt, buy a house and stop living like a WAG. Oh, and if you want to take it to the next level, invest in a pension.
| Pensioners Admit ‘No Intention To Pay Off Debt’ |
A quarter of all UK pensioners becoming falling further and further into debt without any intention of paying it off before they die, a new survey has found.
According to the Sesame Debt Survey, more than 25 per cent of those over 65 who admit currently being in debt say they have no immediate plans to pay it off, making it likely that they will carry the debt to their graves.
The authors of the report suggest that this is because current retirees were part of the consumer credit revolution of the 60s and 70s, making them more comfortable with carrying debt than their predecessors.
Alastair Conway, the head of customer propositions at Sesame argued that older people should take more responsibility for their personal financial situation if the increasing debt crisis was to be resolved.
He warned: “The ability of retired people to recover from bad financial decisions is more limited. The alternative may be equally drastic, in that it may force the government to consider moving towards a system more akin to that of Japan, where debt is passed to children on the death of the parent.
“Indeed we are seeing moves in this direction already with the introduction of the deathbed mortgage.”
| Parents Should put Christmas Cash in Savings Account |
Parents are being urged to put their child’s cash presents into a savings account this Christmas.
With cash gifts becoming a popular choice for kids, moneysupermarket.com is urging parents to look at the benefits of saving cash gifts in a cash-based savings account with a good interest rate.
The website says there is huge incentive to put surplus Christmas money away to grow into a good-sized savings pot for use in later life.
It said parents who invest a regular sum of 50 a month into a Harpenden Building Society’s 18 Club children’s account paying 5.22 per cent AER could see 18,129.50 after 18 years. If this is helped by annual top-ups of 200 at Christmas there could be over 24,000 in the bank.
Stuart Glendinning, director of savings at moneysupermarket.com said: “While perhaps not as enticing as the latest toy, setting aside Christmas monies to start up a savings child savings account will enable parents to give their child a truly valuable start for the future. With an array of children’s accounts on the market with rates as high as ten per cent, putting even small additional amounts away boosts interest earned, over a period of time, especially considering the interest can be tax free.”
| Making the most of your savings account |
Savings accounts are things than can be easily forgotten about.
Consumers pay their hard-earned cash into them in preparation for a later date when the money will be needed and tend not to think about those funds thereafter.
For the most part, this is the idea of savings accounts a safe, quiet place where money accumulates.
However, by not giving this money an active status, consumers could be missing out on securing the best rates of interest, which would allow their money pots to swell faster.
Moneyfacts.co.uk reports that high street banks are currently holding 400 billion of our savings.
Worryingly, the financial website also reports that many savers aren’t getting the most for their money as loyal consumers are afraid or too lazy to leave their accounts.
Loyalty to a bank is a false economy. While a banker’s money sits in a ten-year old account, getting no reward for its faithfulness, the lender is using the profit they are making from these funds to offer new customers high interest rates.
Kevin Mountford, head of savings and current account, Moneysupermarket.com, says: “I think sometimes what people forget is with most tax payers that rate of interest is subject to tax at either a standard or higher rate so the net return they are getting often is even less than the retail prices index at the moment.
“The advice to those sorts of people is to look at some other alternatives.”
In other words, if the rate of interest you are earning on your savings is barely breaking even against the tax you are paying on it, then the time has come to move on.
However, it should not take such a drastic wake up call to make people become more discerning as to where they invest their money.
Being a new customer with a bank will often earn you rewards, with high rates of interest on offer for introductory periods offered by many banks.
In fact, consumers may want to consider the benefit of shifting their cash around once every few years, providing they are not charged a fee for doing so.
The best deals for saving accounts tend to be for those who can commit not only their money but their time.
Individual saving accounts (Isas) are often where the best rates of interest are on offer, but these accounts require consumers to tie their cash down for a specific period of time between one and five years.
Withdrawing funds ahead of the agreed date could lead to a financial penalty being levied on the consumer.
However, Mr Mountford even has a few words of caution again the government-backed Isas.
“If you take the Isa market for instance, those people who are shrewd enough to take their allowance on over the years, they will have a portfolio of savings products but I wonder how often they move their savings from previous providers so they can get current rates?,” he pondered.
| Guide to Investment Fund Market Sectors |
Most people come to stock market investing when they become tired of the low returns that high street savings accounts offer, and they want higher growth and potentially a little excitement along the way.
But with more than 2,000 funds to choose from, how does the novice investor make a selection?
Here UK Net Guide explains the basics markets of investment funds, whether unit trusts or open-ended investment companies (Oeics).
Unit trusts are divided into different groups, or sectors, by the Investment Management Association to allow you to make comparisons between like and like.
You need to decide before you start whether you are interested in receiving regular money from your investments (income), or whether you are happier to watch any dividends get reinvested in your fund (growth).
Then you need to choose which of the worlds stock markets you want to invest in. There is a wide choice, including the UK and Europe, the USA, the Far East and various emerging markets (which include Latin America, Africa, parts of Asia and the Middle East).
Each of these markets can then be divided into the types of shares in which the fund chooses to invest.
The main fund areas are:
UK all companies: Funds that invest at least 80% of their assets in UK shares, which have a primary objective of achieving capital growth.
UK smaller companies: Funds that invest at least 80% of their assets in UK stocks, which make up the bottom 10% of the UK stock market in terms of size.
Japan: Funds that invest at least 80% of their assets in Japanese shares.
Japanese smaller companies: Funds that invest at least 80% of their assets in Japanese equities of companies, which form the bottom 10% by size.
Asia Pacific, including Japan: Funds that invest at least 80% of their assets in Asia Pacific shares, including some Japanese shares. The Japanese element must make up less than 80%.
Asia Pacific, excluding Japan: Funds that invest at least 80% of their assets in Asia Pacific shares and exclude Japanese shares.
North America: Funds that invest at least 80% of their assets in North American shares.
North American smaller companies: Funds that invest at least 80% of their assets in North American equities of companies, which form the bottom 10% by size.
Europe, including UK: Funds that invest at least 80% of their assets in European shares. They may include UK stocks, but these must not exceed 80% of the fund’s assets.
Europe, excluding UK: Funds that invest at least 80% of their assets in European shares and exclude the UK.
European smaller companies: Funds that invest at least 80% of their assets in European equities of companies, which form the bottom 10% by market capitalisation in the European market. They may include UK stocks, but these must not exceed 80% or the fund’s assets. (‘Europe’ includes all countries in the FTSE pan-European indices.)
Emerging markets: Funds that invest 80% or more of their assets directly or indirectly in emerging markets as defined by the World Bank, without geographical restriction. Indirect investment for example, China shares listed in Hong Kong should not exceed 50% of the portfolio.
For more information
see the UK Net Guide features:
An Introduction to Unit Trusts and OEICS
Common Stock Market Terms Explained
The Golden Rules When Buying Shares
How To Read The Financial Pages
Investing In Gilts