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Savers lose £509m each year
2011-03-16 © Moneyextra.com
Savers are losing out on as much as £509 million by not putting their money into a tax efficient savings account according to Unbiased.co.uk.
Their annual Tax Action Report has found that as well as suffering from a squeeze in disposable income consumers are also missing out on potential interest by not using an Isa account for their savings.
Figures from the report show that out of a possible £42.8 billion, Brits actually only invested £32.5 billion into cash Isas last year.
According to Karen Barrett, Chief Executive of unbiased.co.uk even saving a small amount each month in a tax efficient account "can make a big difference in the long-term."
If you want a new Isa logon to Moneyextra.com where you can compare the whole of the market.
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More people need to cut back on their spending after the Money Advice Trust revealed that there's been a massive increase in people struggling to pay the rent.The organisation has revealed that there's been an 84 per cent increase in the amount of people having problems paying their landlord since the credit crunch began back in 2007.Whilst property site Zoopla.co.uk has revealed that it can be much cheaper to buy a property, rather than rent, this may not be an option for you, so you should look to tackle the rental issue by making sure that it's paid before all other debts.Other avenues open to you include ensuring you collect all benefits you're entitled to and cutting spending on utilities, something that you can do with help from MoneyExtra.com.
The Yorkshire Building Society is advising us to check how our savings account stacks up against inflation to ensure that we're not losing money in real terms.The lender notes that only a fifth (19 per cent) of us are checking how our savings are doing and as a result, we've lost an average of almost £2,500 (£2,428) over the past decade due to the impacts of inflation.To remedy this, you could look to place your money in an inflation-linked savings account or in a product like an Isa, which can pay you a higher rate of interest.The building society points out that the most common ways of saving money at the moment are using vouchers and discounts, buying more products that are on offer and shopping at cheaper stores.For more tips on saving money, check out MoneyExtra.com.
You could save yourself thousands of pounds if you opt for car insurance that protects your no-claims discount and stops you paying an excess if you get hit by an uninsured driver.Defaqto has pointed out that more policies are offering these benefits now compared to 2009, whilst there's been a significant up-lift in the number of deals available that just stop you from having to pay an excess for this type of incident.However, these elements of comprehensive car insurance are still relatively rare, despite their popularity amongst customers, so it's wise to check whether your policy includes them in case you are hit by an uninsured motorist.You could also save money by driving your car a bit less, keeping it maintained to avoid breakdowns and storing it in a secure garage. For more ways to save money, cruise through MoneyExtra.com.
The latest Asda Income Tracker has revealed that families' spending power fell by £14 a week in August leaving the average family with £162 weekly disposable income.The figure's down by £60 a month from last year, as a result of the basics costing us more, with inflation poised to continue its upwards movement whilst more energy companies have announced plans to increase prices.Andy Clarke is Asda's president and he notes that "the true cost of living is now beginning to take its toll", so it'd be a good idea to shop around, rather than just sticking to the same shops, buying the same branded goods.It could also pay to make sure your home is insulated and see if you can find a cheaper energy deal, which you may be able to do with the help of MoneyExtra.com.
The Association of British Insurers (ABI) is poised to introduce measures which could encourage more people to shop around for an annuity, which could save them thousands of pounds.The trade body will ban its members from including application forms in information packs in order to put people off just going for the easy option. Currently, fewer than half (46 per cent) of people end up choosing a company other than their pension fund provider for their annuity.And Stuart Bayliss, one of the founders of Better Annuity, advises that you should always include all your ailments on your application form in order to get the money you invest paid out over a shorter period, providing you with a more comfortable allowance each month.For more ways to make the most of your retirement, check out MoneyExtra.com today.
The National Association of Estate Agents (NAEA) has warned that now is the time to start implementing insulation measures so that you don't get caught out this winter.The organisation suggests that cavity wall insulation could be one of the best ways to save cash, although you will need to get a professional in to do the work. Make sure they're Cavity Insulation Guarantee Agency certified though, to guarantee a good job.You could also think about replacing your boiler for a more efficient model and you may find that there are still some trade-in offers available to you, so make sure you check out your options.Loft insulation and pipe cladding may also help you save money, as can switching to a different energy tariff, which you can do through MoneyExtra.com.
It's emerged that men are more likely to shop online, which could leave them in financial problems if they don't stay in control of their spending.Real estate firm CB Richard Ellis has indicated that overall, 40 per cent of us shop online, but whilst women do so once a month on average, for men, the figure is once every 2.5 weeks.Buying goods online can often be cheaper than buying things in the shops, but this can lull you into a belief that you may as well spend the savings you've made, rather than being happy with paying less for the items you need.To keep track of your spend more easily, you should keep a tally on your desktop so it's easy to see, whilst you could also start selling items online in order to balance the books. For more money-saving tips, check out MoneyExtra.com next time you're shopping online.
Being a student can be tough on your wallet – you're likely to have thousands of pounds to pay off once you start working, but you can reduce that by being canny with your cash.Make sure you use your NUS card to get money off clothes, food, drink, electronics and books to use in your studies – don't forget, second hand shops are a great place to find relevant texts too.The next step up from bargains is freebies, so make sure that you keep an eye out for useful vouchers and cards that are handed out around student venues.And if you're in a shared house, pool resources – that can save you from doubling up on items of food, whilst you could all pay into an account to deal with utilities via direct debit.You should also keep an eye out for good deals in utilities, something that you can do at MoneyExtra.com.
TalkTalk has emerged as the most complained about provider of both landlines and home internet, which may encourage customers to look at their suppliers.Ofcom has revealed that between April and June, 0.8 out of every 1,000 TalkTalk customers complained about the company's phone service – more than the combined amounts for Sky, BT and Virgin – although the number had dropped significantly from the first quarter.TalkTalk's fixed broadband complaints were also down over the same period, but the firm still received the most complaints per thousand customers out of the major suppliers.If you think you could get a better deal on your home phone or broadband, as well as complaining about your service, you could also check out MoneyExtra.com to see what your options are if you want to switch supplier.
Christmas can be an expensive time, but if you start thinking about it early, you could end up saving a tidy sum of cash.The sales are your friend – whether they take place in January or the summer, it's never too soon to start snapping up the bargain presents that you can stash away until the following December.On a similar note, start buying non-perishable food items in advance along with your regular shopping so you're not in for a shock in mid-December.Speaking of food, preserves are a Christmas staple, so if you take over-ripe fruit off the hands of retailers towards the end of summer, you could make yourself a few jams and pickles which would be perfect presents for friends and relatives.You could also join a savings scheme, put away a few pounds each week yourself or have a clearout of unwanted things to raise some cash on eBay.For plenty more ways to prevent a festive financial headache, check out MoneyExtra.com.
Which? has conducted a survey amongst professionals to see if they can work out their energy bills based on the information given on their supplier's website, but only one out of 36 could.The ones who couldn't work out what they would owe included an accountant, a solicitor and an engineer, leading to the consumer group claiming that this proves that bills are incomprehensible for the majority of the population.Which? wants an end to variable tariffs to make life easier for customers when they come to compare deals. Instead, it would like to see a fixed daily charge being levied per unit, with information that's easy to understand and more likely to help people save money.If you think you're paying too much for your energy, why not look to switch to another tariff here at MoneyExtra.com?
We could all make savings on our holiday cash in future if the Office of Fair Trading (OFT) chooses to act on a super-complaint from Consumer Focus.The watchdog thinks that holidaymakers are "losing out in a big way" due to varying levels of charges depending on the lender, fees that are far in excess of true costs and foreign exchange providers using misleading phrases like "zero per cent commission".Before you go on holiday, you should do your homework – some debit cards don't charge you anything for buying items or using ATMs abroad, whilst there are also a small number of credit cards that come with no foreign exchange fees.You could also get round some fees by choosing to use a prepaid card, but if you prefer carrying cash, do it in advance of your holiday to get better rates, rather than using the exchange at the airport.For more money-saving tips, browse MoneyExtra.com today.
If you want to celebrate Guy Fawkes' Night on 5th November, there are a number of ways you can do so without breaking the bank.Should you choose to host your own party, try and use up any food that's left over from Halloween a few days earlier – you should have plenty of pumpkins left over to make a warming soup to hand out.And rather than pay for everything yourself, ask your friends to bring a firework or two and maybe some food and drink as well.Alternatively, you could save on fireworks altogether by going to a public display – many councils put one on in a local park or there may be one that costs to enter, although you'd be able to see the fireworks in the sky anyway, so you could save yourself the entrance fee.For more ways to save money, browse MoneyExtra.com
Older people need to save as much as they can in order to make up for deficits that are likely to be incurred during retirement.The Aviva Real Retirement Report shows that if people need residential care during older age, there's a gap of more than £11,000 (£11,366) between the cost of care and their income.It also reveals the importance of retaining a job as you enter retirement, as more than a third (36 per cent) of an older person's total income is garnered from wages.However, if that's not possible and money is needed, you could always release equity from your home or downsize to a smaller property. On a smaller scale, the report also suggests that people are cutting "discretionary" food spending and opting for cheaper options.For more ways to save money, whatever your age, check out MoneyExtra.com.
Halloween doesn't need to be an expensive time of year and there's loads of ways you can make savings yet still have a spook-tacular time.Costumes are always necessary, but you can become a ghost just by using an old bed sheet and cutting some holes in it for the eyes. For something a bit more fancy, wear a suit, get a pair of cheap fangs, whiten your face a bit and you're transformed into Dracula.A few torn clothes and a bit of fake blood can turn you into a zombie, whilst supermarkets may have a few cheap outfits for the kids.For food, you can always have fun with jelly worms, make your own cupcakes with scary icing or see what cheap options are available in the shops if you're pushed for time.For more ways to celebrate on a budget, head over to MoneyExtra.com.
A recent poll from YouGov has confirmed that women buy clothes more frequently than men, meaning that there's plenty of scope for saving money by cutting down.44 per cent of women will buy new clothes once or twice a month, whilst the most common time span for men is once or twice a year, with 58 per cent of the vote.However, both sexes are aiming to make their clothes last, with 32 per cent of men and 30 per cent of women saying that they wear clothes until the wear out, although a sizeable 16 per cent of women admit to throwing clothes out within six months.You can save cash buy selling, rather than binning old clothes, whilst there are always shops with various sales on and cut-price ones which can save you a significant percentage off the ticket price.For more ways to cut down on spending, check out MoneyExtra.com.
Parents can often go over the top with birthday parties for their children so that they're not disappointed, but this is often a very expensive option.Hiring in a bouncy castle, magician, clown or similar performer, or heading to an indoor soft play adventure will certainly help you keep up with the Joneses, but you'll certainly feel it in the wallet.Instead, you could think about rolling back the years and doing a traditional party at your home including pass the parcel, pin the tail on the donkey, jelly, ice cream and cakes – after all, if it's good enough for the parents of the future queen, it's something we can all do.Carole and Michael Middleton told the Financial Times that they started their party business in the early 1990s in order to help people enjoy inexpensive, traditional parties that focus on family fun.For more money-saving tips, check out MoneyExtra.com.
There's tons of ways to use technology in order to save money, but here's a few of our favourites.Around the house, you could set timer switches so that heating or lighting isn't left on all night, whilst you could also get special plugs that reduce the amount of electricity needed to power your stuff.Your bills might also end up being cheaper if you get an energy monitor installed – that way, you can see how much you use and it may give you an idea on where you need to cut back.There's apps-aplenty for your phone as well, including one to find local petrol prices, vouchers codes and the popular Say No to 0870 app, which finds you geographical alternatives to potentially expensive 0870 numbers.You could also set your phone up as a sat-nav to save you a bit of cash, as you won't have to buy a standalone system.That's barely scratched the surface of what's on offer, so for more ways to save money, check out MoneyExtra.com.
Buying groceries is one of the biggest expenses you will incur during your life, so it's vital that you save as much money as possible on your shopping.One of the best ways is to only spend what you need to – don't get drawn in by special offers on things you don't really need – draw up a list before you go and make sure you stick to it.You could save even more cash by changing some of the products on your shopping list to own-brand options, which will usually be much cheaper than the branded goods and probably not be too different in terms of quality.Alternatively, if you love the taste or feel of a branded good, shop around to find the cheapest price and maybe look out for vouchers that could get you some money off.For more ways to save cash, check out MoneyExtra.com.
The prime minister has suggested that school holidays should be shortened in order to reduce the amount that parents have to pay out in childcare over the summer.A leaked Downing Street memo suggests this as a way for the coalition to appeal to female voters, along with front-loading benefits so more goes to women with younger children and a greater choice of maternity services.Another proposal includes banning advertising aimed at under-16s, which could help you save lots of money that's otherwise lost to pester power, although you can always say no when asked for items you can't budget for.Make sure you get all the help you can by claiming the benefits that you're entitled to and if you've had your children within a few years of each other, make sure you keep the first child's baby clothes so you don't have to shell out for additional ones.For more hints on saving money, visit MoneyExtra.com.
Millions of people across the country are missing out on thousands of pounds when they hit retirement by not saving for a pension.The Prudential has revealed that a third (35 per cent) of us aren't saving into a private scheme and – based on the average person saving 6.2 per cent of their £1m lifetime earnings – that means missing out on around £15,000 of tax relief.According to the Pru's Vince Smith-Hughes, "making regular pension contributions is a vital part of securing a comfortable retirement," adding that the sooner you start, the more comfortable retirement could be.If you don't think you currently have the spare cash available to allow you to start a pension, you could look to cut your bills or maybe take a second job and put the proceeds into a retirement fund. To find out more ways of saving money, check out MoneyExtra.com.
Holidays are a vital way to help you unwind and refresh, but they can be expensive – fortunately, there's a few things you can do to lighten the load.Holidaying in the UK, or staycationing, can save you loads of money compared to foreign trips and if you have friends and family living in desirable locations, why not see if they have a spare room so you don't have to shell out for accommodation?When you are booking somewhere, it's generally cheaper if you do it well in advance of when you go, or you could be a little more risky and wait for any good last minute deals to crop up.If you head to the continent, make sure you get a free European Health Insurance Card (EHIC) to cover you for emergencies before you go and ensure that you find the cheapest travel insurance possible too, but make sure that it covers everything you need.Also, remember to switch data roaming off on your phone, take a packed lunch for the plane if food costs extra and aim to visit during term-time in the country you visit, as you could find some bargains.For more hints, look at MoneyExtra.com.
When we head down to the shops, we're taking our time to make sure that we get the best deals, according to new figures.Morrisons has indicated that half (51 per cent) of its customers now check the price of every item before they add it to their trolley, whilst paying for the shopping on a credit card has gone down, although debit card payments have increased.Dalton Philips is the supermarket's chief executive and he believes that because "grocery shopping is the biggest bill after your mortgage", people will continue to take a "professional approach" once the financial mood has improved.Further savings can be made by utilising vouchers, doing your shopping at a number of stores and only buying what you need. For more ways to save cash, investigate MoneyExtra.com.
With petrol prices going up and wages coming down, being able to save hundreds of pounds on fuel could prove crucial for all drivers.A feature in the Guardian reckons that the average driver who drives 15,000 miles a year, can save close to £900 a year (£870.75, based on average fuel at £1.35 a litre) if they take on board a few money-saving driving tips.Being economical doesn't mean driving slowly, sticking to a constant pace can use less fuel and save you more cash, as can changing gear at the right time – it should be around the 2,500 RPM mark for petrol cars and 2,000 for diesel.You should also make sure that acceleration and deceleration are smooth and controlled, tyres are at their optimum pressure and have a look round to find the cheapest petrol stations near you - opt for them in order to save a few pence per litre.For more money-saving tips, check out MoneyExtra.com.
Yesterday, we brought you five ways to save yourself money around the house, so here's some more tips from MoneyExtra.com for when you're not at home.Your car is always going to be a big expense, so aim for a smaller or more fuel-efficient model, try to do as much basic maintenance on it as you can and – with petrol prices how they are – maybe jump on the bus a bit more often.Or perhaps if you walk more, you won't need that expensive gym membership that you may rarely use.Don't spend up to a tenner each day buying lunch at work – plan ahead and take a packed lunch with you – it'll cost you so much less and will probably be healthier.Shop smarter too –make a list before you go, utilise vouchers and consider own-brand goods or stuff from the market.And most of all, be sensible with your cash – shopping can be fun, but make sure you keep asking yourself 'do I really need this?'
A group of women have visited Downing Street to appeal to the prime minister not to speed up the increase to female pensions.The campaigners from Age UK went to see David Cameron in the hope that they can get him to revert to the original coalition agreement that the state pension age for women won't go past 65 before 2020.As it is, there are fears of a pension black hole for women who didn't think they'd be affected by the pension reform.If the government stays on course to raise the female pension age earlier and you're affected by this, you may need to make some alterations in order to maintain a comfortable standard of living.This could involve taking on a second job or looking online for more bargains when you're shopping. For more tips, check out MoneyExtra.com.
Women now make up almost half (48 per cent) of all insolvencies, suggesting that an increasing number need to cut their spending.The figures from RSM Tenon found that nearly 15,000 (14,827) women were declared bankrupt, obtained a debt relief order (DRO) or took out an Individual Voluntary Arrangement (IVA) during the second quarter of this year.If your debts get to these levels, it's time to take action, which could involve speaking to debt advice professional in order to get to the bottom of your financial problems.As well as that, you could always aim to make extra money by selling or downsizing your car, taking on a second job or putting what savings you have into higher interest options, like Isas.For more ideas on ways to save money, check out MoneyExtra.com.
Because here at MoneyExtra.com, we love you to save money, here's a quick rundown of some of our favourite methods around the house.Your biggest expense is likely to be your mortgage, so ensure that you keep on top of payments and check your remortgaging and overpayment issues – doing so could save you thousands in interest payments.Make sure that you frequently check your tariffs for utilities – there's a constant stream of new deals all year round and switching to the most suitable could save you loads.You can also do your own DIY to save yourself cash – there's plenty of guides online to help you with the basics and don't be afraid to sell unwanted clutter over the internet too – that could help you get rid of junk and bring in some cash.And finally, ensure that your home insurance is the cheapest available that offers you the protection you need.Join us tomorrow on MoneyExtra for more ways to save money.
Liverpool has, once again, come top of the list of unemployed households, with three-in-ten (31.9 per cent) homes having no-one in employment during 2010.The northwest city has topped the poll for five of the last seven years, whilst the most recent Office of National Statistics figures also show that Nottingham and Glasgow have similar percentages, with the former's largely due to the amount of students living in the city.Nationally, 28 per cent of the workless households give sickness or disability as the reason, and if this is true for you, ensure that you claim all the benefits to which you are entitled – the welfare system is there to help those who are genuinely in need.You should also aim to live within your means by not splashing out on luxuries like satellite TV or a constantly updating your wardrobe when your existing clothes are fine. For more help on saving money, check out MoneyExtra.com.
Two-thirds of working parents struggle to pay for childcare - whilst a quarter have been plunged into debt as a result of paying for a nursery or nanny.The Daycare Trust and Save the Children has found that a number of poorer parents are either turning down jobs or considering leaving their current employment, as they would be better off on benefits, but not having to shell out for childcare.An alternative would be to take on a second job that could be performed whilst other family members are at home to look after children. This is something that's being considered by half of mothers who were recently surveyed by home shopping firm Kleeneze.Parents could save themselves money by limiting their outgoings by saying no to their children's demands more often and looking into cheaper alternatives for their bills, which they can do through MoneyExtra.com.
Almost 350,000 (348,000) homes added insulation to their homes in the three months leading up to July, which could land them significant savings.According to the Department of Energy and Climate Change (DECC), there's now more than 24m (24.41m) homes in the UK with insulation in their lofts, cavity walls and solid walls, which Energy Secretary Chris Huhne reckons could save you £100 a year in heating bills.If you're worried about staying warm this winter, you could prepare your home by getting similar insulation or by making sure that you claim any cold weather allowance that may be available to you.On top of that, you could also switch energy tariffs to cheaper ones - and you could do that with us at MoneyExtra.com – the money experts.
There are calls to make electric vehicles cheaper for us to buy, in a move that could see running costs slashed due to the lack of reliance on pricey petrol.The British Vehicle Rental and Leasing Association has challenged manufacturers to work out a more "realistic" pricing structure for electric and hybrid cars in order to make them more accessible for drivers, although the government does offer a £5,000 subsidy on some models.Alternatively, you could look to make savings by getting a more fuel-efficient petrol-driven vehicle - Ford has recently claimed that its upcoming Focus model will by the most efficient non-hybrid family car available in Europe.Regardless of the age or power source of your car, you can make savings on it by car-pooling and conducting minor repairs yourself in order to save garage costs. For more money-saving tips, browse MoneyExtra.com.
Recession worries have put a quarter of women off the idea of having a baby, including 15 per cent who have abandoned the idea completely.Red Magazine has discovered that of those who are still looking to conceive, the amount they would be willing to spend on IVF has dropped from £15,000 to £12,000 over the past year.If you're looking to have a baby, but are worried about the financial side, there are a number of ways you can pay for the treatment, including taking on extra work or asking your family for a loan.However, for long-lasting savings, you could remortgage your property, so you pay out less each month, opt for a more efficient car or be proactive in finding the cheapest tariffs for your utilities - something that you can undertake here at MoneyExtra.com.
Travellers are still being charged excessive booking fees when they pay with their cards, resulting in them paying £265,000 extra every single day.Which? is continuing its campaign to see surcharges on debit cards outlawed, although since launching a super-complaint against the charges, Lufthansa and Swiss have both introduced the fees for credit and debit card bookers.However, some companies have chosen to make charges more transparent on their websites, whilst others have removed debit surcharges altogether, which may influence who you choose to travel with.If you're going abroad, BA currently offers no fee for debit card bookers, whilst if you're travelling within the UK, booking via The Trainline will also incur no surcharge.To find out about more ways to save money, visit MoneyExtra.com.
A travellers' alliance has been formed to help older people retain cut-price travel, which is set to disappear from November.It comes as the government introduces cost-cutting measures, which mean travel firms won't be able to offer half-price fares for long-distance coach travel.The Coalition have indicated that doing this will help protect free bus passes for local routes.In opposition to the move, National Express has teamed up with Age UK, Disability Alliance and the Campaign for Better Transport, in order to keep the prices down for customers.If the alliance fail to succeed however, there are still some methods you should know about when it comes to obtaining cheap travel.For example, on local trips, you should ensure you take advantage of your local bus pass, and for longer ones, why not look into getting a senior rail card, which could provide you with significant savings, particularly if you book online and well in advance of your trip.
If you've got a £100,000 pension pot, getting an annuity today will see you miss out on £1,600 a year compared to if you'd annuitised three years ago.According to Hargreaves Lansdown, the value of annuities has fallen by 21 per cent since August 2008, due to plummeting interest levels on government bonds and gilts.One way you can help make your retirement more comfortable is to invest more into your pension at an earlier age, which could effectively mean you'll receive a similar income as you would have done in 2008, albeit for a higher initial investment.Alternatively, if you don't feel like giving up work completely once you start to draw your pension, see if there are any part-time roles going in nearby shops and offices. As well as earning you more money, it will help you meet more people.For more financial advice, check out MoneyExtra.com.
Families around the UK need to start looking for new ways to save money after it emerged that both incomes and savings are down.Aviva has found that inflation has hit the amount of cash in people's pockets this month, taking a typical household's income down to £2,018 a month. Savings have also suffered and the average family now has less than £1,000 (£982) in the bank.Whilst you can't do a lot about your wages, other than gaining extra or better-paid employment, you can increase your savings by looking to shrink your bills by changing provider for electricity, gas, phone and mobile.You could also make the most of vouchers and special offers in shops, as well as going for cheaper products, rather than staying loyal to one brand. For more tips, check out MoneyExtra.com.
Around a third of people who are close to retirement don't know when they're going to be able to give up work due to financial pressures.And according to Barings, of those who do plan to retire, more are considering doing so an older age than when they were asked last year.In order to allow yourself a comfortable retirement, you should start saving as early as possible and if money's currently tight, look to save a few pounds by getting a cheaper deal on your energy bills or insurance policy.If you're at retirement, shop around for your annuity to get the best deal possible. If you're not sure where to look, speak to an adviser, who can help you get value for money.For more ways on saving money in older age, take a browse around MoneyExtra.com.
Families all over the country are sticking with their existing mobile phone providers because it's easy, even though they could make savings by shopping around.Which? Mobile has indicated that almost 20 million of us have never switched service provider, many of whom could be spending more than they need to.It appears that many people who have stuck with their current provider have done so because they're worried about a lengthy and difficult switch, but of the millions of people who have switched over the last few years, nine-in-ten have found the process an easy one.So why not spend some time to find a cheaper deal – you may discover that a contract could work out cheaper than pay-as-you-go or vice versa. For more help, check out MoneyExtra.com.
More than six million of us have fallen foul of a cowboy tradesmen in the past five years and it's cost us £3.7bn to put it right again.Sainsbury's has found that we've been paying the cowboys more than £2,000 (£2,077) for jobs and then a further £600 to fix the mess they've made, whilst more than 150,000 people have been forking out more than £5,000 to rectify botched jobs.To avoid these problems, make sure you research the tradesmen you intend to use and ask friends and family for recommendations of any they've used recently. Also, make sure you get a written quote and check for relevant qualifications.For smaller jobs, like basic painting and decorating, you could save a lot of money by doing the work yourself or asking a friend to help you. To get more tips on saving money, check out MoneyExtra.com.
Even with a £140 a week state pension and auto-enrolment onto company schemes, average earners are likely to fall short of having a comfortable retirement.Hargreaves Lansdown has found that a 35-year-old earning £26,000 a year is on track for a retirement income of £11,000 a year – well short of the £17,000 target set by the government's Pensions Commission in 2005.To make sure that you're not caught short, you could start looking to make cutbacks now and put the amount you save into a private pension - which could bump up your future income.There are loads of ways to cut back, including keeping your car better maintained, shopping around for food and switching your energy provider.For more help, check out MoneyExtra.com.
We might not have the cheapest fuel in this country, but it could be a lot worse – Norwegians are paying 164p per litre for their petrol, compared to our average of 135p.It is possible to fill your car for as little as 2p a litre, however this would involve moving to Venezuela, where President Hugo Chavez has kept prices low, as the nation sees cheap fuel as a basic right.These stats from Staveley Head and the Daily Mail show that there are ten countries in the world where you can get a litre of fuel for less than 20p, but all of these are major oil-producing nations.There are practical ways you can cut down your petrol spend though, such as keeping your car running as fuel-efficiently as possible, carpool where you can and you could always leave it at home for short journeys and hop on a bus.For more ways of saving money, check out MoneyExtra.com.
You should always keep an eye out for the best deal on Isas, as the initial appealing rates may dwindle, which could see you lose out on interest.The Daily Mail indicates that some banks are also keeping the tax relief given by the government to savers, which means they could lose out on up to £75 for every £10,000 saved in the schemes.If you're a saver who currently has an Isas, you should check that their banks are playing fair and paying the same rate on their fixed-rate bonds, regardless on whether they are taxable or tax free.And if you don't have an Isa, don't be put off – they can be a useful way to save extra money and at a time when regular savings accounts aren't paying out much in interest due to the low Bank Rate, they could be worth considering.For more financial advice, check out MoneyExtra.com.
