UK adults who own their home are less vulnerable to financial shocks than those in other countries, according to HSBC.

Financial resilience

The UK has the second lowest number of people who would struggle to cope if mortgage interest rates increased by 2%; worldwide, 22% of people would face instability should interest rates rise, in Britain, it is just 16%.

Even a 5% rate rise would only negatively affect 35% of the UK’s homeowners, compared to almost half (47%) of the global population.

Big spenders, bad savers

The study also shows ...

As we head