Between us, we're saving £51 billion by spending time doing a bit of bargain hunting, according to new figures from the Halifax.The research shows that two-in-five (42 per cent) of us look for bargains more than we used to because money is tight, whilst one-in-eleven (9 per cent) actually get annoyed with partners who spend too much.There's loads of ways to save money, with more than half (53 per cent) of us looking for deals on meals at restaurants and takeaways, whilst two-in-five look to make savings on holidays and a quarter aim to cut flight costs.Money-off vouchers are also proving popular, with 36 million of us heading online to voucher websites. For more ways to cut your spend, check out what you can do with the help of MoneyExtra.com.
Older people are being warned to be more aware about scam loan companies, as the Office of Fair Trading (OFT) reports having seen a 50 per cent year-on-year rise in related complaints.The OFT notes that you should be cautious about companies that cold-call you or ask for upfront fees, whilst you should never give out your card details to anyone, even if they say it's for 'security reasons'.The best way to ward off the advances of these kinds of companies is to make sure you don't put yourself in a position whereby you may need some extra cash. This could involve saving money through shopping at cheaper stores or searching for a better energy deal.For more tips on how you can keep your bank account in the black, check out MoneyExtra.com.
If you're locked into a long gym contract, you could soon be able to get out of it and save yourself hundreds of pounds in the process.The High Court has ruled that some gym contracts make unfair demands on people looking to keep fit - and that the gyms would be breaking the law if they tried to enforce these contracts.Whilst the court order will only directly affect some gyms, if you're unhappy about the length of your gym contract, you may be able to query it and get it cancelled, as you may have precedence on your side.Once you're free of your contract, there's plenty of ways to keep fit on a budget, including joining a sports team or heading out for a jog in a local park. For more money-saving tips, head to MoneyExtra.com.
Most parents will be turning their attentions to the new school year which begins in a few weeks and many will be looking at how to make savings on equipment.Cashback website Quidco.com reckons that if you're a parent, you'll be paying out £200 per child to get them uniform, sports kit, books, new shoes and other important items before they start the new term in September.Fortunately, a lot of supermarkets and clothes shops are doing two-for-one deals on uniform items, whilst Quidco recommends buying online from sites that offer cashback for purchases, as cheaper internet prices can mean that you save twice.To find other ways of making your cash go further so that you can buy your kids the stuff you need, check out MoneyExtra.com.
The Competition Commission has provisionally recommended that Sky loosens its grip on the pay-TV movie sector, which could ultimately save us a lot of money.If you currently pay a high price to access Sky Movies, this could some come down if other providers are able to buy the rights to show the most recent films first on TV.However, there are currently plenty of ways that you can watch loads of films, but cut your spending, including signing up for a mobile phone with Orange and making the most of the two-for-one Orange Wednesday promotion at your cinema.Or if you prefer watching films at home, a service like LoveFilm can provide you with all the movies you want, be it online, via your internet-enabled TV or through DVDs sent to your house.For more tips on saving cash, check out MoneyExtra.com.
People coming up to retirement should try to make savings now so that they don't feel forced to give up their pensions by their bosses.KPMG has found that a quarter of workers have been approached by their employers with the offer of a cash lump sum now instead of their pension when they retire and usually, the upfront payment is much lower than the pension would've been.The thinking is that people might be tight for cash now and could appreciate the money, but cutting back by switching energy companies, running your car as efficiently as possible and selling off unwanted items online can help you manage your cashflow.For more money-saving tips, take a browse around MoneyExtra.com, because we're the money experts.
Families in the UK should double check their phone bills to make sure that they're not being charged for services they don't use.This comes after Ofcom fined TalkTalk and Tiscali £3m for incorrectly billing 62,000 people between January and November last year – in many cases continuing to charge people who had closed their accounts.A further 3,000 were wrongly charged after the regulator had issued a legal-binding notification, despite TalkTalk taking steps to stop the charges. As a result, the fine was issue to "reflect the seriousness" of the rule breach.If you've been affected or your just want to save some money by seeing what other home phone and broadband deals are available, you could check on MoneyExtra.com to see how much you could save on your bills.
Under 25s in Northern Ireland have the highest levels of debt of their age group anywhere in the UK, according to new figures.It appears that savings need to be made by young people in the province after the Consumer Credit Counselling Service (CCCS) revealed that they called for help with debts of more than £8,000 (£8,272) last year, compared with a little over £6,000 (£6,316) in the rest of the UK.There are a number of ways that younger people can look to save money in order to avoid debt, and if it affects you, you could cut up credit cards and trying to live within your means or try to wean yourself off buying the latest clothes and gadgets.There's loads of other money saving tips on MoneyExtra.com, so log on and find out.
The cost of living for pensioners is currently going up almost 50 per cent (44 per cent) faster than the current rate of inflation, effectively costing billions of pounds over the next year.Prudential has worked out that older people with savings could see their spending power diminish by almost £300 (£278) in the next 12 months, meaning that savings will have to be made so they don't lose out.If you fear that you may be affected, you can cut down on shopping bills by looking in discount shops and forgetting brand loyalty, whilst you can also make savings at pumps by driving more efficiently.Change your energy bills and look out for any bonuses you may get for paying by direct debit, or which companies offer cashback. For more money-saving advice, take a browse around MoneyExtra.com.
Women in the North East of the country have suffered the most from public service job cuts - so they're potentially the most in need of money-saving help.The TUC has revealed that between December 2007 and this April, the amount of women in work in the region has decreased by more than five per cent (5.09 per cent) – much more than any other region in the UK.If the cuts have affected you and you need to scale back your spending, you can start with your shopping – try buying from different stores and shop around to get the best deals. Also, try to make clothes and other non-food items last a little longer – the savings will soon add up.Also, make sure you claim all the benefits you're entitled to – as we told you yesterday, there's some £8.5bn going unclaimed and some of that could be yours. For more money-saving help, check out MoneyExtra.com.
Despite reports about the cost of energy-saving light bulbs going up, they still represent value for money for homeowners.Friends of the Earth has come out in defence of the lighting, as although each bulb may cost more than the old-style bulbs, they will use much less energy and last a great deal longer than their predecessors.The charity points out that manufacturers are saying that the costs of raw materials for the bulbs are going up, but as they can be reused, this will limit any price rises passed onto the customer.Just using energy-saving bulbs can significantly cut your energy bill at a time when electricity prices are soaring – to make even more savings on your bills, check out MoneyExtra.com, the money experts.
Billions of pounds of pension credit will go unclaimed this year, meaning many pensioners are enduring a tougher retirement than is necessary.Unbiased.co.uk has found that up to £2.3bn won't be taken up by older people in this country, as well as a further £6.2bn in other benefits for other age groups.The website notes that many people will have missed the 31st July deadline to claim their credits, meaning that they are likely to receive a 'statement of account' letter from HMRC, telling them that their benefits will be stopped.However, if you receive one of these letters, you have 30 days to contact the Revenue in order to keep your payments coming. For more money saving hints, get in touch with MoneyExtra.com – the money experts.
A new range of body-hugging pants could help men look good without having to spend hundreds of pounds a year at the gym.The Bodysculpt Trunks from Asda only cost a tenner each and they'll hold your body in a certain way so that beer bellies and muffin tops are much less evident.Of course, you can't just use this instead of exercise, but it's a good, quick way to look slimmer in a hurry. In the long-term though, you can keep fit on a budget by going jogging or bike-riding on the streets or in the countryside.And don't forget, you don't have to go at speed – a good walk or some form of hiking exercise will burn a lot more fat than you might imagine, meaning that paying for expensive gyms and personal trainers can be a thing of the past. For more tips, check out MoneyExtra.com.
A debt charity has raised concerns that relatively few people in the UK have savings that they can fall back on when they need some extra cash.The Consumer Credit Counselling Service (CCCS) has found that 4.3 million people have no savings at all, whilst 1.1 million have less than £1,000 put away -which could leave them in debt trouble or building up a number of loans if they need to pay for emergencies.Getting control of your finances can start by reviewing how much you're spending on certain luxuries and putting what you've stopped spending into your savings.For instance, do you really need pay TV? And do you have to have to buy new clothes or gadgets as soon as they're in the shops?There are also ways you can cut back on bills and charges, so to find out more, check out MoneyExtra.com – the money experts.
It's not only women who are going in for beauty treatments before they go on holiday – more men are taking steps to look their best before they go abroad.Sunshine.co.uk has found that a third (31 per cent) of men undertook some kind of treatment before they last went on holiday, including getting a haircut, working out, waxing, dieting, manicures, pedicures and facials.Instead of paying top dollar on these kind of things in future, you should keep an eye out for cheaper alternatives – if you have your hair short, you or a friend could save you the cost of a barber, whilst similar could be said for waxing, pedicures and similar treatments.Diets don't have to involve expensive superfoods and working out doesn't have to take place at an expensive gym – do some jogging, play some football or go to a public swimming pool. For more tips, check out MoneyExtra.com.
Nearly two-in-five (38 per cent) people in the UK don't have a pension, including 1.4 million who are over the age of 55.The figures from Barings also make worrying reading for 25-to-34 year olds, as almost half (47 per cent) haven't started planning for retirement, even though this is a prime time to be doing so.If you can't squeeze anything out of your current spend into a pension, you should consider ways to reduce your existing outlay and then you could put everything you save into a pension pot, so you have some peace of mind.Even doing things as simple as making clothes last longer or regularly looking for the cheapest energy deal can make a difference and for more ways to save money, get in touch with MoneyExtra.com.
If you're having trouble paying off your mortgage, you should contact your lender to see if they can help, rather than suffer in silence.Which? has found that almost three-quarters (72 per cent) of us are worried about mortgage rates going up, with one-in-seven (14 per cent) already struggle with repayments. Despite this, only a third (36 per cent) of this number have discussed the situation with their bank.The consumer champion found that an increase of £50 a month to mortgage repayments would have an impact on three-quarters of households, so looking for ways to save that money is vital – be it shopping at cheaper stores, having fewer nights out or something else.Of course, by contacting your lender, they could offer you a payment holiday or switch your deal onto one that's more manageable. For more money help, check out MoneyExtra.com.
Whilst fuel bills are going up, Boris Johnson is helping families who live in the capital to become more energy efficient and save money.The RE:NEW scheme will take place across 55,000 homes in London between now and May next year and homeowners can expect to make savings of up to £180 a year, whilst also saving nearly 3,500 tons of carbon dioxide.Amongst the devices being used are free low-energy light bulbs, standby switches, water saving measures and loft insulation, which can all play their part in lowering bills.If you live outside the capital, you should contact your local authority or energy supplier to see if they offer any similar schemes, so you can do your bit for both your wallet and the environment. For more tips, check out MoneyExtra.com.
The Silver RPI has cost over-55s nearly £1,000 (£984.28) a year since 2008, so finding ways to cut the deficit has never been more necessary.Age UK has revealed that the premium that older people pay – which is based on the inflation built into the items they typically buy – is close to five per cent (4.91 per cent) more than the headline rate of inflation over the past three years.There are a number of ways in which you can help mitigate against the increasing costs, such as ensuring that you claim all the benefits that you are entitled to and making sure you don't pay over the odds when there are discounts available for older people on a range of items.You should also make sure that you seek a range of advice before settling for an annuity, as this could provide you with hundreds of pounds more a year. For more tips, check out MoneyExtra.com.
The number of new car sales fell by 3.5 per cent last month, as it appears that more people are trying to make their vehicle last longer.The Society of Motor Manufacturers and Traders (SMMT) revealed that a little over 131,000 (131,634) units were sold in July, down on the same month in 2010. Numbers could've been lower were it not for businesses propping up the sales.As we all look to make savings, we can make our cars last for longer by carrying out a range of checks ourselves, including tyre pressure, break fluid and spark plugs.Treating our cars well whilst we're behind the wheel is important too, so don't gun the engine when you start it up and try to avoid driving at times when the traffic is likely to be stop-start.For more money-saving tips, check out MoneyExtra.com.
A significant proportion of us are borrowing from friends and family, which can harm relationships - but the need to borrow can be reduced if spending is cut back.The Consumer Credit Counselling Service (CCCS) has found that a fifth (18 per cent) of the people who contacted them have outstanding loans from mates and relatives, and can sometimes neglect these payments due to the lack of enforcement.However, this can put severe strain on relationships and could adversely affect the financial well-being of the lender, so before taking out such a loan, you should look into ways to trim your spending to try and help you live within your means.Shopping at cheaper stores, buying own-brand products and searching for better deals on your electricity, gas, mobile and home phone deals could save you hundreds of pounds each year, so to get started, have a browse on MoneyExtra.com.
Almost half of us could be saving money on our home phone bills, according to a new survey from Consumer Choices.Our partners have found that virtually 50 per cent (48.5 per cent) of us haven't switched our landline provider for more than five years, with the average saving thought to be around £100 a year.Michael Phillips from the comparison site notes that the "home phone bill is often the 'forgotten' bill", as an increasing number of us use our mobiles to call people and only have a landline so that we can access broadband.To cut down on the cost, you should search for new providers, pay by direct debit and where possible, opt for things like paperless billing that can save you money. For more advice, check out MoneyExtra.com.
Last week's slumping financial markets might not mean much to many people, but they could have a severe effect on people who are about to buy an annuity.If you have a personal pension fund, around 60 per cent of it will be invested in shares and with tens of billions of pounds being wiped from the value of the FTSE 100, this could affect how much money you have to spend.It's unknown how long the volatility will last, so you may need to find ways of cutting back your spending in retirement, like fixing your energy prices now, as they're only going to go up in the next few months, as was seen last week when E.ON increased their charges.There are plenty of other ways to stabilise or lower your expenses in older age, so check them out on MoneyExtra.com today.
Swiftcover has revealed that as a nation, we've spent £15bn on gadgets in the last five years and thrown away £500m-worth of them since.The ones that aren't in the bin aren't necessarily seeing the light of day either – with upgrades coming out all the time, a third (35 per cent) of the tech bought since 2006 is sitting in a box somewhere, gather dust.Instead of letting the money go to waste, more of us should make the most of sites like eBay and Gumtree, where we can sell on our unwanted tech once a new model comes out. Alternatively, we could try to hold off buying shiny new things as soon as they're released!For more advice, get in touch with MoneyExtra.com – the money experts.
Sometimes it can be hard to keep track of what your child's spending on their mobile phone, but an operator has launched a new tariff that can help.T-Mobile's You Fix rate costs a set amount each month and you've got a certain allowance of minutes and texts – once they're used up, that's it - unless you get a booster to top up the phone.Whilst it sounds similar to the standard pay-as-you-go, it offers more services for your money and also allows you to pick up smartphones on the cheap, rather than paying hundreds of pounds, as you would if you chose a pre-pay device.Of course, if you're not bothered about the fanciness of the handset, pay-as-you-go might be a better bet, whilst a number of operators offer one-month contracts if you don't want to be tied down for too long.For more ways to save money, check out MoneyExtra.com.
The amount of people becoming insolvent has gone down again, but accountants RSM Tenon warn that this is more due to luck, rather than judgement.Whilst the Insolvency Service has indicated that around 30,000 people became insolvent between April and June, the figure was helped by low interest rates. The accountancy firm warns that once the base rate goes up, so too will the amount of insolvencies.To avoid being one of the anticipated 120,000 bankruptcies in the UK this year, now is the time to start cutting back on your spending across the board, be it on shopping, bills or transport.Buying food online or at cheaper stores, finding a cheaper tariff for your energy and using your car less can all help, but for more money-saving tips, check out MoneyExtra.com.
A number of experts have been looking at foreign pension systems and finding that they offer much better rates of return than ones in this country.The Daily Telegraph reports that pension charges in the Netherlands are much lower than in the UK; whilst in Chile, the annuity market is much more sophisticated than over here - and in Australia, pension contributions are mandatory.Nest should bring us more in line with this latter system, but there are a number of things we can all do to ensure we have a comfortable retirement, with one of the biggest being to start saving from a young age.You should also keep an eye on the charges and performances of your pension pot, whilst joining a company pension scheme will effectively give you 'free' money through matched contributions.For more help, come to MoneyExtra – the money experts.
A BBC study has revealed that only 11 out of 104 football clubs in England and Scotland will let you enjoy a match for less than £20 this coming season.After we gave you suggestions about how to avoid paying top price for televised football earlier in the week, the new poll shows just how much costs for attending matches can vary across the country.With the cost of programmes and refreshments being high at many grounds, the best way to save money is to cut back on everything but the match day ticket, although as these can cost as much as £100, even that may prove too much.Instead, you could get a season ticket, which could work out cheaper per-match, or perhaps head to a local team lower down the pyramid – in non-league especially, you can have a good day out for less than a tenner.For more money-saving tips, check out MoneyExtra.com.
The amount of people looking to reclaim money after allegedly misleading financial transactions, has doubled over the past year.The Financial Ombudsman Service (FOS) has revealed that the first three months of the financial year were the "busiest ever", with more than 81,000 complaints being received – more than double the amount from the same period in 2010.Of this number, almost seven-in-ten (69 per cent) were about Payment Protection Insurance (PPI) - and here at MoneyExtra.com, we can help you reclaim lost PPI money with the help of our partners at Joshua Brookes.For more details, get in touch with us today or alternatively, if you'd like to deal with your PPI claim yourself, we can provide you with a form to help get you started.
Having the kids at home over the summer means that you're more likely to giving them treats, but this year it'll cost you a lot more money.Shopping comparison site MySupermarket.co.uk, has found that the family summer shopping basket has increased in cost by 11 per cent since last year and 37 per cent since 2006 - meaning that shoppers need to start making some savings.To cut back, make sure that you shop smarter – either go to a variety of shops to get the best price, or get to know your supermarket better – don't just plump for the brand items that are at eye level, have a bit of a rummage and you'll be able to find cheaper goods.Also, once you've bought your goods, don't just throw things away if they haven't been eaten by the 'best before' date – this is merely advisory in most cases and food is still edible afterwards.For more money-saving tips, check out MoneyExtra.com.
The new football season is getting closer and closer, so men who want to see all the action need to start thinking about what they can afford to watch.There are some offerings on terrestrial channels, like FA Cup and England matches on ITV - whilst the BBC has highlights from the Premier League and Football League, but that won't quite cut it from some of you fans out there.If you choose to go down the subscription TV route, make sure you only sign up to channels that you'll actually watch and always check the small print for any potential charges that might not be immediately obvious.And if you've got a smartphone, ESPN are removing the charge from their Goals app, which will let you see all the top flight highlights on your phone.For more money saving tips, check out MoneyExtra.com.
It's been suggested that people who retire after 2020 will have to expect a "bleak old age", but it needn't be that way if they look to make a few savings.The report from the independent Workplace Retirement Income Commission points out that the value of pensions has been hit by the recession - people are receiving low returns on investments and more households are in debt.However, if you look after the pennies, then the pounds will take care of themselves - so to help you have a comfortable retirement, there are a raft of micro-savings that you could make, which could have a large effect on your overall finances.You could switch your energy tariff, use your car less, look for savings in the shops and make the most of voucher offers to help you be more prudent.For even more ideas, check out MoneyExtra.com.
There is some good news for families dealing with the increasing cost of living – the rate they are paying on their mortgage has actually fallen.According to figures from the Bank of England the average rate offered on a two-year fixed rate mortgage for people with a 25 per cent deposit, was 3.36 per cent, during June. This compares to 3.51 per cent the month before and is the lowest rate since January 1995.If you want to save more money on your mortgage, you should shop around to find the best deal possible so you can try and reduce your monthly payments.You can also reduce your other family bills by shopping around for the best deal on energy, as well as things like household insurance. For more money-saving tips, check out MoneyExtra.com.
It seems barely a week has gone by recently without the headlines featuring news about gas and electricity companies hiking their prices up.Now, just to rub salt in the wound the owner of British Gas – Centrica – has announced operating profits of £1.3 billion.It’s leading consumer groups – like Consumer Focus – to rally around hard-pressed customers and pressure the so-called ‘Big Six’ to give people a break.They’re calling for more competition in the market, so consumers have the best chance of seeking a cheaper deal...and letting more companies to enter the marketplace.They also want an end to complex and confusing tariffs, an end to cold-calling and more support for those struggling to pay their bills.Until that happens, experts say it’s a good idea to find the best fixed-price deal to protect yourself from any unwanted price rises.
Only a 19 per cent of men are actively saving for their retirement, according to a new poll.The Askmen Great Male Survey 2011 found that the majority of men have no retirement plans yet. And, it found that 44 per cent hadn't even thought about retirement planning.If you want to save some money for retirement there are lots of ways to do so.One effective thing you can do is to look at the cost of your bills and switch to cheaper energy and utility providers. That way you can put a little a bit extra aside each month for a pension.Of course it's also important to make sure that you're getting the best possible deal on your savings - so you can have the best possible nest egg.For more money-saving tips, check out MoneyExtra.com.
As food prices continue to rise, it seems more and more of us are taking to growing our own produce to help fill the cupboards.That’s according to research by HSBC.They reckon the amount we spend on food’s shot up by £260 a year – and say that’s leading us to turn to our gardens for inspiration.The study says about a third of us are doing just that.One-in-three Brits now have fruit trees or bushes in their garden, while over a quarter have a vegetable patch and a fifth are growing herbs.Three per cent even have livestock, choosing to use their own chickens to lay eggs.As families face a squeeze on their disposable income, researchers say the trend’s likely to continue.For loads more tips go to Money Extra.com.
An influential group of MPs is warning gas and electricity companies they could have to compensate customers who’ve been mis-sold energy deals.The demand from the Commons Energy Select Committee comes in a new report by industry regulator Ofgem…as families continue to struggle with rising energy bills.Major suppliers like British Gas, Scottish Power and Scottish and Southern Energy have all recently announced price rises – with Eon and npower set to follow suit.Now there’s concern people looking to switch to a cheaper deal could end up paying more because things are so complex.The committee says customers should be given enough information to make the right choice about contract…and companies should avoid ‘Del Boy’ doorstep sales tactics.Check out Ofgem.gov.uk for all the latest advice to help you find the best deal.And – as always – MoneyExtra.com has all the best money-saving tips.
At best, train travel is fast, relaxing and convenient.At worst it can be both confusing and expensive – with a complex fares structure, meaning you can end up paying over the odds – even online.Now consumer watchdog Passenger Focus is urging the rail industry to do more for passengers, to help them make the right choice and avoid overpaying.Recommendations include tackling jargon which makes it confusing for customers - and making it clear which tickets can only be used on one train and which can be transferred.Among the top money-saving tips if you are travelling by train are to buy advance tickets, travel off-peak where possible and to buy tickets directly from train companies, rather than a third party.For loads more money saving tips go to MoneyExtra.com
Cash strapped-families are being urged to shop around to find the best prices from energy suppliers after the latest price increase.Scottish and Southern Energy have just put their electricity tariffs up by 11 per cent and gas by 18 per cent.That pushes the average fuel bill up by almost £200 – to around £1200 a year.Consumer groups say the move heaps more pressure on hard-pushed families.But the company says it can’t avoid the price increase, because wholesale costs have also increased, while they’re also having to pay more for schemes like carbon-cutting and insulation projects.Just last month, Scottish Power put its prices up – as did British Gas. It means there are now fewer options available to find good deals, so government-backed insulation schemes are a good option for families looking to cut their energy bills.Make your money stretch further at MoneyExtra.com
It seems the economic climate’s having a real impact on our shopping habits.Latest research from Kantar Worldpanel, shows growth at budget supermarkets Lidl and Aldi….AND at high-end chain Waitrose.Both Lidl and Aldi posted double-digit growth of 20 (20.2) per cent and 15 (15.6) per cent respectively, in the three months to July this year.Waitrose also posted impressive figures– with 9 per cent growth, increasing its market share in the process.But while the top and bottom end of the grocery market grew, Tesco saw its market share drop – despite a 10 per cent increase in sales of its Finest range.Experts say the trend looks set to continue – with bargain-hunters boosting sales at budget retailers, while those unaffected by the current climate, are continuing to fill the coffers of high-end stores.For all the latest discount offers, go to MoneyExtra.com.
It's emerged that the vast majority of people who are using Google+ are male, emphasising just how much men love their technology.According to SocialStatistics and FindPeopleOnPlus, men account for between 87 and 74 per cent of the total amount of people who are having a go on the website that Google hopes will help it rival Facebook in the world's affections.Whilst Google+ and Facebook are both free, new games and hardware can cost you dear if you try to keep up with the latest tech trends.The cheapest thing is to be happy with older versions, but if you have to have the newest things, you could opt for ex-display models or choose to rent or swap games, rather than buying them outright.For more fiscal help, check out MoneyExtra.com.
A poll by Standard Life has discovered that the majority of workers quizzed don't think that the £140 flat pension rate will be enough to live on.Six-in-ten people thought that they'd struggle to cope with that kind of income, although a higher proportion of younger people think that the amount would be adequate.To ensure that you have enough money when you retire, it's best that you start planning for it as early as possible by joining work pension schemes and look into starting your own whilst you're still in your twenties.If you're getting close to retirement, you need to make sure you're claiming all the benefits you're entitled to and look towards places like MoneyExtra.com for energy saving advice to help you stay warm and save money.
Despite wages not keeping track with rising costs, a significant proportion of us have been able to maintain or increase spending levels in the last year.Standard Life has found that two-in-five (41 per cent) are putting aside at least as much money as in 2010, with 25-34 year olds being the best at squirreling away cash.However, this does still leave a lot of people who have been unable to save as much money as they want, but there are ways you can make savings, such as cutting down on energy or vehicle usage.You should also keep an eye out for special offers, vouchers and websites that can save you cash on the usual price of things, so why not start on MoneyExtra.com, because we are the money experts.
Whilst holidays are a time for enjoying yourself and letting your hair down, it doesn't mean you need to rack up extra charges.Defaqto has indicated that using your cards abroad can incur a range of costs, depending on the supplier, so you need to make sure that whether you're planning on using an ATM or paying directly with a card, you know what fees are involved.You should also make sure that you get your travel money in plenty of time, as it will cost you a lot more if you get it from the airport just before you set off.Also, don't leave your family's health to chance – travel insurance doesn't cost the earth and not doing so could end up costing you tens of thousands of pounds.For more money-saving help, check out MoneyExtra.com.
Following the Open this past week, it's likely that more men will want to try out the sport, and there's a number of ways to make it less expensive.The most important thing is don't buy all the equipment on a whim – it can prove expensive and you may give the game up after a few goes either through boredom or realising that you're not really cut out for it.There are local clubs all over the country and many will offer lessons – sometimes for free or at a discount rate if you're new, and they could even loan you some clubs so you can have a try out.If you get bitten by the golfing bug, buy equipment piece by piece and look for second hand items, as they're likely to be in fantastic condition and only being sold because the owner's got a newer model.For more money-saving tips, check out MoneyExtra.com.
Thousands of pensioners in Lincolnshire are being given help to make sure that they claim all the benefits that are available to them.According to Thisislincolnshire.co.uk, the City of Lincoln Council has launched an outreach campaign which could net older people in the area up to £675 more than they currently receive.The council indicates that many are missing out because they don't realise they're eligible for a rebate, whilst some are too proud to claim, although this issue isn't unique to Lincoln.Nationally, pensioners are missing out on around £5.5bn in benefits, so one of the best ways to get a bit of extra cash in your pocket is to check out what you're eligible to receive – if it brings in an extra few hundred pounds a year, it could prove to be very worthwhile.For more financial tips, check out MoneyExtra.com.
New figures from the Department of Energy and Climate Change (DECC) show that more people than ever are in fuel poverty and need to make changes.The stats show that 5.5 million people were struggling to pay their energy bills in 2009, with predictions that figures for 2010 and 2011 will only go up - due to the increases in prices we've experienced over the past couple of years.Being in fuel poverty means you spend more than 10 per cent of your income on energy, but you can cut back by making sure your windows are double-glazed, lofts are insulated and perhaps even consider fitting solar panels to supplement your usage.You should also check online to see if there're any cheaper fuel tariffs available and you can do that right here, right now, at MoneyExtra.com.
The Office of National Statistics (ONS) has revealed that workers' wages went up by 2.3 per cent last year, compared to the five per cent rate of inflation.This means that the average family with two breadwinners have seen almost £1,300 (£1,294) knocked off their spending power - as their salary hasn't kept up with prices as they get more expensive.Food costs have been one of the reasons for the price increases, but you can always shop around in different stores to find better prices. And don't be put off by smaller stores or own-brand goods – both can be just as good as what you're used to.Petrol prices have also been accelerating, so why not leave your car at home for short journeys and jump on a bus? Or make sure that your vehicle's in optimum condition, as a poorly-kept car can result in inefficient fuel economy.For more tips, check out MoneyExtra.com.
The most recent job figures show that unemployment went down in the three months to May - but there are still more than 500,000 men who are on the long-term jobless list.By comparison, the amount of women who have been unemployed for more than 12 months is only around half that number, so it's clear that there are a lot of men out there who need to make every pound count.There are simple things that can be done around the house, like making sure lights and other devices aren't left switched on whilst not in use, whilst you could also use your time to learn new skills, like basic car maintenance to make sure that your vehicle runs as economically as possible.There's loads of other things you can do too, so check out MoneyExtra.com for more money-saving ideas.
A significant number of pensioners are concerned about their retirement income, whilst some admit that they regret taking a lump sum and spending it straight away.Prudential has found that two-in-five (43 per cent) older people are being cautious with their cash to make sure they have enough to get by - whilst one-in-ten regret taking a chunk of their funds in one go and splurging on a big holiday or new car.However, if you're being cautious, you can relieve some of the pressure by taking a few steps that will help save money, but won't detract from your quality of life.You could go shopping with friends who might know of better value shops for a range of items, which will save money and help you be more sociable; whilst finding the best energy prices will keep you warm and less financially pressured.For more tips, look into MoneyExtra.com.
It can pay to pool your money together with friends and family, after it emerged that it costs more than £5,000 more to live by yourself than as part of a couple.As well as living together, you could also club together with your savings to buy an investment, such as property, which could garner a higher rate of return than anything you may have been able to afford by yourself.Alternatively, you could group together with friends to buy a house to live in, particularly if you're first time buyers who are struggling to get together the deposit, which currently sits at 20 per cent of the house's value on average, according to the Council of Mortgage Lenders (CML).You can even group together with strangers through group-buying websites, which can allow you to get better deals on things that a lot of people want.Check out MoneyExtra.com to see how else you can save money.
Now that the government has announced that it's keen to bring in pro-green energy reforms, which will cost us all around £200 extra a year, the need for advice is more crucial than ever.This comes on top of some energy companies putting up their bills, which Alastair Harnby from MoneyExtra reckons will "no doubt put a tighter squeeze on household budgets".He adds that consumers need to become "wiser spenders" in order to compensate - and offers some tips, like combining gas and electricity bills, as duel-fuel deals are often cheaper.He also reckons you should opt for paperless billing, pay by direct debit and switch to a fixed-rate tariff now, before the prices go up even further.You should also try to read the literature that your energy companies send you about things like insulation - and to get even more tips, you might want to check out MoneyExtra.com.
More people are risking debt by borrowing money when they buy a new or used car, according to new figures.The Finance & Leasing Association has revealed that in May, 56 per cent of new cars were bought on finance, which is the highest share of the market since March 2009, whilst the amount of used cars bought with loans also grew.Whilst this can seem appealing at the time, you could end up paying a lot more in interest payments, so it could be worthwhile making savings so that you can use them to contribute towards your next vehicle, rather than relying on loans.You could save money on running costs by leaving the car at home when you only need to make short journeys and making sure the tyres are at the correct pressure, as this will help fuel economy.For more money tips, check out MoneyExtra.com.
More pressure is being put on people as they retire now that it's emerged that people's pension pots are diminishing.The MGM Advantage Annuity Index shows that the amount paid out fell in the three months to June, meaning that someone with £50,000 in savings would receive between £100 and £300 (£101.24-£316.36) less per year.It's possible for you to make up this difference by making a few savings which needn't reduce your quality of life.Walking for short journeys saves money and is a great way to keep fit, whilst making sure your home is energy efficient means that you can save hundreds of pounds each year on bills and feel more comfortable in your home.For more money-saving hints and tips, take a browse on MoneyExtra.com.
Since the end of the recession, women have been found to be more likely to lose their jobs than men, according to the Office of National Statistics (ONS).The body has found that compared to 2008, there were 5.7 per cent fewer women in full-time work last year, compared to 4.7 per cent for men over the same period, whilst the West Midlands suffered most during the recession, in terms of unemployment and redundancies.If you're one of the women who have been affected by the recession, saving money will be a key concern, so you can use your spare time as an opportunity to find cheaper alternatives to your regular spending.Rather than just buzzing around the supermarket, take your time and check out different shops – you may find that some smaller retailers have better prices.For more ways to save money, check out MoneyExtra.com.
British Gas has become the latest energy provider to put up its prices, which could encourage more customers to switch.On average, gas prices will go up 18 per cent – which works out at around £120 – whilst electricity costs will go up by about £70 from 18th August.The company has blamed high prices on the international wholesale market as being responsible for the latest price hike that we've had to endure.So that you're not hit by this additional cost, if you're a British Gas customer you should head over to our bill shrinker here at MoneyExtra and we'll help you find an energy deal that could save you and your family hundreds of pounds each year.Log onto MoneyExtra.com now and start saving.
There are 31 million active gamers in the country spending around £3.6bn on games, but there are cheaper ways for people to buy rather than buying from new.According to stats from Newzoo, people are still spending almost as much now as they were a couple of years ago, which could be a concern if they don't make cutbacks elsewhere.However, there are cheaper alternatives, such as joining up to a service like LoveFilm, which lets you rent out games, as well as movies. That way, you can have it until you get bored or complete it, then send it back and get another one.If you do buy games, maybe wait for prices to reduce after they've been out a bit, and you can always trade in old games or swap them with friends once you've finished with them.For money on saving cash, head to MoneyExtra.com.
A new report from PricewaterhouseCoopers reckons that people will need to work until they're 70 in a few decades' time, as earlier retirement proves too expensive for the public purse.The accounting firm's research believes this will be necessary in order to bring down public debt as a proportion of GDP. Currently at 70 per cent, later retirements as standard would help bring the figure down to the pre-recession level of 40 per cent.In order to remain a productive member of society for longer – and for your own wellbeing – it's vital that you look for ways to keep fit. It doesn't mean joining a £60 a month gym, you can just go jogging in the streets for free.Or if you're after more of a group activity, there are plenty of older sports teams around the country that only cost a couple of pounds a week in subs to be involved in.For more tips on staying financially healthy, visit MoneyExtra.com.
Families have been hardest hit by the age of austerity and need to look for more ways to spread out their money.The Joseph Rowntree Foundation has calculated that rising prices and falling benefits mean that a working couple with two young children need to earn a quarter (24 per cent) more than this time last year in order to keep a "minimum standard of living".The charity estimates that 500,000 families fall into this bracket, but there are always ways for you to save money, like switching utility companies, insulating your house and shopping smart when you're at the supermarket.You could also cut down on a holiday this summer, but if you don't want to do something so drastic, you could opt for a British break, choose a week instead of a fortnight or try to work out if an all-inclusive deal would work out cheaper.Check out MoneyExtra.com for more money saving tips.
Sainsbury's Finance has discovered that one-in-five (21 per cent) of all personal loans go on home improvements, but it needn't cost you the Earth.The lender reckons that in 2010, almost £3.2bn was leant to people who wanted to spruce up their house, at an average of almost £9,000 (£8,827) per person. It's estimated that a similar amount will be borrowed this year too.However, it's simple to make your home look better without spending loads of cash – the main saving being from doing the basic stuff yourself. Which? estimates that painting a room may cost £60, but it may set you back ten times that much to get a professional in.On top of that, Saga suggests fitting draft excluders and insulating your home whilst you're doing some DIY, as this will save you cash in the longer-term.For more money saving ideas, check out MoneyExtra.com.
Hugh Laurie has just been announced as the new face of L'Oreal Paris Men Expert products, but you don't have to spend a lot to look good.The star of House has been recruited because the cosmetics company was looking for men who weren't afraid to admit that they use products on their skin as, in his words, it can be "a very masculine decision".British men are now spending more on grooming products than ever before, but you can bring down the cost of looking good by opting for own brand products from places like Superdrug or Boots, which can provide preferential results, when compared to the big brands.You could also look into alternative therapies, which could have a similar effect on your skin – do some research online and see if you can find some natural products to replace your current selection.And to save even more money, check out MoneyExtra.com.
People approaching retirement should look to make as many savings as possible - after it emerged that private pensions have fallen by 18 per cent.Aon Hewitt has found that if you leave £42,000 to buy a pension these days, it will bring in less than £1,200 a year, compared to more than £1,400 in 2008.To make up for the difference, there are a number of ways that you can look to save money, including on energy – you could invest in housing insulation to lower your bills or look for new suppliers to bring them down even further.You could also keep an eye out in the shops for deals on food and other items and remember – you don't always have to go for the branded goods; own brands can often taste just as good.For more tips, check out MoneyExtra.com.
Research has shown that women will be hit hardest by the public spending cuts - as they'll lose out on jobs and benefits.The Coventry Women's Voices group and the University of Warwick, have worked out that as more women work in the public sector, more will lose jobs - whilst tax credits to cover childcare costs have been cut more deeply than was hoped.One of the key things that you can do to make sure that you're not hit too hard is to make sure you claim all the benefits you're entitled to – this could effectively earn you a few hundred pounds extra each year.You can save even more by literally shopping around – try to find the best value products when you're buying groceries, as even the smallest savings will add up.For more money-saving help, check out MoneyExtra.com.
We're all at the mercy of fluctuating energy bills because of our reliance on fossil fuels, but you can insulate yourself by shopping around for a new deal.The Energy Secretary, Chris Huhne, has pointed out that the French don't have such pronounced problems - as they rely more on nuclear power, whilst in the future, Britain should have more renewable power sources.However, for the time being you should look into switching your gas and electricity supplier if you're not happy with the amount you're paying.It's easy to do here at MoneyExtra.com – just tell us how much you're currently spending and what region you're in, and we'll give you options as to how you can spend less each month.
Drivers have been looking into a number of different ways of saving money lately, according to the latest data from Green Flag.The breakdown firm has found that 14 per cent of motorists are going to use their cars less or get more fuel-efficient models, so that they can save money on petrol. Meanwhile, seven per cent are considering switching to two wheels and buying motorbikes.There are less drastic moves that all of us can take though – Green Flag found that more than half (56 per cent) of us have cut our speed in order to conserve fuel, whilst more than two-in-five (46 per cent) regularly shop around to find the cheapest petrol station.You can also save money by switching who you buy your vehicle insurance from, so why not check out your options at MoneyExtra.com.
We all know that going on holiday's exciting and we want to look our best, but it's emerged that some women are spending more for clothes than on their holiday.Which? has found that 85 per cent of women over 50 plan to spend over £1,000 on their summer wardrobe, despite the cost of the average holiday being below £700.To bring down your clothing spend, there are plenty of options open to you, the most obvious being look at cheaper stores like Primark or TK Maxx. You could even look in some charity shops, particularly if you know of some in posh areas, as they should get quality donations.You could also revitalise an outfit by adding new accessories to it or, if you have friends of a similar shape, swap clothes that you're bored of with them. As long as they're still in good condition, it's as good as buying something new, but for free!For more money-saving tips, check out MoneyExtra.com.
Every home in the UK is due to be fitted with a smart meter, but there are concerns emerging that we might not save that much money because of them.The National Audit Office has done some sums and discovered that we'll only benefit to the tune of £9 (£8.91) a year from the devices, which are intended to stop the practice of unreliable estimated bills charging us for more gas and electricity than we use.To make greater savings, homeowners should look towards switching where they get their energy from. There's loads of suppliers to choose from, but many of us don't bother changing them because we can't be bothered or we're unsure about what to do.Let MoneyExtra remove the confusion and effort – take a look on the website and we can help you save tens or even hundreds of pounds on your utility bills.
Women need to find extra cash to pay into their pensions, after official figures showed that they're lagging behind and could face an uncomfortable retirement.The Office of National Statistics (ONS) has found that just 28 per cent of women are paying into private sector pensions, compared to 41 per cent in 2002. The figures show that many more men have been saving at both points.If you currently have a relatively comfortable life, you could look into money-saving or money-making schemes and put the extra money into your pension to help you enjoy life after work more.You could opt for selling off unwanted possessions, renting out a spare room, taking on a second job or look to make savings on your bills, either by cutting down on what you buy or looking for cheaper alternatives.For more hints, check out MoneyExtra.com.
If you're a homeowner who's running a bit short of cash, you could benefit from renting out your spare room.Santander has found that householders are generating close to £4bn (£3.9bn) a year by taking in a lodger, which works out at a little under £200 (£182) a month – a really handy extra amount to be raking in.And according to the bank, there's a potential £52bn of rental income that could be made in this country, if more people decide to rent out their spare rooms, which are currently being used as offices, dressing rooms and personal gyms.However, the number one use for spare rooms is as storage, so why not sell off any unwanted goods and then rent out your room for a double financial boost?For more money-saving tips, check out MoneyExtra.com.
In this age of austerity, people who are reaching retirement need to be more pragmatic about how they spend their money.This comes after the Prudential revealed that three-in-ten (31 per cent) retirees spent the lump sum they received when they finished work on a holiday, rather than keeping it to one side for everyday living costs.However, many other retirees are putting their money to better use, with a little over half (52 per cent) putting the money into their savings, whilst a quarter (26 per cent) make investments, which could make retired life more comfortable.Meanwhile, one-in-five (19 per cent) pay off their mortgage with the funds, whilst one-in-six (17 per cent) choose to settle their credit cards and unsecured loans.For more ideas about how to wisely spend your cash, check out MoneyExtra.com.
Men should pay more attention to how much money they're spending, after it emerged that their overspend is usually greater than women's, yet they're generally less concerned about it.The Co-operative Bank has found that men are likely to spend £20 more than women each month and, perhaps surprisingly, it's males who will spend more on clothes.However, the bank's survey indicates that people are willing to cut back to save more than £600 (£631) a year on their new clothing purchases, whilst there is plenty of scope for change amongst the money factors that people are concerned about.Bills and personal debt are the biggest worries in the UK, but they can be tackled by switching to cheaper suppliers or seeking debt advice, respectively.To help you save money, take a browse around MoneyExtra.com.
Water bills could increase by £4.2bn in the coming years, so it's important to find ways to be more careful about your water usage.Water companies will take ownership of private sewers in October, which is going to cost them billions of pounds in maintenance, and this could well be passed on to the consumer in the form of higher bills.As you're not able to switch water supplier, the best way to try and save money is to get a water meter, rather than rely on estimated bills. However, think carefully if your house uses a lot of water – it could end up costing you more.There are some sure fire ways to save money though, including getting water efficient shower heads, limiting the capacity of your toilet cistern, fix any leaky taps and by buying efficient dishwashers and washing machines.For more tips, delve into MoneyExtra.com.
The government is still to finalise plans as to how some women will be affected by the increase in pension age, but it's a good idea for everyone to save.If you were born between December 1953 and October 1954, you could lose out financially as you would face the steepest rise in pension age, but there are a number of ways you can maximise your holiday earnings so that you don't lose out.Which? recommends that you start saving whilst you're young and join any possible company pension schemes, as the employer contributions effectively equate to getting extra pay.The organisation adds that you should boost your pension pot with additional contributions if you can, shop around for the best annuity and check that you receive the right level of state pension.Check out more money-saving hints at MoneyExtra.com
Wimbledon's begun, but if you're a tennis fan, you don't have to spend a fortune to sample the action.The cheapest option is just to watch on TV, which will cost you no more than the licence fee, but if you want a bit more atmosphere, you could head to one of the BBC big screens that are in towns and cities across the country and enjoy a bit more of a group experience.However, if you're planning on going, remember that tickets for the outside courts cost a lot less and some big names may well appear on them, particularly early on. Just make sure that you plan ahead to ensure that you know who is playing and when.Also, take as much food and drink with you as you're allowed – Pimms and strawberries and cream may be traditional, but are they really worth buying at the venue?For more tips, check out MoneyExtra.com.
A new study has found that councils could save households more than £450 (£452) a year if they stopped being so wasteful.Opera Solutions found that up to £10bn a year could be saved if local authorities started to be more efficient when it comes to spending on things like energy and mobile phones.If you want to save money yourself, you could show the councils how to do it by shopping around for the best energy tariff available, keep an eye on price changes and insulate your home so that you need less energy in the first place.And do you really need to pay a monthly fee for your mobile? You can easily pick up cheaper alternatives and just opt for a pay-as-you-go deal – that way, you can keep an eye on exactly how much you spend without getting a nasty surprise at the end of the month.For more tips, check out MoneyExtra.com.
One-in-three of us are worried about health costs, but there are ways you can cut your expenditure without putting your family at risk.Medicash surveyed a range of people who had recently been in hospital and it turned out that patients ended up being out of pocket to the tune of £50 on average, with the cost of medication one of the big costs.With current prescription costs in England being £7.40, it's well worth finding out if you're eligible for free ones or, failing that, consider getting a season ticket – if you get more than two items each month, you'll make a saving.Alternatively, you could miss out on the prescription altogether and get the drugs over the counter, online, or opt for a non-branded version, which can be much, much cheaper and do the same job.For more ways to save money, investigate MoneyExtra.com.
The government has announced that 800,000 of the poorest pensioners will get a new discount on their heating, which could save them £120 this year.
Poorer families, the disabled and long-term sick are also expected to benefit from the Warm Home Discount - which has come about after a new law dictated that energy companies had to give £1.1bn of rebates to the disadvantaged over the next four years.
If you want to start saving money now, or don't think the new discount will save you enough money, you can always switch your energy provider to save you even more cash each year.
What's more, from next year you may be able to get insulation help through the Green Deal which will be free at the point of installation.
For more hints on saving cash, browse MoneyExtra.com.
It's Father's Day on Sunday and you can help your dad save loads of cash by getting him a really useful present.
A really good gift would be a tool set, so he can set about all those little tasks at home without having to call in a contractor. Leaky tap? Dad can sort it. Fence panel broken? Dad can sort that too.
You could also save him loads in garage fees by getting him some equipment for fixing his car, although make sure he knows what he's doing before he starts, otherwise he could just make things worse!
If he's not that technical, you could get him an mp3 player or an e-reader, which will save him a lot of money when buying music and literature, as the downloads are usually a lot cheaper than CDs and books.
For more money saving tips, check out MoneyExtra.com.
The government has told the banks that it may block the abolition of cheques, if better alternatives aren't sorted out.
More than one billion (1.1bn) cheques were written last year. We still see them as a good way of keeping control of our finances, as they can specify to the penny how much we want to spend - and it are only accessible to the intended recipient.
Online transfers are mooted to be the replacement, but the instant transfers that were promised by banks a couple of years ago haven't yet happened - with some only allowing for the transfer of relatively small amounts of cash.
To find out more about the differences in money transfers between banks and to find the best one for you, check out what products are on offer at MoneyExtra.com.
Caring for our eyesight should be a priority, but because of other costs, Simplyhealth has found that 40 per cent of us have been scrimping on our eye tests.
Women seem to be the most reluctant to invest in new glasses or contact lenses - but, the Daily Telegraph has published some tips about how to bring down the cost of looking after our sight.
It's possible to get free eye tests if you're in full-time education up to the age of 19, over 60, over 40 with a history of glaucoma in your family or if you have diabetes. Check the NHS website to see if you qualify.
You also can shop around for glasses – you don't have to get them from your opticians, where they could be a bit pricey. And don't forget to check with your work's HR department to see if you can get help with eye tests or the cost of glasses.
For more financial help, check out MoneyExtra.com.
A study by the Institute of Fiscal Studies (IFS) has found that low-income groups – including pensioners – are spending twice as much on fuel as other sectors of society.
Inflation on fuel has been higher than other goods for a while, and whilst it might not seem to be the most important thing during the summer time, it's best to get the cheapest deals possible before winter sets in.
Whilst there's plenty that the energy companies and the government can do to help older and less well-off people stay warm, there's a lot you can do yourself, including getting online to find the best energy solution for your situation.
If you're not confident with using computers, ask a friend to help you, as the savings that can be made can be substantial.
To find out more cost-cutting tips, check out MoneyExtra.com today.
Which? has praised Barclays for "refunding customers what they're owed, no questions asked", after the PPI mis-selling scandal.
The bank has told customers who complained before 20th April that they'll be reimbursed the total value of their premiums - plus eight per cent interest. Which?'s Peter Vicary-Smith hopes that the other banks who mis-sold PPI will follow suit - and give people their money back.
However, if this isn't the case, here at MoneyExtra we can help you get your money back ina couple of ways.
You can either let us and our recommended partner deal with the issue for you, or you can print off a sample letter to send to your lender so that you can make your own compensation claim.
To find out more, check out MoneyExtra.com.
With the summer holidays fast approaching, many parents are already starting to think about how they're going to keep the little ones entertained over the six-week break.
Fortunately, the Guardian has listed a load of events that are going on across the country that you can join in with - and many of them are absolutely free.
There's a load of free swimming sessions for young people across the country, which could be a perfect way to cool off on the hot summer days - whilst Tesco and Asda are also running sport events for youngsters to take part in.
If the weather lets you down, Vue cinemas are running screenings for between £1.25 and £2 this summer, which is much cheaper than you can usually get in for.
To find more ways of saving cash over the summer months and beyond, check out MoneyExtra.com.
Men are happier carrying large wads of cash than women, but there are safer ways to make large money transfers.
The Payments Council has found that men are willing to carry more than £250 (£253) at a time, whilst women start feeling anxious once they have close to £190 (£188) in their pocket or handbag.
Either way, it's a fair amount of cash to be carrying around and can easily be lost or stolen, so it would make more sense to pay for things on a debit card, with its Pin protection, or use a cheque, whilst they're still about.
If you do need cash, try to take out as close to the amount you need as possible, so you don't end up frittering away the difference. More cash machines give out fivers these days, so take advantage and only withdraw what you need.
For more tips, check out MoneyExtra.com.
PricewaterhouseCoopers reckons that people in company pension schemes could lose out on 20 per cent of their possible final settlement because of poor decisions made for them.
The accountants believe that some funds are switching assets out of higher-risk shares into bonds too early, meaning that the person whose plan it is will miss out on greater funding in their retirement.
There's a number of ways to claw back the money that's lost though, including sorting out a cheaper energy deal, switching to a water meter and making sure you claim the free things you are entitled too, like eye tests and prescriptions.
And if you're looking for a treat so you can enjoy your retirement, you could check out group-buying websites, which can get you really good deals on spa weekends and haircuts.
For more money-saving hints, explore MoneyExtra.com.
After the British Retail Consortium (BRC) revealed that high street spending had dropped in May compared to the same month last year, consumers could get a bit of a bonus.
That's because, in a bid to get more people to the tills, many shops are bringing forward their summer sales, which could result in bargains galore.
Of course, it wouldn't make good financial sense to go out and buy things just because they're cheaper than they were, but if you really need an item, it's certainly worth seeing if it's included in the sale.
For instance, Comet is selling some microwaves at half price, whilst you can get a garden table and chairs set at an even better rate than that.
It's always worth checking online for any extra savings that can be made and whilst you're there, check out MoneyExtra.com for added financial tips.
Many basic foods have shot up in price recently, according to the British Retail Consortium (BRC), but there are cheaper ways of feeding the family.
The price of wheat has increased by 72 per cent, whilst corn is up by 112 per cent, meaning that products made from them – things like pasta, bread and cooking oil – have shot up as shops have passed the increases onto us.
However, the supermarkets have been offering many deals to keep us happy – things like buy-one-get-one-free and three-for-the-price-of-two – so it's vital to keep an eye out for these, even if it's an alternative brand to your usual one.
Don't be afraid to go for own brands either, or you could look for shops that are cheaper in general – Aldi and Lidl have seen more people shop at them since times became tough.
For more money-saving tips, check out MoneyExtra.com.
If you're the kind of guy who enjoys nothing better than a summer afternoon in the garden, you could find yourself hit by a fee for throwing away your grass clippings.
Over the last year, councils in Gloucestershire, Nottinghamshire, Oxford, Reading and parts of London have introduced an annual fee of up to £65 so that you can have your garden waste taken away – that's on top of your usual council tax.
If you're in one of those areas, composting your garden waste may work out to be a cheaper alternative – and it'll help your garden flourish even more once you feed the compost back into the ground.
To get the best results, you need to put in a mix of garden waste and things like paper and cardboard to make sure it doesn't get too dry or too wet.
For more tips, check out MoneyExtra.com.
With Scottish Power increasing their gas and electricity prices, it could signal another round of price rises amongst all the major energy players.
The supplier's customers will be paying 19 per cent more for gas and 10 per cent more for electricity from August, which will add an average of £175 a year to their fuel bills.
Older people are likely to bear the brunt of any rises, so you could act now to mitigate any forthcoming price rises. Even though it's summer, you might want to look into British Gas's boiler scrappage scheme, which could get you a discount on your system.
The Energy Saving Trust reckons that you can save £145 a year by insulating your loft and you can also find a cheaper deal online, so check out the tariffs on offer here at MoneyExtra.com, the money experts.
If you're looking to save money, cutting your energy bills appears to be the most likely way of doing it, according to E.ON.
The firm reckons that people would rather reduce their electricity or gas provider, as opposed to cutting down on food shopping, internet and mobile bills, petrol or going out.
E.ON believes that just doing simple things like switching the TV off properly, rather than using standby, and using the dishwasher less can save households £140 each year. They could save even more by checking online to see if there's a better tariff for them.
The energy company found that it's women who are more likely to do this, as their survey found that they're more motivated by saving cash on bills.
Male or female, you can save money each month with MoneyExtra.com.
LV= has found that people who use spare bedrooms as storage space could be missing out on a £50bn cash bonanza.
The insurer found that collectively, we're hoarding more than 11-Wembleys worth of junk that we don't want – or haven't got round to – sorting out yet.
One-in-ten households quizzed reckon they have around £1,000-worth of items stored - so it'd make sense to get on eBay and get some cash back to help you with bills or money towards a holiday.
And LV= found that a third (35 per cent) of people have no idea about how much their hoarded goods are worth – if you're one of those people, it could end up being very financially rewarding if you take a couple of hours to see how much you can get if you sold it off.
Check out MoneyExtra.com for more money-saving tips.
Millions of tech-obsessed guys around the country could earn themselves hundreds of pounds from selling off their old gadgets.
Orange has found that one-in-three people don't know how to recycle their old mobile phones, even though there's loads of websites you can use that offer that exact service.
The phone giant even found that 11 per cent of people asked were keeping their old handsets for sentimental reasons.
A much better way of getting a bit of cash is heading online and finding a site that can help, whilst you can always sell off your other old bits of tech on places like eBay or Gumtree – you'll be surprised what people will want to buy!
For more money-saving hints and tips, take a browse around MoneyExtra.com.
Following the revelations from Which? about how hard it is for older people to get travel insurance, legal experts have been considering that this could soon end.
Lawyers from Pinsent Masons wrote in the Association of Financial Mutuals' newsletter that, seeing as though car insurers won't be able to discriminate based on gender, would it soon be the case that travel insurers won't be able to use age as a factor?
If this were the case, this could save you lots of money when you're travelling, but for now your options are more limited.
One way to make travel insurance less of an issue is to stay in Britain when you holiday – there are so many stunning cities, coastlines and countryside, you're spoilt for choice, whilst any healthcare issues will be dealt with by the NHS.
For more money-saving tips, check out MoneyExtra.com.
New research from the Halifax has found that 89 per cent of women think it's important to have a financial safety net to fall back on.
Many liked having it for the independence it offers, whilst others wanted a little nest egg to tide them over in case a relationship fails.
There are many financial products that you can use to make the most of your savings, including high-interest schemes like Isas, but if you're only just getting by each month, there's plenty you can do to save a bit of cash which you can then set aside.
Hair care can provide major savings by doing it yourself or by heading to a hairdressing college, whilst quite often, own brand hair products can be as good as the major labels, but only a fraction of the price.
For more money-saving tips, check out MoneyExtra.com.
Men are more likely to give up smoking than women, which could save them thousands of pounds, as well as increase their quality of life.
The poll, undertaken by the UK Centre for Tobacco Control Studies discovered that whilst women are more motivated to quit smoking, men are more likely to succeed when they utilise services that are designed to help them stop.
As well as the health benefits, a ten-per-day smoker who had been lighting up for 20 years would have wasted close to £20,000 (£18,260) on the cigarettes alone.
This is without having to take into account replacing smoke-smelling clothes, an increase in dental care and ultimately the medicines they'll need if they become ill after a lifetime of smoking.
For more money-saving tips, check out what we have here at MoneyExtra.com.
After new stats revealed that many people won't be able to leave their relatives any inheritance when they pass one, saving money appears even more vital.
Prudential's Class of 2011 report found that 26 per cent of the people retiring this year know that they won't be leaving anything for their children and grandchildren, whilst a further 22 per cent are unsure of whether their savings will fund their retirement.
There are many ways in which older people can save cash, including making sure they apply for all the benefits they entitled to, including money to pay for additional fuel in cold weather.
Aside from that, silver surfers can get online and check out MoneyExtra.com to find ways of reducing their bills, which could allow them to set a little aside for their offspring to inherit.
This half-term holiday is also National Family Week, so there's loads of ways you can save money whilst the kids are off school.
You can get two-for-one entry to Whipsnade Zoo, whilst you can also get free child tickets for Spaceport and the Once Upon a Wartime exhibition at the Imperial War Museum in London.
Don't worry if you're not local to those places, there are events going off around the country over the course of the week, with it all culminating in National Family Week Live in Liverpool.
This will involve loads of activities to keep the kids busy, including tag rugby, athletics, football and the chance to meet Sportacus, the keep-fit star of LazyTown. There's plenty of less physical things to do too, so children of all ages should find something to do.
For more tips about saving cash this half term, check out MoneyExtra.com.
If your family constantly goes for the brand name suntan lotions, you could be spending more money for less protection, according to a new study.
Consumer Reports has found that some of the lesser-known creams had greater properties than the big boys, which is something to consider if you go somewhere sunny in the summer.
The report also advises that people should reapply sunscreen every two hours or after swimming, even if they have waterproof brands, and that SPF 30 is ideal – lower provides too little protection and paying more money for higher SPFs doesn't offer that much more defence.
Sun lotion alone shouldn't be used alone, of course – you should also make sure you have adequate clothing like a sun hat, to make sure you don't need to shell out extra money for after-sun lotions to soothe burnt skin.
For more money-saving tips, visit MoneyExtra.com
Whilst four-in-five (82 per cent) of us are saving money for a rainy day, the ways in which we do it vary and some forms bring greater rewards than others.
According to Standard Life, half of people put their money into savings accounts, despite the current interest and inflation rates meaning that most standard accounts will result in you effectively losing money, rather than adding to it.
A better alternative would be an Isa, which doesn't get taxed and generally gives you a better rate of return than a standard savings account. Alternatively, you could put your money into an investment or pensions product, which could earn you more, but are more risky.
Standard Life found that 13 per cent of people didn't understand the less regular ways of savings, but that could change if they talk to MoneyExtra, because we're the money experts.
Although men and women will ultimately pay the same for car insurance, it could be as late as December next year, so young male drivers still need to look for cheaper deals for now.
Currently, many parents name themselves as the main driver on their son's car, in a practice known as fronting, whilst the Motor Insurers' Bureau (MIB) estimates that 20 per cent of young drivers have no insurance. However, both practices are illegal.
If you're a young man who does drive sensibly, you should look into getting a telematic insurance policy, which is tailored to your individual driving style.
It works by placing a little black box inside your car which works out when you drive, how far and how fast, which can save you hundreds of pounds in premiums if you're a safe driver.
For more advice on cheaper insurance, head to MoneyExtra.com.
Which? has found that older people can face huge insurance premiums for travelling overseas and some might not even be able to get cover at all.
Richard Lloyd from the watchdog says that the situation is "absurd" and that the government and insurers need to look into the situation in order to find a more suitable solution.
The best hint that Which? gives is to check online – as with many things, you'll find that the best deals are on there, but as the watchdog points out, three-in-five over-65s don't use the internet, which puts them at a significant disadvantage.
If you've got a friend or relative who doesn't go online but wants to go travelling, point out that they can save money with internet deals and offer to help them by teaching them the basics or offer to sort out their insurance for them.
For more help, check out MoneyExtra.com.
Women who pay the bills will be faced by higher costs for water this summer, if the water companies get their way.
They've applied to the regulator Ofwat to allow them to increase prices in the summer to discourage people from using too much water, so here's a few hints about reducing your water usage to save yourself money.
If you want to water your garden, get a water butt, which can collect rain and you can siphon off as and when you want.
And you can be more efficient when you need to use the mains – make sure that washing machines and dishwashers are full before using them, whilst regular showers will use less water than baths and power showers.
For more hints and tips, talk to MoneyExtra.com, the money experts.
According to the Office of National Statistics (ONS), one-in-five people over the age of 55 have never used the internet, but everyone can save money by buying online.
The government reckons that this can amount to £560 each year and one of the ways to save a fair chunk of that is by looking for your insurance online.
Because providers' overheads are much lower, they can offer you better deals that if you went to a salesman or broker in person, and some offer deals that are only available online.
That's also true of banks and energy companies, and with fuel prices constantly increasing, it's a good idea to make as many savings as you can.
And make sure you look out for websites offering cashback too, as they will give you a financial reward if you buy goods or services from their affiliates.
To find out more, visit MoneyExtra.com.
Potholes can prove costly in terms of car repairs, especially as their numbers don't look like going down any time soon.
Labour thinks it'll cost £13bn to fix the country's potholes, whilst Lambeth Council will only repair them if they're 1.5 inches deep, a move that could extend around the country as councils look to save money.
To avoid having to pay out to repair pothole damage, try to stick to major roads where possible, as they're less likely to be damaged.
Also, avoid over-packing your car and make sure your tyre pressures are right before you leave home.
If you do encounter a road crater, don't swerve round it, as hitting it at an angle could cause more damage, and try to avoid heavy breaking, as that front-loads the car, which could make the impact even more damaging.
For more hints and tips, visit MoneyExtra.com, the money experts.
One-in-seven football fans aren't going to renew their season tickets for next year, as the average price has risen by 18 per cent, according to Virgin Money.
With the Premier League season drawing to a close this weekend, the survey also found that people without season tickets are shelling out more than £100 (£101.04) to go to a match, but there are ways of cutting back so you can afford to follow your team.
Instead of driving to games, you could get public transport, walk or carpool with friends, and is it really necessary to buy food and drink at the ground? You're only there for a couple of hours after all!
Programmes are another cost that can be got rid of – you can find out all of the team news you need on your phone and if you've got a contract with a data bundle, it won't cost you anything.
For more money saving tips, head to MoneyExtra.com.
According to the Prudential, women who finish work this year will have a retirement income that's £6,500 lower than their male counterparts.
If you're worried that this will happen to you when you retire, Vince Smith-Hughes from the provider has some tips that could help close the gap.
He reckons that you should keep paying into your retirement fund, even during career breaks taken for things like pregnancy, and that you make extra voluntary National Insurance contributions once they get back to work.
Mr Smith-Hughes also believes that you can never start saving too early for retirement and that you should put away as much as you can to last you during retirement, which could last for at least a couple of decades after you finish work.
To get more help on adding to your pension pot, visit MoneyExtra.com – the money experts.
Saga has found that quality of life for the over 50s has gone down over the past three months, which has discouraged many from spending money on fun things.
However, there are still plenty of ways that you can enjoy yourself without spending the earth.
The Saga survey found that two of the casualties of self-imposed spending cuts were meals out and beauty treatments, but there are always discount vouchers available for such places, particularly if you look at a group buying website.
More than a third (38 per cent) of the people asked have cut their spending budget and if that sounds like you, why not wait until the sales to get a few things? And there's always charity shops, which are filling up with quality clothing when people decide to de-clutter their homes.
Don't cut your enjoyment of life, visit MoneyExtra and find out how to cut your spending instead.
Although many men might think like Jeremy Clarkson and believe a bigger engine is better, they could make cost savings by getting a more efficient model.
Analysis by CAP has found that since 2003, the average engine in a small family car has shrunk by four per cent, but the power output has gone up by 12 per cent and fuel consumption has improved by 16 per cent.
So men who are looking to make savings on their driving costs – particularly with the fuel price how it is – might want to think about getting a car like a Volkswagen Golf, which has improved its efficiency levels a lot over the last decade, according to the research.
Of course, the newest cars will cost more up front, but if you do your research into second-hand newer models, you could find vehicles that will work out cheaper in the long-term.
For more savings tips, visit MoneyExtra.com.
Older people looking to make their savings stretch should start shopping around for own brand goods.
This comes after a blind taste test from consumer watchdog Which? found that Heinz tomato ketchup came second-bottom of a poll to find the nation's favourite chip dip.
It came behind own brands of loads of supermarkets, including Tesco and Lidl, so it may be an idea to try these brands next time you're in the shops and do your own taste test.
You don't just have to do it with ketchup, of course – you can make loads of savings on your shopping by going for the own brand products and if they're not to your taste, you can always switch back or find another cheaper alternative to try out.
If you want more advice on savings, come to MoneyExtra.com – we're the money experts.
Men could do with getting help with their savings after it transpired that they're liable for almost double the amount of tax as women over a lifetime.
MetLife has found that men will pay more than £420,000 (£420,561) in income tax by the time they retire, whilst women will only end up paying a little over £375,820 (£375,820) by the time that they finish working.
However, there are a number of ways in which men can claw back the amount of tax they pay by looking for tax avoidance schemes, such as Isas, which allow you to get a better rate of interest on your money, without paying any tax.
Also, if you don't think you qualify for tax on the interest paid on their standard savings account, you could fill in the government's R85 form, which can prevent deductions and possibly earn you a rebate.
For more savings advice, head to MoneyExtra.com.
Older people could find themselves making savings if they get themselves online - and the government is helping them to do it.
As part of the Race Online 2012 campaign, at least 100,000 people will come to the aid of the nine million people in the UK who have never used the internet, the majority of whom are over the age of 55, according to the Office of National Statistics (ONS).
Once older people are helped to get online, they'll find that they can make savings on their utilities, as sometimes some of the best deals are only available to internet customers.
They'll also find that they can do their food shopping via the internet if mobility is an issue and they may be able to find other products that they might not necessarily find in the local shopping centre.
Once you're online, make MoneyExtra.com the first site you visit for more savings help.
Women could make thousands of pounds in savings if they altered what they carry in their makeup bag.
Debenhams has found that the average woman spends £8,500 on mascara, lipstick and the like over the course of her lifetime, with a quarter revealing that they'd never leave the house without putting on their makeup.
The poll found that mascara is the most essential piece of kit, as 95 per cent of women claim to have it in their handbag in case they find themselves in need of a touch-up.
However, as Channel 4's Super Scrimpers showed this week, similar results can be obtained by using own brand products, rather than always plumping for the big name brands.
For more tips on making savings on the essentials, contact MoneyExtra.com without delay.
The amount of savings that people have in their bank accounts has fallen by £100 compared to a year ago, according to new stats.
ING Direct has found that the average person now has a little under £1,800 (£1,783) in their savings, which is a 12 per cent drop in the last couple of years.
The financial services provider has found that many people are blaming the high cost of living, job cuts and tax rises for the fall in savings levels - with two-in-five (41 per cent) people admitting that they rely on their rainy day fund for everyday basics, like food and petrol.
James Knightley from ING Direct says that he would expect a drop in savings in the first quarter after Christmas, but a year-on-year fall "suggest that there is more at play than simple seasonal variation".
For help with your savings, contact MoneyExtra.com, the money experts.
Women are increasing the cost of their holidays by dipping into their savings to prepare for their break.
Travel agent Sunshine.co.uk has found that pre-holiday prep costs women more than £160 (£162), as they aim to improve how they look before they head to the beach and don their bikini.
The poll found that half (48 per cent) of the women questioned used fake tan or a sunbeds before going away, two-in-five (39 per cent) had their hair cut or dyed, a quarter (24 per cent) chose to get waxed, whilst one-in-five (22 per cent) had a manicure.
In order to keep your savings fuller, women could make the most of the warm spring weather to give them a base tan, rather than paying for a fake alternative, whilst they could also tend to unwanted hair at home for less money.
To get more tips on savings, contact MoneyExtra.com today.
Women are being cautious with their savings when they move in with their partner new research has shown.
First Direct has found that that for the majority of couples, financial commitment is not on the agenda - with many keeping their distance in their money and property arrangements.
The bank’s survey shows 58% of couples keep their money separate when moving in together - while 21% only set up a joint account for bills - keeping their existing separate current account for their own spending.
Richard Brown, Senior Savings Product Manager at First Direct says: “while couples may feel that there is no longer any need to pay for everything jointly and that a measure of financial independence from each other is healthy, it would still benefit them to pool their savings as the larger their pot, the higher the interest rates on offer."
For more help with your savings, get in touch with MoneyExtra.com, the money experts.
People living on the Scottish islands could find that they're keeping more money in their savings as a result of a new funding boost from the Holyrood government.
The administration has announced that more than £300,000 (£328,000) will be spent on improving council care services, meaning that people will find that they don't have as great a strain placed upon their own finances.
The focus of the spending will be on providing services which will allow people to stay in their own homes, which will prevent them from becoming institutionalised and saving them thousands of pounds that could otherwise have gone on private care costs.
To find out how you can ward off debt fears by taking care of your own savings, contact MoneyExtra.com, the money experts.
The average woman could boost her savings by hundreds of pounds if she sold off all the shoes that she doesn't wear any more.
The Co-operative has done some research and found that 11 of the 20 pairs of shoes owned by the average women are rarely or never worn and could be sold to bring in around £400 (£396).
Lee Mooney from the Co-op notes that "it's staggering to think about how much the average woman's shoe collection could be worth," adding that "it's now the norm to spend a considerable amount of money on them every year."
The research also shows that ten per cent of women spend at least £600 on shoes each year, which could otherwise have been kept in their savings.
For more help with your savings, get in touch with MoneyExtra.com, the money experts.
We've all got items lying around the house that we don't use, but did you know that if you sold them off, you could add close to £900 (£877) to your savings?
Well, that's the case according to disaster relief charity ShelterBox, which could inspire a few mums to see what items aren't used and turn the clutter into cash.
Top of the list are clothes, with more than a quarter of the women polled saying they had loads of unwanted garments strewn around the house. Next up was discarded technology – things like old TVs and mobile phones.
Although ShelterBox's poll shows that nearly half of the women asked weren't keen on parting with their unused goods, selling them online or at a car boot sale would be a really good idea to help add to your savings.
If you want advice on how to help your savings, contact MoneyExtra.com today.
The value of people's money has fallen by 94 per cent since the 1960s, according to new research.
The findings from BM savings show that thanks to an 18 fold increase - someone today would need nearly £1,800 to have the same spending power as £100 in 1960.
However, there is some good news as BM savings say that successful saving and investment can help maintain a good nest egg. They say that by placing £100 in an instant access savings account in 1960 would have earned over £2,000 in interest by now.
If you need a new savings account for your nest egg logon to moneyextra.com and let us compare the whole of the market to find the best deal for you.
Brits have to save for up to two years before saying I do, according to new research.
The figures from Clydesdale and Yorkshire Banks show that engaged couples are spending just over £16,000 on their big day - which is over £4,000 less than a year ago.
The research shows that couples are coming up with increasingly inventive ways of saving money for their wedding. While 42 per cent have also maximised savings accounts and ISAs in a bid to make their money go as far as possible.
And it is not just on the wedding where they are making savings - as many are also cutting back on things like beauty treatments to more put money aside.
If you are saving for your wedding logon to Moneyextra.com and let us find the right savings account for your needs.
Couples plan to save over £5,000 towards their wedding day, new research has found.
The study by Tesco Bank shows that 35 per cent of couples have set up a specific savings account for the big day. While 70 per cent say they are planning to save for over a year - and one in five (19 per cent) have to put cash aside for a minimum of two years ahead of their big day.
The research also found that more and more couples are taking financial control of their wedding, with 61 per cent footing the majority of the cost.
If you want to put money aside for a special occasion logon to Moneyextra.com and let us compare the whole of the market for you.
People are more enthusiastic about saving, according to one money expert.
Jasmine Birtles, founder of moneymagpie.com, has said that that there is "much more of an appetite to save". She said that those who are keenest to save are those in their 20s - because the current economic climate has "hit them the hardest".
She said that "the young suddenly realise that they're not going to be looked after by the state and that money is harder to come by, so they are the ones who are now saving".
Meanwhile, research from Standard Life shows that Brits are failing to make long term financial plans, with 17 per cent admitting that they do no financial planning.
If you want to start saving, log on to Moneyextra.com and let us do the hard work for you.
Brits are failing to save for their future, according to Standard Life.
Research from the company found that one in six (17 per cent) people do not do any kind of financial planning. In fact, only around half of Brits (45 per cent) plan their finances for the next year. Only a fifth are saving for the next five years and only 16 per cent have financial plans for the next six years.
According to Standard Life this highlights the need for Brits to address their long-term savings needs and start planning for their financial future.
If you want to start saving for your future logon to Moneyextra.com and let us compare the whole of the market to find the best deal for you.
Tuesday afternoon is the most popular time to open a savings account according to research from BM savings.
The company found that between 3pm and 4pm on a Tuesday was the time when most people sorted out their savings pots.
One fifth of people chose the early part of the week to get a new account while 18 per cent choose Wednesday.
However, when it comes to transferring money in and out of their savings account people are very much "lunch time savers" doing so on a Monday between 12 and 1pm.
Although, people in Scotland do their internet banking in the evening.
If you want a new savings account logon to Moneyextra.com and let us find h best deal to suit your needs.
The majority of Brits would put money aside rather than splurging on luxury items if they came into a cash windfall, a new survey has found.
According to CouponCoupon, 65 per cent of Brits would save a £100,000 windfall. They said that they would put money aside for a rainy day, pay into a pension or save for University fees with the cash.
While over a half (53 per cent) said they would use it for debt management like paying off credit cards or the mortgage. In comparison, only 22 per cent would splurge and spend the cash on extravagant items like a yacht, new car or plastic surgery.
If you want to start putting money aside for a rainy day logon to Moneyextra.com and let us find the right deal for you.
More than a third of people have to put their retirement dreams on hold because they don't have enough savings.
According to research by the Prudential, 38 per cent of people due to retire in 2011 are cancelling their plans to do so. A big proportion of these (22 per cent) are doing it because they can't afford to stop working.
Vince Smith-Hughes, head of business development at Prudential, has warned that for anyone who doesn't want to delay retirement, their only option is to "start saving as much as they can as early as they can".
If you want to put money aside for retirement logon to Moneyextra.com and let us find the right savings account for your needs.
There is some good news for savers after a surprise fall in inflation.
Figures from the Office for National Statistics show that CPI inflation dropped from 4.4 per cent in February to four per cent in March.
However, despite this drop savers are still struggling to find a good return on their money, according to the Fair Investment Company.
It says that even tax efficient tax Isas need to offer at least four per cent in interest in order to keep up with inflation. Therefore, Julie Smith, savings analyst at Fair Investment Company says that "many people are now considering moving out of straight savings accounts and cash ISAs in search of better returns."
If you want a new savings account logon to Moneyextra.com and let us compare the whole of the market for you.
Banks need to do more to protect their savers, a new report has found.
The proposed reforms by the Independent Commission on Banking (ICB) would see banks ring fence their high street operations away from their investment arm, in order to protect savers deposits.
The aim of the report is to promote greater stability and competition in the banking sector after the financial crisis.
The commission also recommended that the Lloyds banking group sell off more branches in order to provide more competition in the sector.
While the ICB is recommending a number of measures that will make it easier for customers to switch accounts if they are unhappy with the provider.
If you want a new savings account logon to moneyextra.com where you can compare the whole of the market.
Setting savings targets can help motivate people to save regularly, the debt advice foundation has said.
David Rodger, managing director at the charity, has said that people should set themselves realistic goals. However, he does caution people not to set the bar too high "or they will become demotivated all too quickly."
Meanwhile, a new report from Barclays has found that the recession has created a generation of savvy 20-something savers. Its report found that almost a third of 20 to 29-year-olds (32 per cent) are saving almost a fifth of their monthly salary.
If you want a new savings account logon to Moneyextra.com and let us do the hard work and find the best deal to suit your needs.
UK savers need to work an extra six years just to afford retirement, research from Axa has found.
Its survey found that a typical male pension saver would need to work to 71.1, in order to get the same pension income that they would have had five years ago.
Their male pension affordability index found that pension affordability had fallen by 40 per cent since the end of 2005.
And women fare even worse - their pension affordability stands at 71.3 which means that they will have to work an extra six years and four months.
If you want a savings account to fund your retirement logon to moneyextra.com and let us compare the whole of the market for you.
The economic downturn has created a generation of savvy 20-something savers, according to Barclays.
According to the bank, people in their 20s are saving almost a fifth of their monthly salary towards specific goals.
Its social trends analysis found that almost a third of 20 to 29 year olds (32 per cent) are Young, Ultra Forward-Thinking Savers - or 'YUFTIES'.
They are saving an average of £258 a month, which is 17.7 per cent of their monthly income, towards specific goals that they hope to achieve in the next 10 years. Savers in this group have £1,900 put aside for the future.
If you want a new savings account logon to Moneyextra.com and let us compare the whole of the market for you.
Savers aren't making the most of their Isa allowance according to new research from the AA.
According to the survey of 3,000 adults, nearly three quarters of Brits said they had in the past or were now saving into a cash Isa.
However, fewer than half (45 per cent) of them were aware of the 2010/11 maximum Cash Isa allowance of £5,100. In fact 22 per cent thought the amount they could save tax free was just £3,600.
The research also found that 53 per cent think that the best use of a cash Isa is for long term savings.
If you want to make the most of your Isa allowance logon to Moneyextra.com and let us compare the whole of the market for you.
Over a quarter of Brits say they are less likely to save over the next three months, according to a new survey.
NS&I's Savings Survey found that 27 per cent of us are pessimistic about their savings future. However, the survey also found that 26 per cent of Brits are getting into good savings habits by setting long term goals.
And men and women have very different savings priorities - with 41 per cent of females with a savings goal saving for leisure activities like holidays, while less than a third of men are saving for this.
If you want a new savings account logon to Moneyextra.com and let us find the right deal for your needs.
Nearly half of over 45s are not saving for their retirement, new research has found.
According to M&S money,per cent are not putting anything away for their retirement. And of those who are saving, they are not making the most of their tax free Isa allowance.
It found that two thirds (66 per cent) of those aged 45 or over aren't making use of their cash Isa allowance while 84 per cent are not saving into a stocks and shares Isa
And according to M&S, savers have missed out on over £7,000 in interest by not making use of their Isa allowance.
If you want a new Isa logon to Moneyextra.com and let us compare the market for you.
Plans for a new junior Isa have been set out by the government.
According to the treasury it is expected that around six million children will be eligible for the Isas when they launch and a further 800,000 will have access to the accounts each following year.
The government proposes that the savings accounts will be available from November this year and children will be able to have on stocks and shares and one cash junior Isa at a time. They will be able to put away a maximum of £3,000 a year with the funds locked until they turn 18.
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Young people want instant access to their savings pot, new research shows.
According to AXA over 40 per cent of people aged between 16 and 34 who currently invest in a pension said they would like to access their pension pot early.
However, over half of young people said that if they could access the funds early they would be more likely to increase their pension savings. But this does go against the most common reasons cited for wanting to access their savings which would be to reduce financial burden by doing things like paying off debts or avoiding house repossession.
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One in four parents and grandparents are saving for their children's university fees, new research has shown.
The findings from Virgin Money show that they are already putting money aside in deposit accounts and stocks and shares Isas in response to higher tuition fees.
Another 11 per cent of families are planning to put money aside ahead of the upcoming rise in tuition fees.
However, 82 per cent of adults think that students should pay at least some of their own way through university. Just over half think that the burden should be shared between students and families and 17 per cent think most of the savings should be done by the student.
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Cash Isa savers are being urged to check what rate of interest they are getting on their account.
The watchdog Consumer Focus say that two-thirds of people who opened an Isa with a so-called 'teaser rate' could be losing out because they don't switch accounts once their introductory rate ends.
It says that 15 million customers are losing out by simply not switching.
The research also found that a quarter of savers did not even know that their account had a bonus rate - and a third didn't know if their introductory rate had ended at all.
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Older savers are more worried about how safe their money is rather than the rate of interest they are earning, the Financial Services Compensation Scheme (FSCS) has found.
According to the FSCS older people say that safety and not price is the most important factor when looking for an Isa provider.
They say that saving with an organisation that is covered by a financial compensation scheme means more to them then getting the best possible rate of interest.
And it even more important to those aged over 65 with 40 per cent saying that receiving compensation if their provider went bust was very important.
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Brits are being advised to shop around for the best deal for their savings.
According to Annie Shaw, editor of CashQuestions.com, more people are putting money aside - after the "huge credit splurge up to the start of the recession" left people wanting to protect their future.
However, she does warn that people need to be "careful that they are shopping around to get good deals, because it is really hard to get a return on your money if you're saving."
She says that because inflation is so high it is vital to find the best return for any investments.
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Junior Isas are to be introduced in a bid to encourage parents to save for their children.
In Wednesday's Budget [March 23rd 2011] chancellor George Osborne, confirmed that all British children who don't already have a child trust fund will be eligible for the new accounts.
More details will be released next week and the accounts are expected to be available in the autumn.
According to John Reeve, chief executive of Family Investments, the accounts should "enable parents to save for their child from day one and look to address the bigger issue of providing young adults with a financial asset."
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There is yet more bad news for savers looking to get a good return on their investment.
The latest figures from the Office for National Statistics show that CPI, the government measure of inflation, has gone up to 4.4 per cent.
This means that with interest rates at a record low rate of 0.5 per cent savers are seeing their investments being slowly eroded.
Meanwhile, the Saga group is warning that for over 55s inflation is even worse. It says that while CPI for the population as a whole was 4.4 per cent in February, the figure for those aged 50 to 64 was even higher at 4.6 per cent.
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Despite feeling the squeeze over a quarter (28 per cent) of Brits are saving more than they did a year ago, according to the Clydesdale and Yorkshire Banks.
Their survey into the nation's savings habits found that 14.5 million people are saving more than ever.
The average Brit is putting aside £1,320 per year, with holidays and home improvements being the most popular items on the saving list.
Savers are also holding off buying big items until they have enough money put aside with 28 per cent willing to wait a whole year in order to afford what they want.
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People in the Derbyshire Dales have the most cash Isa savings according to the Halifax.
Its latest Isa savings map found that people there have over £10,000 saved in cash Isas - which is 34 per cent above the national average. But overall it is London and the South East that has the most saved.
According to the bank, almost three quarters of the top 30 local authorities with the highest cash Isa balances are in Greater London and the South East.
The survey also found that male savers tend to have marginally more put aside then women, with one per cent more savings then their female counterparts.
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The government should be doing more to encourage people to save, the Nationwide building society has said.
It argues that with 16 million people without any savings the government should make provisions in the forthcoming Budget to encourage people to save more.
Nationwide is calling on the coalition to foster a savings culture in the UK and to particularly focus on getting children and their parents putting money aside.
It found that four out of ten (39 per cent) 18 - 34 year olds have no savings put aside compared to just two out of ten (20 per cent) of those aged 55 and over.
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Savers who don't switch their accounts could be missing out on as much as 235 per cent interest.
The independent financial research company, Defaqto, has found that the average rate of interest paid on newly launched accounts far outstrips the rate paid on accounts opened in 2010 or before.
Its research found that newly launched instant access savings accounts pay an average of 253 per cent more interest than their older counterparts. While easy access cash Isas are paying 85 per cent more in interest.
According to David Black, Defaqto's insight analyst for banking "reviewing your account on a regular basis, and changing it to a more competitive deal, will increase your returns."
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Savers are losing out on as much as £509 million by not putting their money into a tax efficient savings account according to Unbiased.co.uk.
Their annual Tax Action Report has found that as well as suffering from a squeeze in disposable income consumers are also missing out on potential interest by not using an Isa account for their savings.
Figures from the report show that out of a possible £42.8 billion, Brits actually only invested £32.5 billion into cash Isas last year.
According to Karen Barrett, Chief Executive of unbiased.co.uk even saving a small amount each month in a tax efficient account "can make a big difference in the long-term."
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Savers in Wales are missing out on millions of pounds in lost interest by not taking out an Isa, the Principality Building Society has warned.
It's Savings and Spending Survey found that just over 36 per cent did not put money into a tax free Isa. In fact more than half of the population didn't even know that the accounts were completely tax free.
With less than a month till the end of the tax year 62 per cent of those surveyed still hadn't taken full advantage of their Isa allowance for 2010-11.
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Over half of Brits think they would lose the Isa savings if their provider went bust, new research has shown.
According to the Financial Services Compensation Scheme (FSCS) only 49 per cent of UK adults are aware that they would get their money back if their Isa provider went bust.
The survey also found that 38 per cent didn't know about the savings compensation scheme while 13 per cent didn't think Isas were included in the scheme at all.
In fact if an Isa provider went bust savers would get up to £85,000 of their savings back in compensation.
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Savers hoping for a rise in interest rates have once again been disappointed as the Bank of England has voted to keep the base rate at 0.5 per cent.
This is the 24th month that the interest rate has remained on hold and means that many savers will struggle to find an account that beats inflation, currently running at four per cent.
However, according to the Fair Investment Company savers should take advantage of favourable Isa rates.
It says that because the end of the tax year is nearing, banks and building societies are offering good rates to customers in a bid to get their custom.
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People's savings have taken a hit as they instead try to pay off debts.
According to Unbiased.co.uk at the end of last of year borrowers repaid 14p of debt in every pound they saved.
Overall 2010 was a record year for debt repayment with consumers paying off 19p in every pound saved in the first two quarters of the year.
It says that consumers have become more aware of their debt levels and have been doing what they can to pay off their borrowing. However, savings have taken a turn for the worse as the amount consumers put aside fell in every quarter of the year.
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Almost two thirds of parents with young children haven't saved money for their kids, new research has shown.
According to Myvouchercodes.com as 64 per cent of parents with children under the age of 10 haven’t set money aside for them in either a savings account or in Premium Bonds.
And when asked why they hadn't put money aside over half (51 per cent) said they couldn't afford to do so while 12 per cent said they hadn't thought about it.
And 23 per cent said that they didn't want to save for their children because they wanted them to know the value of money.
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Three quarters of a million people will start paying income tax at 40 per cent from April 6, when the current threshold drops.
And that's bad news for people with savings accounts, especially if their annual interest gets paid after that date.
On April 6, the amount of taxable income at which the top rate kicks in drops from £37,401 to £35,001 per year.
Savings interest usually has tax deducted at the standard 20 per cent rate, and people who are shifted into the higher bracket will need to make arrangements to repay excess tax owed to HMRC.
Defaqto's Insight Analyst for Banking warned: "People need to take stock now and consider what the forthcoming tax threshold changes will mean for them - and act quickly if it would be beneficial to either close an existing savings account or open a new one before the end of the current tax year."
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ISAs are the UK's favourite savings products, according to new research.
As the end of the tax year approaches, savings providers are putting their all into attracting new customers with tempting ISA offers.
The survey from TD Waterhouse found that the popularity of the tax-free savings vehicles outstripped all other kinds of savings accounts and investments for the fourth year running.
Two thirds of people have invested in a cash ISA in the last 12 months, while 47 per cent have paid into a stocks and shares ISA, the broker found.
This year, there's an extra incentive to put your savings into an ISA. The tax-free limit is being increased to £10,680 per year from April 6th.
If you're looking for the best deal on a new ISA or any other savings product, then get in touch with the team here at MoneyExtra.com.
Almost a quarter (23 per cent) of all Christmas spending last year was paid for from savings.
That's according to research from BM Savings, which also found that one in ten Britons paid for all of their Christmas costs out of savings.
A further 21 per cent, however, did not have any savings to help pay for the costs.
The average amount withdrawn from savings was £1,873, which was down on the previous year.
John Bianco, Head of Products at BM Savings said: "As we all know, Christmas can be an expensive time. It's encouraging to see savers planned ahead and have started the New Year with confidence knowing that they have the funds available for whatever the new decade holds."
If you are preparing to save this year, but don't know how to make your cash go as far as possible, talk to the team here at MoneyExtra.com.
Almost a quarter (23 per cent) of all Christmas spending last year was paid for from savings.
That's according to research from BM Savings, which also found that one in ten Britons paid for all of their Christmas costs out of savings.
A further 21 per cent, however, did not have any savings to help pay for the costs.
The average amount withdrawn from savings was £1,873, which was down on the previous year.
John Bianco, Head of Products at BM Savings said: "As we all know, Christmas can be an expensive time.
It's encouraging to see savers planned ahead and have started the New Year with confidence knowing that they have the funds available for whatever the new decade holds."
If you are preparing to save this year, but don't know how to make your cash go as far as possible, talk to the team here at MoneyExtra.com.
As the end of the tax year approaches, ISAs take centre stage in the field of savings.
New research published this week has shown that 42 per cent of UK households have one or more ISAs, with 15 million people investing a grand total of £45 billion last year alone.
The survey, from Cimetric, also found that payments into ISAs have increased by 10 per cent per year since 2006, with funds invested split roughly evenly between cash and stocks and shares ISAs.
Commenting on the findings, Tax Incentivised Savings Association director general Tony Vine-Lott called for reforms that could expand the appeal of ISAs even further.
"I would like to see the ability to transfer from a Stocks & Shares ISA to a Cash ISA, transfers on death - particularly between spouses, improvements to the tax advantage of Stocks & Shares ISAs and greater asset class parity with Self Invested Personal Pensions introduced," he said.
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Savers struggling to beat inflation should look to stocks and shares Isas, according to consumer group Which?
Cash Isas accounted for three quarters of all types of Isa opened in 2009-10 but with low interest rates many savers aren't getting a good return on their money.
Instead, Which? says that savers would get a higher income from stocks and shares Isas then they would from a cash Isa.
But the group do warn that stocks and shares carry bigger risks for investors so people need to do their research before deciding where to put their money.
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Parents are being advised to start saving money as early as possible in order to tackle family expenses.
According to Dave Rodgers, managing director of the Debt Advice Foundation "it’s always a good idea to save money whilst you can as it helps to minimise the impact of any future expenditure”.
He points out that while no one is certain University fees are likely to get more expensive in the future so parents should assume that they will need to save money for their children's future.
His comments come as LV='s annual Cost of a Child Report found that raising a kid till they reach 21 now totals more than £210,000.
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Over a third of parents (39 per cent) have cut back on their savings because of financial pressures, new research has shown.
According to the LV cost of a child report the cost of raising a kid until 21 now totals more than £210,000. This means that parents have to pay over £10,000 a year just to bring up their children. This is an increase of 50 per cent since 2003.
And because of the financial pressures parents are under many say they have to cut back on their savings, with over three quarter saying the economic climate is "really hitting them hard."
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Isa savers are being given "shockingly poor" advice from their banks and building societies, according to consumer group Which?
In an undercover investigation it found that just three out of 104 calls to providers resulted in the correct answers to all of the four questions asked about the Isa transfer process.
A group of mystery shoppers rang up 13 different providers to find out how a relative would transfer a cash Isa.
Ninety seven per cent of the advisers gave conflicting and wrong advice about the amount of money people could transfer - and nearly half (43 per cent) were unaware that money could be transferred between different types of Isa accounts.
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More than two thirds of adults with retirement savings have no idea how much income they will have when they stop working, new research has shown.
The Marketing Science's Retirement Planning Monitor (RPM) has found that 70 per cent of people who have a savings pot in place have no idea what income they will earn when they retire. And of those who have worked it out, 39 per cent did the calculations themselves rather than ask a professional.
According to NFU mutual, who took part in the RPM survey, many people are confused about their retirement options and it is urging people to seek professional advice.
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One in five Brits have no rainy day savings, new research has found.
According to Mintel despite concerns over the current economic climate more than a third of UK adults admit to having less than £500 put aside and a fifth have no savings at all.
And it is women who are most likely to be without a nest egg; according to the research 17 per cent of men say they have no savings while the figures rises to 22 per cent for women.
The Mintel study says that it was struggling to meet everyday costs that stopped most people from being able to save.
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Savers looking to get the best return on the investment should opt for fixed rate deals according to First Direct.
They've found that over the past decade fixed rate products have offered better returns than their variable rate counterparts.
They say that on average each saver has lost around £78.50 per year, since 2005, by not fixing their savings.
And in 2008 when interest rates dropped to 0.5 per cent savers lost out on nearly £100 as the interest on variable rate saving dropped to 0.49 per cent by December 2008.
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A combination of high inflation and low interest rates "spells double trouble" for silver savers, according to Age UK Enterprises.
Its Silver RPI data shows that the average person aged over 55 has experienced price increases at five percent above the headline inflation measure.
They have lost out by £30 each month before they even start to put money aside, which means that they are nearly a £1,000 a year worse off.
Gordon Morris, managing director at Age UK Enterprises, says that this means more doom and gloom for those trying to put enough money aside for their retirement.
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Savers have been dealt a new blow as official figures show that inflation is the highest it has been for two years.
According the Office for National Statistics, the Consumer Prices Index (CPI) hit four per cent in January.
With the Bank of England base rate currently at 0.5 per cent many people's savings pots are effectively being eroded away by rising prices.
According to the Fair Investment Company basic rate tax payers need a savings account paying at least five per cent in order to not be eroded by inflation. Therefore, they are advising tax payers to make the most of their Isa allowance or to look at a fixed rate bond.
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Savers are being told that they need find alternatives to beat inflation.
Last week the Bank of England's Monetary Policy Committee voted to keep interest rates at the record low of 0.5 per cent.
Now broker Willis Owen says that with the Isa deadline looming savers can't put off finding a way for their savings to beat inflation.
They that savers could look to investment funds in a bid to stop their savings pot being eroded by inflation. They also advise making the most of an Isa allowance as a tax efficient way of saving.
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Less than one in ten under 35s has a stocks and shares Isa, according to new research.
Fidelity International say that one in ten under 35s plan to save more this year than the last but yet most don't have a stocks and shares Isa.
In fact according to the company just 15 per cent of Isa investors fall into the younger age bracket.
They are encouraging under 35s to take advantage of the tax breaks you get with stocks and shares Isa by investing in a monthly savings plan.
They say that no matter how small the amount saved it can add up to a sizeable savings pot.
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The UK savings culture has declined, a leading debt advice charity has said.
According to Joanna Parsley, associate director of Credit Action, many people simply don't have enough money to put aside as savings each month.
Ms Parsley says that in the current economic climate many are aware that it is important to save but simply don't have any spare cash to put in a savings pot.
Meanwhile, research from HSBC has found that the amount saved or invested by households with an income of over £100,000 is likely to decline by 10 per cent this year.
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The government's plan to increase tuition fees has caused an increase in savings, according to new research.
The ING direct Consumer Savings Monitor found that savings balances received an unexpected boost in the second quarter of last year, as parents put money aside for their children's education.
They say that 23 per cent of parents have either started a university fund for their kids or increased the amount they are saving into an existing account in response to the planned rise in tuition fees.
This led to a 3.6 per cent boost in accessible savings in the last quarter of 2010.
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Isa savers are being advised to "use it or lose it" by one building society.
With the end of the tax year approaching Nationwide are telling savers to make the most of their tax free Isa allowance.
They estimate that cash Isas alone are saving people over £680 million in a tax year.
However, despite this the building society say that around two thirds of people do not have a cash Isa and only one in seven have a stocks and shares Isa. Therefore, Nationwide say that many could lose this years tax free savings allowance if they don't use it by the end of the tax year.
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The amount saved or invested by high earners is expected to decline this year.
HSBC say that those with incomes over £100,000 are expected to decrease their savings and investments by 10 per cent.
However, they do expect to increase the amount they save in investment Isas, which is most likely down to the increase in the Isa allowance. While the savings areas expected to see the biggest decline in investments were fixed rate bonds, unit trusts and investment bonds and commercial property.
According to HSBC high earners have been hit by a number of extra taxes and instead of cutting back on their spending they are choosing to cut back on savings.
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Nearly half (43 per cent) of working people say they cannot afford to save for retirement, new research has found.
The National Association of Pension has found that 83 per cent of people think that society needs to rethink how it funds retirement while over half of those who aren’t retired (55 per cent) are not confident they will have enough money in their old age.
They have now set up an independent Commission headed up by former Treasury Select Committee chairman Lord McFall to find out how the UK can radically change its approach to saving for retirement.
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Brit's pre-retirement saving's window is shrinking, according to Santander.
Research from the bank shows that the gap between people finishing paying off their mortgage and retirement is getting smaller, meaning that the chance to put cash aside for retirement is also dropping.
They found that people who took out a mortgage in the 1960s had an average of 21 years saving time before retirement. However, those who took out a mortgage in the last ten years only have about ten years to put money aside.
This means that those who took out a mortgage in recent years may struggle to put enough money away for retirement.
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The amount of money people have saved with mutuals increased at the end of the year, new figures show.
According to the Building Societies Association (BSA) savings balances held with their members increased by £1.5 billion in December. While the BSA also saw savings balances increase by £0.06 billion in November.
However, Brian Morris, Head of Savings Policy at the association, believes that savings balances are likely to remain subdued in 2011 as "households face a challenging year ahead and may well need to dip into - or defer - savings to supplement their incomes."
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The amount of money parents are saving in Child Trust Funds (CTFs) is continuing to rise.
Figures from the Tax Incentivised Savings Association (TISA) show that lump sum contributions to Child Trust Funds have risen for the fourth consecutive quarter.
Originally set up by the Labour government each child was given £250 to invest in the funds and parents were encouraged to contribute to them. However, they were scrapped by the current coalition as part of their drive to bring down the deficit.
However, Child Trust Funds are still open to existing account holders and according to TISA parents are still continuing to fund them with the average lump sum subscription growing to £525.
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Silver savers are putting away £1,000 a year for their grandkids according to new research.
C&G savings say that thanks to their grandparent's savings many grandchildren could inherit a nest egg of £20,000 at some stage in their lives.
The research shows that a third of grandparents are currently saving for their families and the figure rises to 37 per cent for the over 65s.
And of those saving more than half (55 per cent) are putting money aside to help their grandchildren with large costs that come up in life. And the majority of those thought that would be an educational need such as going to University.
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With inflation outpacing the rate of interest savers are hard pressed to find a good rate of return on their nest egg.
But now a new inflation linked bond is expected to be swamped by savers looking for a better return on their cash.
The limited edition BM savings bond goes live in March and promises to pay savers a rate of interest which matches RPI inflation, currently at 4.8 per cent.
However, savers will need to lock their cash away for five years and invest at least £500 so the account won't be right for anyone who needs instant access to their cash.
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Brits are once again using savings and investments to put money aside for their future.
According to the Association of British Insurers (ABI) people are shunning property as a long-term investment and are instead turning to savings accounts, stocks and shares and national savings.
The ABI's quarterly consumer survey found that the number of people who see property as the best long-term investment has fallen to its lowest level. In fact the figure fell by almost a third in the last three months of 2010.
And while property still remains the most popular asset class it is losing ground to savings and stocks and shares.
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Isa savings accounts are set to get more popular, according to one expert.
Tony Vine-Lott, director general of the Tax Incentivised Savings Association, says that the accounts continue to be "a savings success story."
And as more people pay of their short term debts freeing up cash to put aside in a savings account, Mr Vine-Lott predicts that they will turn to an Isa.
He reckons that the tax free accounts are "now established as an extremely popular, easy to understand and tax efficient way to save money - either for short-term needs […] or as a longer term investment to supplement pension savings for retirement."
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Brits have £6.1 billion sitting in forgotten savings accounts, new research has found.
The Clydesdale and Yorkshire Banks survey shows that around 10 million people have forgotten about savings accounts and then later discovered that they had an average of £600 in old accounts.
And the poll of 3,000 adults found that Brits are also finding alternative places to stash their cash with nearly half still owning a moneybox while nearly one in five store their money in the kitchen drawer.
And one in ten are actually stuffing their money under the mattress.
The banks are now encouraging people to "look at ways to make their money work harder in a savings account to suit their needs."
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Nine out of ten women think it is important to have a savings pot, according to research from the Halifax.
The bank found that women are financially independent and want to influence financial decisions in their households.
They say that 89 per cent of females think it is important to save money or to have their own savings.
Over half of those surveyed (52 per cent) want to save money to maintain financial independence.
A further 18 per cent want to have a savings pot in case anything goes wrong with their relationship while 15 per cent just want to control their spending and savings habits.
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People's attitudes to savings are changing according to a leading debt charity.
Credit Action say that there is "greater awareness for a need to have savings" especially among young people.
Richard Talbot, director of the charity, says "people are generally more aware that saving for some of these big ticket items is a good idea."
And it is younger people who are have a "stronger understanding" of how important it is to put money aside for big purchases.
The recent HSBC savings map of Britain has found that savers plan to put more money aside this year and it is those aged 18 to 24 who are most likely to try and save more.
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A third of families have no savings, according to a new report.
The Aviva Family Finances Report has found that 39 per cent of UK families say they are too stretched to take on any additional financial obligations.
And it seems that families are so stretched they cannot afford to save - 33 per cent have no savings at all and 40 per cent put nothing aside each month. Suggesting that those who had saved in the past have now stopped.
Even among those families who do manage to save some cash, a quarter have less than £2,000 put aside so if an emergency were to happen they would have very little to fall back on.
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There is more bad news for savers as official figures show that inflation has risen again.
According to the Office of National Statistics inflation rose to 3.7 per cent in December with the Consumer Prices Index (CPI), which measures how much a basket of typical goods costs, jumping from 3.3 per cent in November.
This is bad news for savers as they now need an account which pays at least 4.46 per cent in interest just to stop their savings pot being eroded in real terms. And with the base rate at just 0.5 per cent it can be hard to find a good rate of return.
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The government should do more to encourage people to save for the future, a consumer group has claimed.
Jason Riddle, co-founder of Save Our Savers wants the government to "introduce consumer savings products that provide a return at least matching inflation, as a means of raising money to cover the national debt."
He is also calling on banks and building societies to be more open about the interest rate they offer to their customers.
Meanwhile, research from Which? shows that more than a third of savers still have money in a savings account they opened six years ago or more.
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Over half (57 per cent) of Brits say that they plan to save more this year in order to reach their savings target, according to Lloyds TSB.
In fact the bank says that after losing weight and getting fit people's most popular New Year's resolution is to sort their finances out.
And almost half (44 per cent) of those who want to get their finances into tip top condition want to focus on their savings in the next decade.
While nearly a third (29 per cent) of those surveyed said they want to save over £50 a month.
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Loyal savers are getting a pitiful return on their nest egg, consumer group Which? has found.
They say that almost nine in ten of the savings accounts that were available six years ago are now paying interest rates of 0.5 per cent or less and almost two thirds are paying 0.1 per cent or less.
This means that for every £1,000 saved customers will only get £1 in interest.
But despite getting such a low rate of return Which? found that more than a third of savers still had money in these accounts.
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One in three Brits say they are unable to save each month because they have no spare cash, the Skipton building society has found.
The research into people's savings habits also discovered that 24 per cent of people have no savings what-so-ever.
A quarter of those surveyed said they saved what they could afford but are worried that they are not putting enough away.
And with 55 per cent saving less than £100 a month it could be that many don't have a large enough savings pot.
Although the Skipton building society does caution that saving even a small amount is better than nothing.
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Savers are being more ambitious with their savings plans this year than they were in 2010, new research has shown.
The HSBC Savings Map of Britain shows that Brits struggled to increase their overall savings last year.
Although total savings balances did increase, 40 per cent of people withdrew more than they saved and 23 per cent withdrew over a quarter of what they had put aside.
However, only 32 per cent actually added to their savings pot.
But according to HSBC people are more confident about their ability to save this year as 36 per cent say they will put aside more in 2011.
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The Bank of England Monetary Policy is being urged to raise interest rates to help savers and pensioners hit by high inflation.
Pensions expert Dr Ross Altman claims that so far "savers and pensioners have been the innocent victims of the problems caused by excessively easy monetary policy."
She is now calling on the Bank of England to "wake up to reality" and raise interest rates from their current low level of 0.5 per cent.
Dr Altman also wants the government to step up and help by issuing inflation-linked certificates for the over 50s as these will allow those coming up for retirement to protect their future income from inflation.
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The rate of interest paid on savings accounts is set to remain low for some time, one expert has warned.
Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, expects rates to "remain on hold" for some time.
And with the base rate at an historically low rate of 0.5 per cent that could be bad news for savers.
The Bank of England's Monetary Policy Committee (MPC) are due to meet for the first time this year on Thursday but according to Mr Goodwin they will keep rates at 0.5 per cent, a rate which has been unchanged since March 2009.
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Savers are shunning bank accounts and instead opting to keep their cash at home new research has shown.
The Financial Services Compensation Scheme (FSCS) found that there is nearly £7 million lying around people's homes.
The say that excluding what people have in their wallets the average amount people have in their home is around £280 and four per cent of those questioned had over £1000 in the house.
And it seems that the low interest rate is to blame – of those surveyed 32 per cent claim that there is no point in depositing cash in a bank or building society because they'll get a low return on their money.
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We may have only just gotten over one Christmas but the Office of Fair Trading (OFT) is advising people to start saving for the next one already.
They say that people should make a New Year's resolution to start putting money aside for this year's festivities.
They are providing top tips to avoid a Christmas financial hangover in 2012 as part of their Save Xmas campaign.
They advise people to set a budget now and start putting money aside to cover it.
They also say that it is important to research which savings account is best for your needs before putting money away.
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Seventy six per cent of Brits say they are unhappy with their savings pot a new poll has shown.
First direct surveyed 1,000 UK adults and found that a large proportion of the population regret not taking a longer term view of their finances.
And when it came to people's biggest financial regrets for 2010 53 per cent say that it is not paying down debts quickly enough and 37 per cent reckon it is not saving for retirement early enough.
While 74 per cent are worried about their general savings habits. But according to Richard Brown, Senior Savings Product Manager at the bank now is the perfect time to take stock of your finances.
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The compensation limit for people who lose their savings if their bank or building society goes bust has gone up.
From now savers will get £85,000 if their provider goes under instead of the £50,000 they would have got last year.
This new limit is part of a European ruling which says that each country needs to have a compensation scheme in place equivalent to 100,000 euros.
According to the Financial Services Authority (FSA) this new compensation limit will "protect the vast majority of depositors" and help "maintain customer confidence in the banking system."
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The amount of compensation savers get if their bank or building society go bust is set to go up in the New Year.
The Financial Services Authority (FSA) have confirmed that from December 31st the new deposit compensation limit for the UK will increase from £50,000 to £85,000 for each person's savings in an individual firm.
This means that if a bank or building society goes bust people will be able to get their cash back up to the value of £85,000.
The FSA are also promising that the scheme will pay out quicker as they have set a seven day target to pay back the majority of savers.
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Parents still need to save for their children despite the government scrapping Child Trust Funds, a financial expert has said.
Annie Shaw, editor of CashQuestions.com, has warned parents that just because the government will no longer be providing children with a financial nest egg doesn't mean parents can't put money aside.
She suggests that government plans for a baby Isa could be a good savings vehicle for parents to put money away for their kid's future.
And in the meantime she urges parents and grandparents to still keep putting cash aside even though the new Isa hasn't been launched.
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2011 is unlikely to see a return to big savings, an industry expert has said.
Adrian Coles from the Building Societies Association (BSA) says that over the last few years more people have been taking more money from their savings then they have been putting in.
And according to Mr Coles whether people save next year will depend on how the economy performs.
He says that if "If the private sector doesn't step in and create the jobs that some people think it will" then we are very unlikely to "see an early return to big savings."
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One in five of us will be raiding our savings to pay for Christmas new research has shown.
The survey by Santander has found that those dipping into their savings funds will take out an average of £212 each which totals £2.29 billion from the nation's deposit accounts.
However, the figure could have been much higher as the Santander survey found that six in ten are cutting back on the amount they splash out this Christmas.
As the average person deposits about £100 per month into their savings account this means that those that do raid their piggy banks will be using about 16 per cent of the total saved this year.
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The amount of money people are putting aside in savings has fallen according to NS&I's Savings Survey.
They found that on average Brits are setting aside 6.69 per cent of their income every month, which is about £82.92.
Worrying the figure represents the lowest recorded level for autumn since the survey began and is down from last quarter.
On average only half of the population say they are saving enough each month, which is higher than autumn 2009 but is slightly lower when compared to the last quarter of this year.
However, there is some good news but looking ahead the picture is slightly better with 29 per cent saying they are more likely to save next year.
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Putting money into shares rather savings is "dangerous" a financial advisor has claimed.
Keith Churchouse, director of Churchouse Financial Planning in Guildford has warned that with the "paltry" savings rates on offer at the moment it could be tempting to move investments into shares.
However, he argues that it is important to have an emergency stash of cash in case you need access to money quickly.
Mr Churchouse advises consumers to "use their cash Isa wherever possible to avoid tax and they should hunt around for reasonable deposit rates and do what they can too keep the capital value safe against inflation."
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Just 40 per cent of people are saving for their retirement.
Independent research company Defaqto found that while people think that retirement is important very few of them are actually putting money aside. And 20 per cent of those have no savings what so ever.
However, even though they aren't saving for retirement most do know what will make pensions more attractive.
Amongst other things workers want their pensions to have a guaranteed return, better tax incentives and flexibility to move their retirement funds around.
The survey also found that 21 per cent of people would be encouraged to save more for retirement if they were automatically paying into a company pension but were able to opt out.
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A range of basic savings accounts have been planned by the government.
The Treasury wants financial institutions to come up with a range of no-frills accounts and policies that are easily understand and can also be compared to each other.
The idea will be that they will all have standardised features so that consumers can easily choose between the two products without having to have loads of financial expertise.
They found that are currently over 2000 savings products on the market from nearly 150 providers making it difficult for consumers to find the right one but it is hoped that simpler accounts will get people into the savings habit.
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Savings and voucher firm the Park Group has revealed that it has seen a 37 per cent increase in Christmas savings.
The group has seen the amount saved with the company leap to £5.8 million as people want to put money aside during the current economic uncertainty.
The group has said that with more people worrying about getting access to credit as well as losing their job they have made sure that they have enough money put aside for Christmas.
The company normally makes a loss in the first half of the year but this year they made £1 million pre-tax profits in the period, thanks to its improved performance and a VAT rebate.
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There's good news for some pension savers - the government has confirmed that companies will not be forced to use the Consumer Prices Index rather than the Retail Prices Index to uprate pensions.
Speculation had been mounting that government would allow pension schemes to switch fix their annual payout rises from RPI to CPI, which tends to be lower.
However, the government have confirmed that companies will not be allowed to overrule any existing clauses that promise to link pension payments to the RPI index.
According to the National Association of Pension Funds (NAPF) six out of ten pension schemes cannot currently make a switch the CPI because they have RPI indexation hard-wired into their pension scheme rules.
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It seems that Brits are saving more than they are paying off in debt.
The latest Unbiased.co.uk Savings Brake report shows that we paid off ten pence worth of debt for every pound we saved in the third quarter of 2010.
This is a drop from the 18 pence paid off in Q2 and 27 pence paid off in Q1 2010. However, while people are paying less off their debts they are saving more.
In Q3 people saved around £21 billion, compared to just over £18 billion at the start of 2010, but this is still lower than the £90 billion saved in 2009.
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Savers are losing up to forty per cent of the pension pot in fees, new research has shown.
The report from RSA shows that retirement schemes in the UK provide half the income that a Dutch saver gets for putting the same amount away.
It says that by introducing just simple changes to the regulatory framework people's income on retirement could be boosted by about 39 per cent.
RSA is now calling on the coalition to bring the UK pension's system in line with some of its European counterparts cutting pensioner poverty in the process.
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Savvy Brits are looking to have a homemade Christmas in order save money.
According to the NS&I Savings Survey people are getting creative with their Christmas spending. Three fifths of those surveyed say they will be more resourceful in order to save money.
61 per cent of the population say they plan to have a resourceful Christmas in order to protect themselves from financial problems in the New Year. And they reckon that they can cut their bills by over £108 this year, just by being smarter with their cash, trimming their spend by about 20 per cent.
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Savers looking to get a higher return on their investment could be in for a long wait a new poll has shown.
A poll of leading economists by Reuters has predicted that rates will end 2011 on just 0.75 per cent.
According to the 64 experts asked rates are likely to remain at the low rate of 0.5 until October next year at least.
It also predicts that the rate will rise to one per cent at the beginning of 2012 and 1.5 per cent by June that year.
In fact only nine economists in the poll thought that rates will rise before June 2011.
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The UK's savings culture has "diminished" according to one expert.
Richard Sorsky, a money advice co-ordinator at the UK InsolvencyHelpline.co.uk, believes that because of the rising cost of living people simply can't afford to put money away.
Mr Sorsky argues that "everyone starts their first job and has every intention of saving, but the savings culture is getting diminished because it is just too expensive to save money."
Meanwhile, new research from MyVoucherCodes.co.uk has found that a third of Britons think they'll never be debt free and 54 per cent say that they would always need financial help to fund their chosen lifestyle
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A third of consumers want more choice when it comes to savings providers.
A new report from Deloitte shows that 30 per cent of people would choose a non-traditional bank to open a savings account with. And one in three think there needs to be more choice of banks.
While problems in the banking sector means that 20 per cent of people surveyed for the poll were more concerned about the safety of their providers than a year ago.
However, while people are prepared to choose a non-high street bank for their savings they are more cautious with things like mortgages preferring a well known provider.
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Almost one in five have been forced to cut back on saving thanks to the recession, research by HSBC has found.
The bank's research found that thanks to the recession19 per cent of people are saving less and 14 per cent claim they are saving more.
But, for the remaining 67 per cent their savings habits have remained unchanged.
This is despite the fact that more than three quarters of Brits saying they are worried about the economy and their financial position and 76 per cent claiming they feel less secure about their income going forward.
However, despite being worried about their finances more than two thirds (68 per cent) have not changed their financial habits.
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The government have confirmed that Isa's aren't going anywhere.
Speaking at the Tax Incentivised Savings Association conference, Mark Hoban MP said that the coalition was backing the savings scheme.
He told the conference that "Isas are a vital part of the government’s savings strategy".
He also confirmed that "every year the annual subscription limits will go up with inflation. This means that from next April, people will be able to save an extra £480 in their Isas, £240 of which can be in cash."
He also urged Isa providers to do their bit to provide transparent and flexible products in order to encourage people to save.
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Career mobility could mean that many Brits are losing out on valuable retirement savings, Aviva have said.
They believe job-hopping and ‘portfolio careers' could threaten future retirement security as consumers are failing to move their pension pot when they move jobs.
Their research suggests that one in three workers have five jobs throughout their lifetime. However, a large number of people are failing to keep details of their different pension pots.
Nearly a third (28 per cent) of the UK's full-time work force anticipate contributing to two or more private pension schemes during their working lives. Yet nearly two thirds (60 per cent) are unaware they can combine their private pension pots at retirement and potentially increase their savings pot.
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Nationwide Building Society has resolved to make a seven point "savings promise" to its customers.
According to the society this promise gives savers "greater control of their savings and places them in a better position to take financial decisions that will make them better off".
Included in the announcement is a pledge to pay interest on Isa transfers the moment the application form is received. It also includes a promise that the rates on its Fixed Rate Isas will be no lower than the rate paid its comparable Fixed Rate Bonds.
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With the announcement of Wills and Kate's engagement wedding costs have once again been brought into the spotlight- although most weddings are unlikely to cost the £50 million predicted for William's nuptials.
This year insurer Weddingplan estimated the average cost of a wedding at £21,000 and now F&C Asset Management (F&C) is advising parents to start saving for their kid's big day.
They have worked out that assuming 6 per cent a year compound growth, which is if invested in the stock market isn't guaranteed, an investment of £100 a month would grow to £21,000 in 12 years – enough to cover the cost of an average wedding.
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4.5 million over 50s expect to work beyond the state retirement age as their savings won't stretch far enough, new research has found.
According to the first Working Late Index from LV= more than half of this group expect to work no more than five years past retirement, a quarter believe they will work five to ten years longer. And worryingly one in five see themselves working well into their 70s or even 80s.
And it is women who are most affected with nearly twice as many women then men expecting to work past retirement.
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UK households need to get into the habit of saving for a rainy day in order to stave off debt, new research has shown.
The MoneyMood Survey from Legal & General found that half of UK households are budgeting on a fine balance between managing to pay bills and sinking into debt.
While almost a third of all households have to find extra money to pay for unexpected bills each month.
The assurance society is now urging people to get into a regular savings habit so that they have an emergency fund for any unbudgeted expensive.
However, with news that inflation has risen to 3.2 per cent many savers could find their cash being eroded by the cost of living unless they have a good enough rate of return.
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Consumers are being warned to check the small print of their savings account before signing up.
According to Julie Smith, head of savings at Fair Investment Company, bonus rates may look good in a competitive savings market but consumers who don't read the small print could be in for a real shock.
She warns that accounts like Isas and Instant access savings often have bonuses which can be as much as 80 per cent of the overall rate on offer and advises people to make sure they know what rate you will be paid once the bonus period ends.
She also advises customers to make sure that they constantly move their money around in order to ensure they get the best deal.
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Employees are increasingly seeing pensions as the best way of saving for retirement.
That's according to research from the National Association of Pension Funds (NAPF) which reveals that 44 per cent of staff member said that pensions were the best way to save for retirement.
This is up from 35 per cent this time last year. And more than half than thought property and almost four times more than those who thought Isa's were the best way to put money aside for retirement.
But despite this positive shift in attitudes, only a third said they were confident their pension will give them enough to live on in retirement.
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Savers looking for a reprieve from inflation aren't likely to see it dip anytime soon.
The Bank of England inflation report predicts that inflation is likely to remain above the government's two per cent target for most of next year.
The say that the increase in VAT and rising import prices is going to push inflation higher next year.
And with interest rates currently at 0.5 per cent it means that for many their savings pot is being effectively eroded as the rise in prices outstrips the rate of interest offered.
And savers will be hoping that as inflation rises so do interest rates so that they can get the best return on their investments.
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Britain's increasingly want financial independence for their savings new research has shown.
The Halifax statistics show that more than three quarters of savers with partners keep their own personal savings account separate from their partner and almost half of singletons say they save more because they do not have a partner to rely on financially.
And the singletons of today aren't looking for a partner to secure their financial future as 74 per cent think it is important to go into a new relationship with their own financial stability.
And as for couples one in ten say that their partner doesn't know they have a separate account.
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The government has been urged to launch a green Isa allowance in March's Budget.
UKSIF, the sustainable investment and finance association, is calling on George Osborne to introduce tax breaks for those saving in ethical Isas.
Their calls come as new research from YouGov for National Ethical Investment Week (NEIW) shows that over 13 million British adults would be likely to invest in a green Isa over the next year.
The study also revealed that over half of all investors would consider putting their savings into renewable energy to help the sector receive greater funding.
While almost a third of adults with savings and investments would consider supporting initiatives that help their local community receive greater funding.
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Just two in five couples over 40 have discussed their retirement savings, new research has shown.
The report from Prudential found that that just 42 per cent of UK couples aged 40 and above have discussed how much money they have saved so far for their retirement and how much money they think they'll need to live on in retirement.
And just 16 per cent of those who had talked about retirement had firm plans in place to fund their pension years.
Now Prudential are warning that they could be leaving saving too late leaving them with a small nest egg when they retire.
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The amount of money saved or invested ethically has shown its biggest annual increase for a decade new figures have shown.
According to Co-Operative financial services the total amount invested in ethical accounts rose 34 per cent to £19.2 billion, from £14.3 billion in the last year.
In contrast the total amount saved and invested across all account types rose by 15 per cent.
Tim Franklin, Chief Operating Officer, at Co-operative Financial Services believes that the rise can be linked to recession as "more consumers are considering the ethical as well as financial impacts of their money."
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People are being forced to dip into their savings to cover day to day spending the ING Direct Consumer Savings Monitor claims.
They found that ordinary Briton's savings pots have fallen by 14 per cent over the last quarter. And according to the bank it was because of increased living costs as well as consumers continuing to pay down debt.
In fact the average the 'ordinary man or woman in the street' has had to siphon of £279 from savings accounts over the last three months.
This takes the average persons cash reserve to just £1,771 – the lowest it has been since January 2009.
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With less than two months to go until Christmas it seems that consumers aren't confident in their ability to save for the festive season.
The NS&I savings survey claims that a quarter of Britons (28 per cent) say that they were less likely to save in the autumn months. And seven per cent of those believe they were much less likely to set money aside as the festive season approaches.
However, there is some good news as this is a smaller proportion saying they won't be able to put money aside for Christmas than in 2009. Last year nearly two-fifths (37 per cent) of the population felt that they were less likely to save.
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There is unlikely to be any respite of savers looking for higher interest rates when the Bank of England's Monetary Policy Committee (MPC) meets tomorrow (Thursday).
That's the prediction from economist Michael Baxter who says that the MPC will vote to keep rates at their historically low level of 0.5 per cent this month.
In fact Mr Baxter believes that interest rates are not "going to change for a long time".
With inflation currently running at 3.1 per cent many savers are seeing their nest eggs eroded as many savings accounts don't offer the interest rates needed to cope with price rises.
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Saving for a rainy day will be a key concern for consumers next year according to market intelligence company Mintel.
They found that in the UK, 43 per cent of consumers are trying to add to their rainy day savings or emergency fund as a priority for 2011.
This is up 15 per cent from last year.
And according to Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management after ten years of a "debt culture" consumers are finally starting to redress their savings habits.
However, he does argue that for some it could be too late as "people should save in good times not bad times."
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A third of people enrolled in a workplace pension savings scheme do not know how much their employer is paying into it government research has shown.
The Attitudes to pensions survey from the Department of Work and Pensions (DWP) shows that there is lack of awareness surrounding pension provisions.
And the research also shows that six in ten private sector workers don't even contribute to a workplace pension scheme.
With employers adding to pension pot many are missing out on free cash towards their nest egg simply because they have not found out about the savings schemes available to them.
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From 2012 all companies will have to offer staff a company pension scheme or enrol their staff into the new National Employment Savings Trust (Nest).
Under the government plans anyone who is over 22 and earning above £7,475 will be eligible for workplace retirement fund.
And according to Pensions minister Steve Webb the new changes will mean that between four and eight million people will start saving in a pension scheme for the first time.
The announcement comes as figures from the Office for National Statistics (ONS) show that the number of people paying into an occupational pension scheme fell to 8.7 million last year.
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The government have announced plans for a new junior Isa to replace Child Trust Funds (CTFs).
Parents will be able to lock money away in the account until the child reaches 18 but unlike Child Trust Funds the government will not be contributing to them in anyway.
The new accounts will also work in a similar way to adult Isa's as there will be a limit on the amount of contributions that can be made each year and investment can be in cash or stocks and shares.
And like their adult counterparts all returns on the investment will be tax free.
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Savers are missing out of £12 billion worth of interest a year according to Which?.
The consumer group claims that banks are keeping their customers in the dark about the low rate of interest earned on savings accounts.
They found that almost half of the savings accounts available in the UK pay 0.5 per cent interest or less while one in four pays 0.1 per cent or less. This means that for every £1,000 saved consumers would earn just £1 a year in interest.
However, the British Banker's Society (BBA) who represents banks says that the information on interest rates is readily available to consumers.
If you want to know how to get the best returns on your precious savings, get online to MoneyExtra, and let us show you the best deals available today.
Younger consumers have come to terms with funding their retirement through savings and investments according to AXA's global Retirement Scope survey.
The figures show that more than one in three (35 per cent) of 25 -34 year olds say they expect most of their pension provision to come from their own savings. And just one in five (21 per cent) expect to rely on the State pension.
The findings indicate that younger consumers are aware of the need to save for retirement with the vast majority (92 per cent) claiming that 'financial burden' is the biggest characteristic of old age.
However, many are making provision for later life as six in ten state they are saving regularly.
If you're concerned about how to boost savings in the current climate, MoneyExtra can help find the best savings deal for your circumstances.
Low interest rates are causing savers to rethink their investments in order to find the best returns, a financial adviser has said.
According to Jason Butler, partner at Bloomsbury Financial Planning, "savers are increasingly open to considering alternative investments that offer higher returns."
However, Mr Butler does warn that while it is good that savers review their investments they shouldn't be tempted to go for any that don't suit their needs. He also advises that alternative savings vehicles don't always provide “the same security of capital as a deposit account."
Recent figures from the Halifax show that a third of UK earnings is invested in Isas, with the average Isa balance being nearly £8,000.
If you're concerned about how to boost savings in the current climate, MoneyExtra can help find the best savings deal for your circumstance.
A scheme that would mean that all workers are automatically enrolled into a workplace pension has been given the go ahead by the government.
The National Employment Savings Trust (NEST) is due to launch in 2012 in a bid to get people saving for their retirement.
The new rules will mean that people will automatically be placed in a workplace pension scheme unless they choose to opt out.
It had been speculated that the government would scrap the nationwide scheme, which had originally been put in place by the Labour administration, but during the Comprehensive Spending Review the chancellor confirmed that it would be going ahead.
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Young people are not doing enough to be proactive about their long-term savings, according to a leading brands pensions and investments brand.
Scottish Widows say the current attitudes to savings and pensions by today's young females could lead to widespread poverty for future generations of women.
Savings habits are not much better when it comes to more experienced women – with only half the amount of women over 51 questioned saving as efficiently as men.
This has led Scottish Widows to conclude that young women could have picked up the bad savings habits of their parents.
If you are a young person concerned that you may not have enough money to put some aside for a rainy day, then MoneyExtra can show you the options that will work for you.
Young people in the UK are showing that they may have learned from the mistakes of the credit crunch generation by developing a strong savings ethic.
A new survey from M&S Money has found that young people aged from eight to thirteen years and older teenagers now have good savings habits.
The provider's 'Under 18's Work and Money Survey 2010' revealed that the proportion of income saved – 50 per cent for children and 30 per cent for teenagers – were significant and something their adult counterparts could learn from.
Encouragingly both groups showed willingness to work for their money, with 80 per cent keen to have a part-time job before they turn 18.
If you want to learn how to get the best returns on savings for your offspring, visit MoneyExtra where we will break down the best options, for you.
The government has announced a series of actions to recoup £4 billion of public money - by targeting the long-term savings of Britain's high earners.
Tax free income that high earners can pay into a pension has been slashed by a massive 80 per cent - going from £255,000 to just £50,000.
Financial secretary to the Treasury, Mark Hoban, has said the measures will affect as many as 100,000 high earners with pension savings.
The Treasury however did say that most people left in final-salary pension schemes would not be affected, as those consumers breaching their yearly allowance are still permitted to make use of unused allowance, from the last three years.
If you're concerned about how to boost savings in the current climate, MoneyExtra can help find the best savings deal for your circumstance.
Savers in the UK are motivated into putting income into their savings pot according to three leading factors, new research has found.
According to a study from Skipton Building Society, homes, heirs and happiness are the biggest reasons Brits put money away on a regular basis.
Skipton Building Society found that deposits for a new house score most highly on the list of the biggest savings funds, with a typical £77,000 being held in savings accounts for that exact reason.
It also appears that putting money into savings for inheritance reasons is popular – with an average of £42,000 being put away for parents' offspring.
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Around 15 million UK residents would not be able to cope until the weekend were they to rely on their savings to get there.
New research from high street bank HSBC found that 30 per cent of adult Britons have less than £249 in savings, on which they can fall back.
19 per cent of consumers questioned said they have no savings at all, while 11 per cent have a figure lower than £249 to cushion the blow should they be faced with a situation like unemployment.
The worst offending age group in terms of savings resources are those people aged 25 to 34 – with more than 40 per cent having less than £249 for a safety net.
Men appear to be better prepared than their female counterparts, with 13 per cent compared to 20 per cent, having no savings respectively.
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More than half of married couples aged over forty who are still in work, are currently at risk of losing their pension savings should their partner pass away.
The findings come from a survey by personal finance specialists Prudential, which also found that less than one in twenty couples have discussed annuity options with their partners.
The savings loss could take place because of a contributors neglect in making pension provisions for one and other, the research shows.
Prudential say that 39 per cent of couples do not have arrangements to ensure that pension income keeps being paid after the death of a partner, while 13 per cent do not know what will happen to their pension income and other assets should their partner die.
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Single people in the UK are better when it comes to savings, compared to people who live with a partner, according to the results of new research.
People who live alone managed to inject 8.7 per cent of their earnings into savings in the three months up to August – whereas the same figure for cohabiting or married couples stood at 6.9 per cent.
The results of the survey run by National Savings and Investments may come as a surprise to some consumers, with this study also finding the respondents themselves thought people living in a couple, would be able to put more away each month.
The NSI however found that seven out of ten people said they were highly motivated to save because they did not have anybody else to fall back on.
Whatever your personal circumstances, MoneyExtra can help you get your head around the best solution for your savings.
Savings for retirement has been a major reason for savers to seek advice this September.
Financial planning website Unbiased.co.uk has announced in its 'Advice Drivers' survey that 48 per cent of consumers looking for a helping hand on fiscal decisions, approached their website for information on retirement savings.
Just over a quarter of their website users visited Unbiased in order to get advice on immediate savings options as well as investments.
11 per cent of consumers looking for long-term savings help were seeking stakeholder pension advice, with the remaining 37 per cent approaching the site in search of general guidance on retirement.
If you are confused about the options available to you in the long-term or immediate savings market, then let MoneyExtra do the hard work for you.
The old stereotype about men from Scotland being 'tight' with their money could turn out to be true in the most positive way, according to new savings figures.
The Bank of Scotland has said that Scottish males have, of late, proved to be better than their female counterparts when it comes to savings.
The survey of 1,000 Scottish residents found that 36 per cent of men had some form of savings account compared to 33 per cent of women.
More than 80 per cent of women north of the border said they were without a savings account because they could not afford to have one right now. This was also the case for 73 per cent of Scottish males.
If you want advice on how you could be able to afford to put away some income into savings, then MoneyExtra can help you work out the best deals for you.
Homeowners in the UK currently repaying their mortgages may not be so pleased to hear that house prices have fallen in the last month.
The figures come from the Halifax, which is now part of the Lloyds banking group.
The bank says the fall of 3.6 per cent in September against the previous month is the largest fall on record, although it doesn’t expect this to herald the start of continual slide.
People with mortgages will take heart from the often more dependable three-month on three-month figure – which shows only a 0.9 per cent fall.
Halifax's housing economist Martin Ellis, did say however, that "Prospects for the housing market remain uncertain."
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Around one third of parents in the UK have admitted taking money out of savings accounts set up for the future of their offspring.
The survey run by MyVoucherCodes.co.uk reveals that while less than half of parents said they have arranged some form of savings for their children, a ratio of 34 per cent confessed to having already spent some portion of their funds.
Parents who access and withdraw their child's savings on a regular basis numbered almost one in ten.
Meanwhile eight per cent of respondents said they had wanted to put some money aside for their child but had not managed to do so in the current climate.
For objective advice on how to build an effective savings egg for your kids that you won't have to raid, then MoneyExtra is a place to which you can turn.
The UK government should have positive influence on how people value savings culture and how they handle their money, according to one financial services company.
Fidelity Investment Managers has said the coalition should lead from the front in trying to encourage the nation to develop strong savings habits.
Sources from the company are reported to have said they expect the Conservative party to place emphasis on enhancing the presence of such an environment at their party conference.
One initiative Fidelity was keen to stress was the idea of starting a new singular savings allowance which covered both Isa and pensions contributions.
Investment director at Fidelity Investment Managers, Tom Stevenson, said that "radical decisions need to be made to encourage a whole-of-life approach to wealth accumulation."
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Higher allowances permitted by regulators earlier this year for long term savings accounts, has resulted in more money being committed to savings by consumers, according to new figures.
The Investment Management Association has said that almost half of people surveyed say they hope to save more of their earnings now that limits have been increased.
Savers aged less than 50 years had their limits increased in April following the same action being taken for the over 50s last October.
Chief Executive of the IMA, Richard Saunders, said: "The inflows we have seen since October last year are the highest since ISAs were first launched."
He added that 2010 could be the best year ever for ISAs.
If all the changes and regulations made to long-term savings lately have gotten you confused, then MoneyExtra.com can take the stress out of saving.
Many homeowners in the over-50 demographic could cash in on their properties in order to fund the kind of lifestyle they desire in retirement.
Research coming from financial services provider Liverpool Victoria has found that around 1.2 million people in this group would release equity in their property to counteract the potential rise in interest rates.
More than half of these people surveyed said they would advise their offspring to contribute into a long-term savings pot, while 54 per cent would recommend their children invested in property, as well.
Influencing this opinion could be the finding that fewer than 20 per cent of over-50s feel they are financially where they wanted to be, for retirement.
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Isa provider The Halifax has promised to plug the savings interest hole which was subject to criticism by the Office of Fair Trading earlier this year.
In the past, transfers for Individual Savings Account had taken a long time to administrate – meaning consumers missed out on the interest reaped on their savings, in this time period.
The division of the Lloyds Banking Group says that from October 2nd, consumers wanting to swap to cash Isas will now receive interest from the date on which the application to change was obtained.
If you are confused about the best way to navigate your long-term savings amid all the changes taking place, then MoneyExtra.com can help reomve the strain and do the hard work for you.
Retirees are now better off because more of them have occupational pensions, official figures show.
The Office for National Statistics (ONS) report shows typical pensioner incomes has risen faster than average earnings since the mid-1990s.
And this is thanks to rising contributions into company pension schemes.
The ONS found that in 2008-09, the average pensioner couple had a weekly income of £564 which is just over £29,000 a year.
This compares to £304 per week for single men and £264 for single women.
The largest source of income was state pensions and other benefits but occupational pension savings are an increasingly important source of income.
Retired households now make up just 38 per cent of the poorest fifth of all UK households, down from 56 per cent in 1977.
Nearly seventy per cent of savers expect the Bank of England base rate to go up in the next 12 months, a new survey has found.
Figures from Santander Savings show that a further 11 per cent of people, believe that the interest rate will increase from the current 0.5 per cent to two per cent in the next 12 years.
And with interest rates set to increase the bank predicts that there will be more demand for savings accounts that track the base rate over the next 12 months.
They also found that the average savings account now holds over £20,000. But the figures show that the average Brit is saving just £102 each month which is down by a fifth (21 per cent) since February of this year.
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If children are taught how to save money in the right way from an early age, then good savings habits will come naturally, later in life.
The advice comes after a study by the Halifax showed the amount of pocket money being put away in piggy banks by youngsters stands at a seven year low.
The report from Halifax says its survey of eight to 15-year-olds found that the typical amount of pocket received each week by this age group has fallen from six pounds twenty four in 2009 - to five pounds and eighty nine pence, this year.
If you want advice on how to teach good savings habits to the young savers in your family, Moneyextra has the know-how which means the hard work is done for you.
In order to get more Britons into savings again, pensions minister Steve Webb has suggested the basic state pension should rise as much as thirty eight pounds per week.
This would bring the amount collected by pensioners every seven days to £135 from its current figure of £97.
The Liberal Democrat conference on Merseyside heard Mr Webb say this would make committing our savings with the state would then seem much more appealing.
He said the current £97 was not enough for people to live on by relative standards, and even admitted that these savings were not seen as enough to live on within the Department for Work and Pensions.
If you are confused about which long-term savings are best for your circumstances, then Moneyextra has the advice to put your mind at ease.
David White, the Chief Executive of Children's Mutual has accused the government of "incubating the debt disease" by scrapping the tax free Child Trust Funds scheme.
White said the government were "creating a black hole" by withdrawing support for the tax free savings vouchers, instead of finding an appropriate "long-term solution to a long-term problem."
Labour initiated the scheme in 2005, to help families save, as part of their policy to help reduce personal debt.
They started each fund off with a £250 tax free voucher. As of January, this will be stopped.
White says that 500,000 Child Trust Fund vouchers have yet to be used by parents.
White pointed out that many students currently leave full-time education with debts up to £25,000, and the Child Trust Funds scheme created a secure foundation of savings.
David White is to leave his currently position as Chief Executive of Childrens Mutual at the end of September.
Anyone interested in putting their savings into an Isa may benefit from an offer being put on by Legal & General.
With its new Isa account savers can get £100 cashback.
The condition is that you need to switch from your current savings account.
Several packages have been included in the deal such as Actively Managed, Multi-Manager, Income Tax Tracker and the Ethical ISA.
Claire Evans is marketing director at Legal & General investments says the deal is to make people 'think about their Isa year-round – not just in April at the start if the Isa season.
She adds "As Isa limits have increased so too has people's realisation that over the years they can add up to a significant amount of money and therefore their importance as a savings vehicles continues to rise".
More people are saving in case they lose their job according to a financial expert.
Mark Gregory from Legal and General (L&G) says more men are putting cash aside because of fears of unemployment.
In august 40 per cent said they were saving in case they find themselves out of work, that compares to just 10 per cent in February.
L&G's executive director reckons people are likely to be worried about how the public sector cuts will affect them.
With more and more people in part-time work, Mr Gregory says "it's not surprising that the focus of saving is turning to meeting short-term needs, such as saving in case you lose your job."
More than two-thirds of consumers think the Bank of England's Base Rate will increase by this time next year, meaning they may find good returns from savings hard to come by.
Although the monetary policy committee announced this week [Thursday] that the rate would stay at the 0.5 per cent it has been for 19 months now – the research by the Fair Investment Company shows consumers predict a rise.
More than one third said they thought the rate would rise by a whole per cent by this time in 2011, while 28 per cent predict a hike of 1.5 per cent.
If you want to shop around to squeeze the very best benefits out of your savings, MoneyExtra.com can point you in the right direction.
People aged over 55 years are having to raid their savings accounts in order to cover unexpected living costs.
Research from Aviva has shown that a quarter of people within this demographic are being forced to dip into savings generated by income that were intended to be used to fund retirement.
The quarterly Real Retirement Report published today says that 92 per cent of over 55s have faced expenses they had not accounted for, in the last five years.
The report also shows that while people focus on savings which will allow them to maintain their lifestyle in retirement, cash for a "rainy day" is also important.
For advice on how best to sort out your savings for retirement, MoneyExtra.com can ease the stress and do the hard work for you.
The Bank of Ireland has announced it is to move part of its banking business to a new UK-based holding.
It was thought this could mean changes for the savings accounts it underwrites, for customers of the Post Office.
The news may concern to the half a million people who have savings with the Post Office, as it was thought that Financial Services Compensation Scheme would not still provide valid cover, should the Bank of Ireland go bust.
However, protection by the Financial Services Compensation Scheme will still be offered - although the cover for deposits worth £50,000 is not as generous as the Irish equivalent of 100,000 euros.
To avoid getting in a spin about savings and their regulations, get online to MoneyExtra.com and find out what the financial future has in store for you.
The amount of people in the UK putting money into cash and stocks and shares savings has risen substantially this financial year.
According to figures from the HMRC, the value of cash Isa deposits has gone up by seven per cent - while installments for those based in stocks and shares have gone up by almost 30 per cent, compared to 2008 to 2009.
Commenting on the figures was head of investment and pension research at Fair Investment, George Ladds.
He said: "It is no real surprise that there was an increase in the amount of money being invested into cash Isas."
This can be put down to the fact Isa allowances increased to £10,200 from £7,200, in the year previous, and low savings rates meaning Isas bettered returns offered by other types of savings.
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Shrinking pension payouts could be set to hit the savings of people nearing retirement.
Research by the Association of Consulting Actuaries has shown that pensions savings may now offer only around half the level of returns compared to fifteen years ago.
The ACA survey of the UK's biggest companies revealed firms are now forced to be less generous with their long-term savings schemes – meaning members of staff must now pay more to sustain their pensions.
Nearly half the companies questioned said new regulations on the auto-enrollment of millions of new employees, meant that existing scheme members may well end up footing the bill.
If you're concerned about how the changing pensions landscape will effect your savings, then MoneyExtra.com can help advise on what pension solution is right for you.
Savings accounts appearing to offer generous rates of interest can sometimes have detrimental clauses attached to them, according to a consumer body.
Which? Money has said that accounts providing returns of between five and eight per cent can sometimes be tied into certain requirements.
This can include conditions such as strict amounts being paid each month, and withdrawals or missing deposits meaning your savings interest is removed.
There are also some limitations on the amount of money customers can pay in to accounts from which to earn interest on savings.
Editor of Which? Money, James Daley said regular savings accounts offering good rates may catch the eye but there could be a sting in the tail.
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The cost of living is now so expensive for Britons that many are using up their hard-earned savings just to get by.
Despite the UK recession ending an estimated 31 per cent of people have tapped into their savings to pay bills in the last 12 months, according to research from Schroders.
The investment management firm found that those raiding their savings spent an average of £4,600 on living costs – adding up to a total of £60 billion for the UK.
The independent financial advisors surveyed by Schroders, say the recession, along with rising costs of living and low interest rates are the root cause of the issue.
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If you want your kids to avoid the financial problems many grown-ups face today, you might want to found out more about children's savings.
The advice comes as Northern Rock announce the second edition of its extremely popular savings bond for children – offering interest rates of four per cent gross, for a three-year term.
The Little Rock bond can be opened using a deposit, from one pound, up to as high as twenty thousand pounds.
The Little Rock savings bond provides interest beaten only by the Halifax Regular Savings account – which offers returns of six per cent on monthly deposits over 12 months.
If you want Extra advice on bonds savings before they sell out, then compare and save at MoneyExtra.com.
With inflation announced this week being way off government target, it can be tricky to know how to get any value from your long-term savings.
To get a return on tax-free savings at the moment, consumers need an account that offers 3.1 per cent - to match the latest Consumer Price Index figure, for inflation.
Higher still is the return of 4.8 per cent needed to equal the Retail Price Index inflation rate.
At present there is only one Isa which overcomes the current RPI rate - the Isa provided by the National Counties Building Society.
The building society guarantee to pay one per cent over the rate of RPI inflation, until 2015.
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Only one in three parents say they've money to help with expected costs of around £9000 to cover their children's university education.
A recent study by Barclays bank reveals however, that 88 per cent of students have a part time job throughout university and have put savings aside to help while studying.
The figures also show that nearly half of all parents say they'll put off getting a new car, doing up the house or a holiday in order to pay for university fees and nearly three in ten say they'll be cashing in savings originally put aside for something else.
If you want to start putting money aside to pay for educational fees, a holiday, or any other large purchases you want to make, here at MoneyExtra.com we can help.
We compare loads of savings account to make sure you get the most out of your money.
You can then choose the best one for you, knowing you've taken the best from a wide view of the market.
It's a tricky situation for savers at the moment.
Do you put money aside so that you're prepared for any eventuality or try to save money for a house or other large purchases, but without getting much back?
Banks and building societies are now starting to cut the interest on variable rate accounts despite the Bank of England's base rate going unchanged for 17 months.
It's a bitter pill to swallow for savers as banks such as Standard Life Bank (part of Barclays) announced nearly £4 billion profits for the first half of the year, yet they are now informing customers that their rates will drop by up to 0.5 per cent from October.
Customers with ISAs at the bank are also being hit as they cut interest rates to 2.3 percent.
If you're a saver looking to make the most from your money, then compare and save at MoneyExtra.com.
We check out the interest rates on lots of different savings accounts so that you get the best deal around without all the hassle.
Some of the best savings accounts on the market are not available for all consumers, new research has discovered.
Nearly four in ten (38 per cent) of the regular savings accounts examined by researchers at Defaqto were found to have some form of restriction on them.
The three main barriers were found to be that consumers needed to have a current account, have a specified additional savings account and they couldn't just transfer money over from another account at the bank.
On top of these, for some of the best savings accounts, consumers have to be prospective first time buyers, be a certain age or open an account in branch.
David Black from Defaqto advises that "consumers need to read the details very carefully to see whether they are likely to be eligible for the highest paying accounts".
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The coalition government has scrapped one of the previous administration's flagship initiatives that aimed to help people with their savings.
The Savings Gateway planned to boost the savings of people on low incomes by 50p in the pound and had been due to launch on July the first.
However, HM Revenue and Customs (HMRC) have told the institutions that were going to run the scheme that it won’t be going ahead due to monetary constraints.
Up to 8 million people on certain benefits had looked set to be helped by this scheme, which would have let them save a maximum of £600 before adding a further 50 per cent to their savings.
The abolition of the Savings Gateway is the second time a Labour savings scheme had been closed by the new government, following the scrapping of the Child Trust Fund.
So to find ways to make your money stretch even further, visit MoneyExtra.com today.
More people are putting money into their savings than this time last year, according to new research.
The study by the Clydesdale and Yorkshire Banks shows that on average, people are saving almost £1,100 (£1,095.48) each year, compared to just over £1,000 (£1,021.20) this time twelve months ago.
The banks' Recession Spending Impact report also shows that the total level of consumer spending has dropped by 8 per cent since 2009 and when people are spending money, it's going on higher priority goods.
However, new figures from the British Bankers' Association (BBA) suggest that savings levels in May were actually lower than expected.
Deposits increased by nearly £430m (£429m), compared to the six-month average of almost £3bn (£2.9bn).
The BBA suggested that this is because more people are paying off debts whilst interest rates are low, rather than put their money into savings.
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Almost a fifth (18 per cent) of people in their twenties are aiming to add up to £3,000 to their savings this year, compared to just one in seven of those in their fifties.
This comes from Lloyds TSB, who reveal that younger people are more acutely aware of adding to their savings, compared to the generations that came before them.
The research also reveals that young people have a determined attitude when it comes to their savings.
Nearly a fifth (17 per cent) of them add to their savings a few times each month. The figure for those in their forties is just one in ten.
Greg Coughlan from Lloyds TSB Savings remarks that "often the biggest barrier to savings is starting in the first place, so it's really encouraging to see that today's young people are taking the first steps in creating a nest egg for the future."
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New research from Shell has found that a few simple changes to driving habits can help those watching their finances to save considerable amounts of money.
Researchers who gave eleven families motoring tips and then monitored their driving behavioral for six weeks found that on average the families managed to cut their fuel bills by 25 percent.
By focusing on car maintenance, smooth driving, removing excess weight and keeping their tires at the correct pressure families were able to save the equivalent of between £300 and £700 a year.
Another easy way to make the most of your money is to make sure that you're getting the best deal on all your financial products.
Here at MoneyExtra you can compare bank accounts, loans and credit cards to make sure that your money is working hard for you.
A shake-up of the UK's saving system is urgently needed according to a think tank that found the current system was both confusing and complicated.
The Centre for Policy Studies says that the current regime could put people off preparing for their retirement properly and as a result many could face old-age in debt.
The Centre argued that pension and ISAs contributions should be combined, with a single annual contribution limit of £45,000 for all tax-incentivised saving.
It also recommended that savers should not be forced to buy an annuity once they hit 75.
If you're looking for a savings account or ISA then Moneyextra makes it quick and easy to compare the best deals and find the one that's right for you.
The new Office for Budget Responsibility (OBR) set up by the coalition to independently monitor the government's finances has warned that the UK's economic growth could falter next year.
The watchdog says that it has cut predictions for economic growth in 2011 down from 3.25 percent to just 2.6 percent.
However the OBR also said that the government's debt and deficit will not be as bad as forecast.
With analysts struggling to see exactly where the economy is headed, experts say that it's vital that people shop around to get the best loans, mortgages and savings accounts.
At MoneyExtra you can compare all the best financial products and make sure that you get the best deal to make the most of your money.
The Building Societies Association (BSA) has called on the government to provide help for people with savings in the emergency budget, which is due on June the 22nd.
In a letter to the Chancellor, BSA Director-General Adrian Coles claims that the "highly challenging economic conditions" and that the "lowest Bank Rate in over 300 years" is proving a disincentive for people who may otherwise be adding to savings.
He goes on to request that the credibility of ISAs is maintained and that they retain "real value" to help people with savings.
He also states that the BSA would like to see two-way transfers between stock and cash ISAs.
The BSA also hope that the government will be open to the possibility of working with the sector to find a way to reintroduce the spirit of Child Trust Funds to help people making savings for their offspring.
For more on savings, contact MoneyExtra, the money experts.
Young adults between the ages of 18 and 34 are putting more money into their savings than the UK average, new figures show.
The stats from Santander reveal that the age group saves an average of £134, compared to the average of £116.
Surprisingly, people over the age of 55, who are generally regarded to be more cautious with money, are only putting an average of £107 into their savings each month.
Reza Attar-Zadeh from Santander commented: "The outlook for savings definitely remains positive with young people really setting the standard."
Out of the younger savers, males are leading the way, banking an impressive £170 into their savings, compared to the female average of £91.
The savings culture looks set to continue, with nearly half (44 per cent) of those asked saying they planned to increase the amount they put away each month.
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New research has shown that there are now more packaged current accounts available for people to put their savings in than standard ones.
A study from Defaqto shows that there are now 64 packaged deals available, compared to 61 regular ones.
It's the first time that the number of packaged accounts for your savings has outstripped the alternative, and it represents a 94 per cent increase over the last four years.
David Black, Banking Specialist at Defaqto remarked that "Consumers now have the widest choice of current accounts to select from."
Commission-free foreign currency and travellers' cheques are the most common incentive that banks offer in order to get hold of your savings – over nine in ten (91 per cent) packaged current accounts offer that.
Meanwhile, eight in ten deals offer preferential rates for savings accounts, so why not make your money stretch further at MoneyExtra.com.
Some good news for those of us looking to put a bit of money away – nine out of ten banks and building societies are offering bonuses when people sign up for their savings accounts.
The Guardian also reports that on top of this, average savings rates are increasing, despite the Bank of England base rate resolutely staying at 0.5 per cent.
If you sign up now to some savings accounts, you can get an interest rate of close to 3 per cent for a year – and there's nothing to stop you switching accounts at the end of that 12 months to take advantage of another introductory offer.
The average bonus rate on a standard savings account is 1.66 per cent on top of the base rate.
To make the most of your savings, visit MoneyExtra.com today.
More of us are adding to our savings, according to new figures from the Building Societies Association (BSA).
They reveal that savings balances in building societies and mutually-owned banks increased by over £900m (£929m) in April, compared to March's increase of just over £500m (£534m).
BSA Director-General Adrian Coles comments that "Mutuals have been able to attract savers by offering competitive rates, especially on popular ISA products."
The total amount added to savings was well in excess of £500m (£537m), making April only the second month in the past year where the amount saved in mutuals has outweighed the amount withdrawn.
Mr Coles adds: "maintaining positive inflows will remain a challenge while the Bank rate remains low as savers may seek higher returns elsewhere, albeit at greater risk, or may opt to repay debt instead."
For Extra savings and Extra value compare and save at MoneyExtra.com.
Interest rates should be boosted to 3.5 per cent, according to an international think tank.
The Organisation for Economic Cooperation and Development (OECD) has said that interest rates must rise before the end of the year to help curb rising inflation costs.
If this comes in, it will mean that savings in regular bank accounts will earn much more than they are now.
At present, the best returns can only be found in long-term schemes which can tie up savings for a number of years.
On the flip side, people with mortgages and loans would suffer from having to pay back more on what they owe.
All this may be academic though, as so far the Bank of England has shown little signs of improving the 0.5 per cent base rate and believe that inflation will fall naturally, without the need for interest rate increases.
For more savings information, head over to MoneyExtra.com, the money experts.
Two leading groups have urged the government to take steps to rebuild Britain's savings culture.
The Association of Independent Financial Advisers (AIFA) and life assurance company Aegon UK have outlined some practical measures that the government could implement quickly to help us with our savings.
They include introducing the concept of 'save back' – similar to cashback, but it will allow us to add to our savings at pretty much any time and at any location.
Another proposal is to introduce savings networks in the workplace or other groups, which would encourage people to save by providing "Weight-Watchers-style" peer support and pressure.
Chris Cummings of the AIFA comments that:
"Given the current economic challenges, we believe it is vital the new government acts decisively to restore a savings culture in the UK,"
whilst Aegon's Francis McGee believes there needs to be changes in "attitudes and behaviour".
Make your savings stretch even further at MoneyExtra.com.
The Nationwide has seen us take out more than £8bn (£8.2bn) from savings at the building society in the last year.
They blame stiff competition from other banks for the mammoth drop in savings, but said that they had begun to stem the flow.
This comes after the building society reported a 46 per cent drop in profits over the last year, from nearly £400m (£393m) to just over £200m (£212m).
They also revealed that their share of the mortgage market fell slightly, despite average prices rising by 9 per cent in 2009-10.
The group added that it expected "lower levels of profitability" to continue into 2010-11 and refused to rule out the possibility of branch closures.
You could make your savings stretch even further at MoneyExtra.com.
The side of your brain which you think with has a big factor on your attitude to savings, new research has revealed.
Those of us who think with the right side of out brain are less likely to have savings and more inclined to have credit card debts, whereas the left-sided thinkers were the opposite.
Professor Karen Pine of Hertfordshire University based this research on the notion that right-sided thinkers are more impulsive and have a 'live for today attitude', whilst their left-sided brethren are more careful and logical.
Once Professor Pine had discovered which side of their brain the members of her test group used, she went on to discover their situation with regards to savings, credit card history and general money management.
Whichever side of your brain you use, you can find information on savings and credit cards here at MoneyExtra.com, the money experts.
More people seek professional advice about what to do with their hair, compared to what they should do with savings and mortgages.
New research from unbiased.co.uk has revealed that nearly four in ten (38 per cent) of us talk to experts about dying or cutting our hair, compared to less than a third (32 per cent) for mortgages and fewer than a quarter (23 per cent) for savings.
The figures show that on average, younger people were more concerned about their financial well-being.
Over half (55 per cent) of 20-somethings seek advice on mortgages, compared to just under a third (32 per cent) of people in their 40s.
The things that we're most likely to ask for help about are car issues, where six people in ten admit to seeking advice.
For more information on savings and mortgages, visit MoneyExtra.com today – the money experts.
The government must act now to help people with savings who have been "left powerless" as rising inflation costs erode their deposits.
This call comes from the campaign group, Save Our Savers (SOS), whose founder Jason Riddle said that pressures caused by inflation were having a "huge impact" on our savings.
It emerged this week that the CPI rate of inflation had risen to 3.7 per cent, almost double the Bank of England’s target of 2 per cent.
Mr Riddle added that the continuation of the 0.5 per cent interest rate offered "no financial incentive" for people to add to their savings.
"Savings are an important part of the economy" he commented, "and the banks and the government must start to reward savers and treat them fairly."
If you want advice on what's best for your savings, visit MoneyExtra.com, the money experts.
Savers and borrowers are increasingly willing to complain about their banks, if the Financial Ombudsman Service's annual report gives any indication.
Complaints about banking and credit rose by 30 per cent in the last year, while investment complaints remained static.
Half of all of the Ombudsman's caseload related to the Big Four banking groups.
Cases can only be referred to the FOS after the bank has been given eight weeks to sort out the complaint itself.
Most of the Ombudsman's work relates to Payment Protection Insurance, which has frequently been sold alongside credit cards and mortgages.
But with inflation hitting its highest levels of 17 months, savings accounts and ISAs are a particular cause for future concern – with savings accounts paying a rate of interest above inflation few and far between.
If you're looking for a new savings account that meets your needs, speak to MoneyExtra.com – the money people.
The appearance of the first new high street banks in over 150 years has been met with a mixed response by Britons who are still wary about where they put their savings.
Whilst nearly six in ten (57 per cent) people surveyed said that they were looking forward to there being new banks, less than four in ten (38 per cent) said that they would consider moving their savings to one.
The figures also show that over a third (34 per cent) of those asked don't think that the new banks will be as established as traditional ones, whilst one person in nine (11 per cent) couldn't be confident that their money would be safe.
This comes just a week after another survey revealed that nearly two thirds of us would prefer our savings to be safe, rather than earn significant interest from them.
To find the best place to put your savings, visit MoneyExtra.com, the money experts.
Inflation levels have risen to their highest in 17 months, as our savings are squeezed still further.
The Consumer Prices Index (CPI) for April hit 3.7 per cent, up from 3.4 per cent in March and 3 per cent in February.
The Office of National Statistics (ONS) said that food prices in particular had seen particularly sharp rises.
It said this was mainly due to transport costs caused by the high price of fuel.
Whilst we need to spend more on necessities, the rate of interest is expected to stay at 0.5 per cent, meaning that we will still be getting next to nothing in terms of interest on our savings.
However, if you head over to MoneyExtra.com, you can find some current accounts which pay interest at rates as high as 5 per cent.
New figures have revealed that the third quarter of 2009 saw consumers save £19bn more than they did at the same stage in 2008.
The stats from Datamonitor show in the three months to last September, over 8 per cent (8.6 per cent) of all disposable income was being put into savings – the highest percentage for over a decade.
This was despite the Bank of England base rate dropping from 5 per cent in 2008 to 0.5 per cent at the end of 2009.
Roderick Logan from Datamonitor comments that they would expect consumers to save during a recession, "but not at this unprecedented level".
However, it is expected that this savings culture will be short-lived, with consumer credit expected to recover.
Whilst gross lending figures are expected to fall to £24bn this year, it is anticipated that they will rise to nearly £26bn (£25.8bn) in 2011.
For more information on savings, visit MoneyExtra.com today, the money experts.
Well over half (59 per cent) of Britons are worried that they will outlive their savings, research has shown.
The stats from the Prudential reveal that many feel that the increased life expectancy means that they may run out of money to supplement their pensions.
However, it also shows that 55 per cent have begun saving more with the aim to stop this from becoming a reality.
Britons could make more of their savings by placing their money into an ISA or making Additional Voluntary Contributions to their pension pot.
35 per cent of Britons intend to take a lump sum when they reach retirement, which comes as a concern to the Prudential, who fear that this is more likely to leave people short of money in retirement.
If you want to see how you can start making the most of your savings, visit MoneyExtra.com to find the best deal for you.
People who put their savings into ISAs shouldn’t put up with poor rates of interest, an expert has announced.
Fair Investment Company's Julie Smith has told investors that ISA transfers are easy to do and it could help them earn as much interest as possible.
"So many of our investors are ringing up complaining that the bank they have been with for years and years has cut their ISA rates right down to the point where they are receiving just a few percentage points in interest,"she commented.
She points out that more than four out of five (83 per cent) people with ISAs from before 2009 could be earning as little as 0.1 per cent on their savings.
If you want help with your savings, visit MoneyExtra.com today, the money experts.
More of us are valuing the safety of our savings above the possible returns we may get from them, new figures show.
Nearly two thirds (61 per cent) of people in the Fair Investment Company (FIC) survey said knowing their savings were secure was the most important thing when considering investment.
Nick Scarrett of the FIC indicates that with interest rates being so low, we aren't willing to risk our savings for "a few extra percentage points".
This wasn't the case pre-credit crunch, when we often shopped around to find the best rate of interest on our cash.
Mr Scarrett also pointed out that we're now more likely to spread out our money between banks, so that even if one bank folded, the rest of our money would be safe.
If you have any savings queries, contact MoneyExtra.com, the money experts.
Britons will spend over £10bn (£10.45bn) on attending weddings this year, with many raiding savings and spending on credit cards to fund it.
As we enter wedding season, research from Santander shows that over a quarter (27 per cent) of us use our savings to pay for wedding outlay.
The biggest cost is travel and accommodation, which costs over £200 (£210) on average, whilst wedding presents work out at a little over £130 (£131).
14 per cent of us hit the credit cards to pay for our part in the big day and five per cent of those polled expected to attend three or four weddings this summer, racking up an average spend of over £1500 (£1520) each.
If you have any savings or credit card queries, contact MoneyExtra.com, the money experts.
Nearly two fifths (39 per cent) of Britons admit that their commitment to savings has gone on the backburner at present, according to new figures.
Scottish Widows' stats also reveal that more than one in three (36 per cent) of us are not prioritising our finances enough and that the majority (58 per cent) of those people say that they simply can't afford to save as much as they'd like.
In Britain, we're working some of the longest hours in Europe, but nearly a third of us think that our jobs aren't paying enough, so we can't invest enough into savings.
Alison Morris of Scottish Widows advises that we should spend more time on our finances in order to work out ways to save more for the future.
If you want more savings advice, get in touch with MoneyExtra.com, the money experts.
As inflation rates increased to 3.4 per cent in March, savers received a blow when the Bank of England suggested that interest rates would stay low.
The 0.5 per cent interest rate has been in place for 13 consecutive months, leaving people with savings to look for other ways of making the most out of their money, such as ISAs.
However, with the Consumer Prices Index (CPI) increasing more than analysts had expected, Britons' finances are being squeezed, leaving many worrying about debt.
One of the major factors in the CPI interest rise was the price of fuel, which is at a record level due to increased duty and the weak pound making imports more expensive.
If you want to see how the rise in inflation affects you, get in contact with MoneyExtra.com, the money experts.
Could do better. This is the response of action group Save Our Savers (SOS) following the announcement of all the major parties' manifestos.
Labour have pledged to make ISAs more flexible to allow savers to switch when they want to, whilst the Conservatives believe the economy must be based on savings, investment and higher exports.
The Liberal Democrats hope to encourage a greater number of savers with a more flexible pension model.
However, whilst SOS welcomes these steps, they believe that the politicians could have gone further in their manifestos.
Their spokesman, Revd Dr John Strain has called for an end of the "piecemeal approach" and encouraged policymakers to favour savers rather than borrowers.
Britons are saving almost double what they were this time last year, new figures have shown.
The research from Birmingham Midshires shows that on average people added over £1,000 (£1,031) to their savings in the three months to April this year.
This compares to just over £500 (£554) saved over this period last year.
27 per cent of savers said that they were saving for a holiday, whilst 26 per cent said that they were saving for a rainy day.
Nearly two in five British adults (39 per cent) admitted to raiding their savings during the first three months of this year, but the average raiding amount has reduced from over £1,700 (£1,724) to under £1,500 (£1,499).
Emergency home or car repairs were the most popular reasons given for dipping into savings (22 per cent).
Almost half (45 per cent) of British adults think that political parties should make their savings policies clear in their manifesto, a new survey shows.
The report from action group Save Our Savers also shows that a fifth (20 per cent) of voters would not put a cross in the box of a candidate who did not make their savings stance clear.
Save Our Savers’ spokesman John Strain commented: "so far we've heard fine words from some on savings, but nothing in the way of concrete, substantial action."
This news comes after figures from the Nationwide showed that only 19 per cent of Britons think that the Government encourages a savings culture. More than double (42 per cent) that number thinks that they don’t.
If you want advice on your savings, contact MoneyExtra.com, the money experts.
Britons appear to have a greater confidence in savings, according to new figures from Nationwide.
The bank’s Savings Index for March was 94 – an increase of three points on February and 21 points more than March last year.
Experts have attributed the monthly rise to it being ISA season – the period either side of the tax year where savers rush to use up their annual ISA allowance.
However, the bank’s Head of Savings, Andy Hutchinson points out that 21 per cent of customers are not saving at all.
He recommends ISAs as the “first port of call” for people wanting to save their money.
The figures also showed a slight increase in those who believe that the Government encourages people to save – up one per cent to 19.
However overall, 42 per cent of people think the opposite.
The next Government should encourage a savings culture within its first 100 days in office, a financial provider has urged.
Friends Provident have called for whoever is in power after the election to remove the ‘barriers to saving' and offer incentives to help people put money aside.
Trevor Matthews, the company's CEO, wants the new government to "take some quick and decisive action that will make a real and positive difference to pensions and savings in the UK."
This message comes after the Office for National Statistics announced that UK household savings were at their lowest levels in 40 years.
If your looking to put some money aside, contact MoneyExtra, the money experts.
There has been a mixed response to the Bank of England keeping interest rates at 0.5 per cent.
Homeowners have welcomed the maintenance of the record rate, as it keeps variable mortgages low.
This may encourage more Britons to over-pay on theirs, as was the case last year when over £20bn (£22.3bn) extra was paid on what people owe.
However, the news will be less well-received by savers, who will continue to earn low interest on what they have in the bank.
This may encourage more people to consider putting their savings into an ISA, particularly now the limits have been raised.
This way, they could avoid tax and earn around four times more in interest payments.
If you want advice on how to make the most out of your money, give us a call here at MoneyExtra.com.
Britons not taking advantage of the new ISA limits are losing out on a total of £25m interest per day.
The new limits came into force yesterday and allow savers to put a total of £10,200 into the tax-free savings accounts.
New research from the Clydesdale and Yorkshire Banks shows that this isn’t due to ignorance of the benefits either.
More than 8 out of 10 Britons (83 per cent) are fully aware that ISAs are tax-free, yet still are not taking advantage.
However, there is some confusion about the accounts.
A fifth (20 per cent) of those surveyed were not aware that they could pay in small amounts at regular intervals.
They believed that investments could only be made as one large lump sum.
If you want more advice about ISAs, get in touch with Moneyextra.com, the money experts.
A new ISA offering a fixed rate of 4% has been launched by the Nottingham Building Society.
The tax-free rate is guaranteed until the 5th of April 2013 and is perfect for people who want to maximise their savings.
Savers will need a minimum of £15,000 to get one of the new Fixed Rate ISAs and there are only a limited number available.
Lorraine Giddings, from The Nottingham, advises people wishing to invest savings – including their 2010/2011 allowance – to do so as soon as possible.
She warns that "this is a limited issue account, which could be withdrawn without notice."
Santander will be offering a cash ISA with a rate of 3.20 per cent AER variable from the 6th of April.
The new account can be opened with savings of just £1 and is intended to succeed the market-leading Flexible ISA, which closes at the end of the tax year.
For the first 12 months of their new Flexible ISA 2, customers are guaranteed a rate of at least 2.70 per cent above the Bank of England base rate, not dropping lower than 3.20 per cent.
For current ISA holders looking for a good deal, there is Santanter’s Direct ISA.
This offers a variable rate of between 2 and 2.75 per cent on balances of £1 to £9,000 plus, with tiered stages in between.
If you're looking to out some money away, or just want a better rate on your savings than you currently have, here at Moneyextra we do all the hard work to make sure you get the best deal.
HSBC is leading calls to increase the awareness of individual savings accounts among UK savers.
According to the latest figures, only half of savers nationwide have one of the tax-free cash ISAs, even though they relieve savers of the need to pay interest on their savings.
And the allowance for people under 50 is set to increase from £3,600 to £5,100 later this year.
The scheme was launched over 10 years ago and has been lauded for boosting a savings culture in the country.
But industry analysts have also noted that despite the potential for some savers to now have over £40,000 in their ISAs, relative average balances remain low.
And according to one expert "the first savings product that any tax-payer should have is a cash ISA".
For more information about ISAs and other financial products and services visit MoneyExtra.com, the online money people.
Too many people are missing their savings goals, and there are alarming signals from new research to suggest that even more will do so in 2010.
According to figures from Scottish Widows, 37 per cent of people have saved nothing so far this year, compared to just 20 per cent in 2009.
And 40 per cent of those polled admit to not have enough savings to meet their goals.
Savings expert at Scottish Widows Iain McGowan warned that the findings call for better financial education and more incentives from the government to encourage savings.
He argued that while private pensions and tax-free savings vehicles like ISAs are very popular, more needs to be done to make savings simpler to understand.
If you want to put some money away, but you're concerned about managing your savings once an account is set up, you might be interested in a new account from NS&I.
National Savings and Investments is hoping to win people over and give them a better way to manage their money with the launch of a new savings account.
The Direct Saver account, which will pay a variable interest rate of 2 per cent AER will be available for customers to manage over the phone or the internet.
The account isn't only aimed at big savers; customers can invest from £1 all the way up to £2million.
The launch comes just days after NS&I claimed that consumer savings dropped to the lowest for over two years during the winter months.
If you want to open or switch a savings account, here at Moneyextra we can make sure you get the best deal.
If you're thinking about putting some money aside, you might be interested in two new issues of a fixed rate bond from Northern Rock.
The state owned bank is offering a higher level of interest at 3.15 per cent on one year bonds or a higher rate of 3.5 per cent for people who'll be saving for two years.
If you did decide to take up one of these offers, you can choose to have your interest paid annually or monthly if you choose, which potentially could be great, if one month you needed a little extra cash flow.
However, be careful, if you do choose to take it out monthly, the rate is 0.3 per cent lower than if you take it out yearly.
Once the bonds mature they'll become no notice accounts, customer will then be informed of the interest rate paid.
If you're keen on looking into bonds or any type of saving, here at Moneyextra we can show you many different options and make sure you get the best deal.
British savers are being warned that they face a summer of headaches when they try to take advantage of new cash ISA deals.
That's because some of the market's biggest providers including Barclays, HSBC, Nationwide Building Society and Northern Rock have still not upgraded their systems electronically.
They still send out cheques by post to transfer a customer's tax-free money from one savings account to the other.
The news comes two years after HM Revenue and Customs told the banks to consider upgrading.
The move was in response to numerous complaints about the length of time that savers were waiting to switch between accounts.
One industry expert has even described the system of sending cheques as "archaic" claiming that the key reason that electronic transfers have not been introduced is cost.
If you want more information about ISAs or other financial products and services then visit MoneyExtra.com for the latest help and advice.
The UK has been dealt a harsh blow after the Icelandic population overwhelmingly voted against repaying £3.3 billion worth of loans to the UK and Netherlands.
It was on Saturday during the countries first ever referendum as an independent nation that more than 9 in 10 people called for the government to withhold payment while the country tries to start rebuilding its own economy.
Following the collapse of Icesave in 2008 the UK had to compensate savers.
The government wanted to reclaim that money, however they'll have to wait a few weeks until further discussion are held and a debt deal is reached.
If you want to put some money aside or just see what deals are out there, here at Moneyextra.com we do all the hard work for you to make sure you get the best return on your money.
Around 1 in 10 people leave their application for an ISA until the last two days before the tax year ends.
That's why Clydesdale and Yorkshire Banks are urging people who want to make the most of their 2009-10 ISA allowance not to leave it to the last minute.
Concerns have been raised this year more than usual as the deadline for ISA application is on April 5th which is Easter Monday and a bank holiday.
Retail director at Clydesdale Bank, Steve Reid says "The Isa allowance isn't flexible so beat the deadline and pay less tax."
He goes ion to explain that consumers over the age of 50 can place £10,200 in their Isa accounts, while all other savers have access to a £7,200 tax-free allowance.
If you want to put some money into an ISA this year, why not shop around at Moneyextra.com, we so all the hard work for you, to make sure you get the best deal.
ISAs are set to get a boost in popularity this year, according to providers Legal & General.
The company believes that individual investment in stocks and shares ISAs will grow when the increase in savings account allowances comes into effect later this year.
Their financial economists also believe interest rates will remain on hold throughout 2010, restricting the returns from cash savings.
Last year retail investors invested around £2.5 million on average every day in Legal & General stocks and shares Individual Savings Accounts. The company is expecting to see significantly higher sales in the coming months.
And several other businesses have launched new ISA deals in preparation for the start of the new financial year.
For example, Leeds Building Society has launched 5 Year Fixed Rate ISA paying 4.60 per cent tax-free with a minimum opening balance of only £1.
If you want to find out more about Individual Savings Accounts then visit Moneyextra.com for all your money needs.
A quarter of British people regret not putting more money into their savings accounts over the last year and a half to cope with the effects of the recession.
And almost a third are unhappy about not boosting their savings earlier in their lives, according to recent research from National Savings and Investments.
Another survey carried out by F&C in recent weeks found that a quarter of women aged between 35 and 45 do not have any savings account of their own.
Although savings rates are at historically low levels, the low amounts people are putting away for the future are likely to lead to financial difficulties down the line.
But the NS&I survey did find that the average age at which people get serious about saving is 25, with only a third leaving planning for the future until their 30s or later.
If you're thinking about your future and making the most of your savings accounts, speak to the team at MoneyExtra.com.
If you have savings with Northern Rock, you'll be one of many people to loose the governments' 100 per cent guarantee on your money in three months time.
The guarantee was introduced back in 2007 to try and stop customers hastily withdrawing their money; however the treasury now says that it will be removed on May 24th.
From then on only the first £50,000 of any customers' money will be protected to ensure they wouldn't lose it in the event of the bank collapsing.
Reflecting on the move, which many customers will be unhappy about, Financial services secretary Lord Myners said that he believed the actions of the governments helped protect the saving of millions of families and the jobs of thousands of workers.
If you're thinking about putting some money aside or even switching your current savings account, here at Moneyextra we compare the market for you to make sure you get the best deal.
With the end of this financial year and the start of next approaching fast, the world of ISAs is gearing up for its busiest season.
The latest survey of the Individual Savings Accounts sector by FundsNetwork suggests that 2010-2011 is going to be a bumper year.
Although savings interest rates remain historically low, many banks and building societies are starting to produce more generous offers in a bid to lure in new customers and get hold of investments from old ones.
The FundsNetwork Adviser Sentiment Index found that, despite widespread confusion about the new ISA limits due to come into effect in April, those in the know are planning to make the most of the additional tax-free savings allowance.
The survey found that three quarters of financial advisers had seen their clients aged over 50 already taking advantage of the increased allowance that came into force in November.
If you want to make sure your savings go as far as they can, why not get in touch with MoneyExtra.com and we’ll make sure your money is working for you.
National Savings and Investments has found that a quarter of savers are unaware that the limits for investment in Individual Savings Accounts – or ISAs – are going up this April.
Under measures put forward in the 2009 budget, the maximum that can be saved in a cash ISA from April 1st this year is going up to £5,100.
At present, the limits are lower for those aged under 50, but from the start of the new financial year, they will be the same for all.
However, ISAs appear to be bearing the brunt of financial institutions' cuts in saving account interest rates.
The Daily Mail this week revealed that many high street ISA providers have been cutting rates to below the level of inflation.
With that standing at 3.7 per cent, you might be better off putting your money under your mattress than investing in certain savings accounts.
If you need help in identifying the right ISA for you, why not get in touch with us here at Moneyextra.com - we do all the hard work for you to make the most our of your money.
Despite record low interest rates, more than half of Brits believe that the recession has not had a negative impact on their saving habits.That's according to research from Barclays, which found that 17 per cent are actually saving more as a result of the downturn.The survey indicates that younger people have been spurred to save in the current climate, with a quarter of those between 16 and 24 increasing the amount they put away.Andy Gray, head of savings at Barclays, said that the finding was evidence that consumers had changed their money habits as a result of tougher economic times.
It looks likely to be another grim few months for savers, after the Bank of England warned it expects inflation to soar above three per cent in the near future.In its Inflation Report, the Bank also indicated that interest rates were likely to remain low for some time, as the UK's economic recovery remains uncertain.The news will not be welcomed by savers, who have already seen rates fall significantly over the last year.All the more reason, then, to come to Moneyextra – where we compare all the deals around to find you the best rate.
Two fifths of over 55s are failing to save anything each month, a new survey has found.Aviva's Real Retirement Report found that a number of those approaching pension age are hugely underprepared for life away from work.Indeed, the median savings rate for those aged between 55 and 64 was more than £8,500.Unsurprisingly, the survey finds that the biggest worries for over 55s are the rising cost of living, followed by unexpected expenses and the falling return on savings.This all highlights the need to make the most out of your cash while you're still earning– and Moneyextra can help you do just that. We scour the market for the best rates around.
The number of Britons focusing on saving hit a 16-month peak in January, according to a new survey.The finding comes from the Nationwide Savings Index, which saw the number of regular and occasional savers reaching 79 per cent of the public.But while more people seem to be preparing for tough times ahead, more than one fifth are still failing to save any money at all at present.Falling interest rates and soaring inflation have made it more important than ever to make your money work hard for you – and you can do just that by comparing on Moneyextra.com.
In a few months' time, money left in dormant savings accounts will be seized by the Government and shared amongst good causes through the Big Lottery Fund.If a savings account is left untouched - ie if no money has been paid in or taken out for 15 years - it's deemed dormant and you'd be surprised how many of those there are in the UK.Up to 500,000 of the 150 million bank and building societies accounts in Britain are unused.It's estimated that as much as £400 million pounds could be eligible for transfer. Moving house can often be to blame, as paperwork disappears to the bottom of cardboard boxes. A common situation is that many children have cash stored in away in accounts opened by their parents without their knowledge.If you're thinking of switching or opening a savings account for you or a family member, here at Moneyextra.com we make comparing them easy to help you make a better decision.
Seven in ten people say they won't invest their cash into savings accounts while the Bank of England base rate remains at 0.5 per cent. Fair Investment, an independent financial service provider, claims that more than three quarters of investors would not consider investing in cash in the current climate, preferring to put their money into riskier investment options in hope of better returns. Nick Scarlett head of pensions and investments at Fair Investment Company says "with the average cash ISA rate at just 2.12 pr cent and easy access savings accounts paying just 0.76 per cent on average, it's no wonder that most people looking to invest are steering away from cash in order to get better returns". If you need a little help on how to make the most out of your money, here at Moneyextra.com we can do all the hard work for you and make sure you get the best return.
Savers could actually benefit from the plummeting rates available at the moment if they're pushed under the interest paid tax zone.It's been claimed more people should qualify for tax free status on their savings interest and that could help cushion the impact of rate cuts.An industry expert is urging savers, particularly older ones who rely on interest from their savings to top up their pension, to take a fresh look at their savings accounts and see if falling rates may tip them below their annual tax free threshold. Falling interest rates over the past 18 months have undoubtedly caused financial hardship to those who depend on their saving, here at Moneyextra.com we compare lots of rates and savings accounts to make sure your money works hard for you.
A lobby group is asking consumers to back their petition to help improve conditions for UK savers.Save Our Savers say their fighting on behalf of 30 million savers in Britain and says one of their aims is for savers to receive the first £5,000 of any interest tax free.70 year old Peter Duckworth whose a retired entrepreneur has put £500,000 into the campaign and hopes that it will demonstrate that savers voices should be heard.The Mail reports that SOS also want legislation brought in to protect savers from extreme 'rate shock' when savings rates plummet.Mr Duckworth says "Savers are vital for the economy and the fabric of society, but there has never been a place where they can unite to fight their particular interest and have a shared voice".Here at Moneyextra.com we compare lots of different savings accounts and rates to make sure your money works as hard as it can for you.
As a slight level of competition returns to the UK savings market, some people sitting on nest eggs are considering locking in savings rates but there's questions over whether this is the right thing to do.The rate of inflation is the main factor which will impact upon the value of savings and savings rates.This rose significantly in December hitting a high of 2.9 per cent, which many analysts' said was way above what they expected.This means we could see UK base rates move higher in the short term which in tern will bump up UK savings rates.However, if rates do fall, as the Bank of England expects, we could see the base rate stay at 0.5 per cent for most of 2010.At Moneyextra we want your cash to work hard for you, that's why we compare lots of different accounts and rates to get you the best deal.
People are being urged to check for any savings accounts that they haven’t used for a while.Anyone with an account that hasn’t been accessed for over 15 years could lose their cash.The Government is warning it will take control of dormant money.Now savers are being told to use tracing services to make sure they keep hold of any cash cows they might not know about.Banks and building societies estimate there’s around £400m in dormant accounts which could be transferred to the fund.If you're looking for somewhere to keep your nest-egg safe, at MoneyExtra.com we make sure we find the best deal to make your money work for you.
Cash Isa interest rates are now so low that it's barely worth saving in them, according to a product comparison site. Compared with the interest rates of standard taxed savings accounts, the ISA is losing its appeal for savers. The announcement that inflation (as measured by the consumer price index (CPI)) has risen to 2.9% also means that virtually all cash Isa savers - and plenty of standard savers too – are threatened with declining value of their money. Although cash ISAs have always benefited from tax-free earnings and higher interest rates than non-Isa savings accounts, the situation has turned on its head. There are now many cases of standard savings accounts paying more interest than ISAs. Money expert, Andrew Haggar, says the net return from best buy Isa products compared with best buy taxable savings accounts makes you "question if it's worth the effort for basic rate taxpayers".
The latest inflation figures haven't brought good news for savers, as they revealed an unexpected rise in the cost of living.The consumer price index (CPI), the country's official measure of inflation, jumped from 1.90 per cent to a nine-month high of 2.90 per cent in December.The retail price index (RPI), which includes housing costs, soared from 0.30 per cent to 2.40 per cent. What it means for savers is that their money is worth less. A money expert says basic rate taxpayers need to be earning 3.63 per cent or more on their savings in order to make up for the impact of tax and inflation.People in the higher rate tax band need an account paying 4.84 per cent.But with the Bank of England base rate at a record low of 0.50 per cent, this is hard to come by. Comparing savings accounts could find the best saving account for you.
An elderly woman who was robbed of her savings has been refunded by Halifax. £4,600 was stolen from Violet Burnejko and her daughter shortly after she'd taken the money out of her Christmas savings account at the bank in Oxford back in December. Although the bank haven't admitted liability they have compensated the 84 year old as a goodwill gesture. Her granddaughter, Samantha Holmes, says they're overjoyed. Meanwhile a spokesman for the bank says they will improve the privacy of the interview rooms at the branch, although police don't know whether the robbers saw the women taking the money out of the bank. If you're looking for somewhere to save for the future, here at MoneyExtra we search for the best rates around to make sure your money works hard for you.
Growing numbers of older women in Britain now live on their own, embrace new technology and are learning new skills. But research by the Department for Work and Pensions also found more than a quarter of women over 50 have no financial plan for retirement, and don't see savings as a priority. Instead more and more of the estimated 600,000 spinsters, widows or divorcees are focussing on dating, social networking, keeping fit, with one in four describing it as the happiest time of their adult lives. Personal finance experts are now calling on single women over 50 - known as Swofties - to take stock of their financial situation, and make sure they have a nest-egg in place for the future.If you do want to put some money away for your future, here at Moneyextra.com we make sure your money works hard for you and search the best rates around so you don't have to.
A man in Romania lost his life savings, after keeping them in his shoes, rather than a savings account. He had hidden £36,000 in a pair of shoes, without telling his wife. She found them while clearing out their house before Christmas, and threw the shoes away. Her husband only realised what had happened a few days later, by which time most of the money had already been spent. Police tracked a woman down who'd found the shoes, and discovered she had bought a £20,000 cottage with the money. The family have only got back £27,000 of the money they lost.
Families have less money to put into savings or pay off debts, as spending on food, travel, gas and electricity goes up. The Office of National Statistics has published its latest report into family spending with the figures for 2008. It found while Brits spent less on clothing and footwear than for nearly a decade, almost everything else went up, with transport remaining the single largest expense at an average of £63.40 a week. The amount being set aside by the average family for savings and investments dropped to just £5.70 per week out of their £460 budget, 50 pence less than the year before. The ONS says there are huge variations though depending on occupation age and class, with the richest 10 per cent of households spending seven times as much as the poorest.At Moneyextra.com we compare lots of different rates so that you get the best deal.
The number of people putting money aside or into savings accounts declined during December.That's according to Nationwide's Savings Index which says a quarter of those polled admitted to saving nothing during December, an increase of one per cent compared to November.However nearly half of people say they currently put money aside regularly into a UK savings account.Nationwide said savings could have been less of a priority in December as people took to the streets to purchase gifts.The return to 17.5 per cent VAT may also be a reason for people buying and not saving during the period.If you want to make sure your nest egg works hard for you, here at Moneyextra.com we can do all the hard work for you by comparing loads of different savings accounts and rates to get you the best deal.
The Financial Times reports that as the dust settles on the credit crunch, policyholders and pension savers have escaped the worst of the tough times, but the crisis has lest interest rates historically low, which isn't great for depositors and savers.Pensions and insurance investments can earn between 3 per cent and 4 per cent annually, however the cost of operating a savings contract can be up to 2 per cent year, which leave s only around 2 per cent annually for the saver.A panel of senior insurers and actuaries in the UK agreed that, while the short-term future for investments was uncertain, consumers would still need the protection provided by pensions and life assurance and there were strong prospects for growth.If you wan to put some money away for your future, here at Moneyextra.com we make sure your money works hard for you, we search the best rates around so you don't have to.
An expert claims a number of the country's employers may adopt the National Employment Savings Trust (NEST) scheme if it succeeds in it's aims.Marc Hommel UK Pensions Leader, noted that the desire felt by a lot of companies to offer engaging pension savings provision to their staff.With regards to the NEST initiative he commented "While delivering a low cost, simple and credible scheme will be a challenge, if it proves durable, NEST could become the preferred workplace retirement savings vehicle for many UK employers".He went on to say that it could be an option for both larger and smaller companies.At Moneyextra.com we compare many different pension savings schemes to ensure that your retirement fund works hard for you.
Days after the deadline for declaring money in offshore savings accounts and current accounts, HMRC say that almost 10,000 people have come forward to declare all.People had until 5pm on Monday 4th January with over1000 individuals choosing to make their declaration on the day itself.Anyone who hasn't provided details of offshore savings and or current accounts will now face investigations with 100 per cent penalties and possible even prosecution.Stephen Timms, financial secretary to the Treasury, commented that hiding money in offshore accounts to evade tax is "economically and morally unacceptable". If you want to put some money away, here at Moneyextra.com we compare the best rates to make sure your money works hard for you and gives you the best return.
It's claimed 9 out of 10 defined benefit pension schemes are now closed to new entrants as employers continue to move away from the high cost schemes.The Association of Consulting Actuaries asked question to 309 firms say 91 per cent of such schemes are now in deficit.The BBC reports how the Government says it's trying to cut regulatory burdens on company pensions.ACA Chairman Keith Barton said these were "worrying times" for those nearing retirement and called for a 'radical change of approach'.He went on to say that "Just 6% of employers responding to the survey say they feel the government's stated policy of supporting quality workplace pensions is working, down from 38% two years ago".The Department for Work and Pensions said its pension reforms were "radical" and that when automatic enrolments into workplace pensions begin in 2012, 11 million workers would have the chance to save with a new minimum employer contribution.
A survey has found some parents are resorting to dipping into their children’s savings to help them through the recession.Child Trust Fund Provider Engage Mutual Assurance questioned around 3000 mums and dads.They found one in five have used their kids cash with 44% taking between £200 and £500.Some admitted to borrowing as much as £5000.A large proportion of those who had taken a ‘loan’ said it was to help towards the bills, a fifth said it was to pay for an unexpected car repair and 14% said the money was used for a family holiday.Most said they intended to pay the money back.
Brits now need to earn at least 2.38 per cent interest on their savings, to make up for inflation.Rising inflation threatens to shrink savings in real terms, so savers need to keep an eye on the best interest rates.Latest figures show the Consumer Price Index (CPI) – that's a measure of inflation – rose sharply from 1.5 per cent to 1.9 per cent in November. Higher-rate taxpayers will need to find an account paying even more, at least 3.17 per cent.And experts predict that inflation could rise further over the coming months so get the best savings rates available.A foreign exchange specialist expects figures to continue climbing, as rising oil prices, a weaker pound and the reversal in VAT cause 'inflationary pressure'.
The disposable income of UK households has dropped sharply in the downturn but low interest rates have saved many from debt problems, a report suggests.A self-preserving attitude to savings was partly triggered by a fear of redundancy, according to the Bank of England.The survey asked people about their income after paying tax, housing costs, loan payments and utility bills.For the first time, the survey polled householders about whether they had increased, or were planning to, raise their level of savings and why. About a quarter said that their savings were going up.Fear of redundancy, wanting to reduce debts and extra disposable income were the main reasons for doing so.According to the report, renters are the least likely to save more: This could be because they tend to have lower incomes and so less scope to boost their savings pot.
The amount of money people in Britain are saving has remained static despite the recession, a governments report has confirmed.New stats from the National Savings and Investments have revealed that Britons are only putting aside the same amount of money as they did before the recession, despite many analysts believing that the economic downturn would lead to a big increase.People are also planning to save less for the future, the amount people save from their take home income has also remained stationary at 6.06 per cent savings interest rates in 2009, compared to 6.02 per cent in 2005.However as an overall figure, people are actually saving more according to NS&I, with the average monthly amount saved rising to £83.87 from £70.23.At Moneyextra.com we make sure your money works hard for you. Whether you want to put a small or large amount aside for your future, we compare the best savings rates deals for you.
A "loss in confidence" in banks is seeing a decline in national savings as people choose to keep cash in their homes, a Bank of England (BoE) executive has claimed.Andrew Bailey, executive director of banking and chief cashier, says the value of £50 notes in circulation has risen from £7bn in 2007 to £9bn today.The total value of banknotes currently being used in the UK has increased to 3.2 per cent of GDP, up from 2.4 per cent in the 1990s.And what do these figures mean? That more and more people are choosing to hoard their money at home.Low interest rates on savings could have contributed to the trend, especially since the BoE cut its lending rate to an all-time low of 0.5 per cent.Competition between providers has led to the launch of many best-buy savings account deals.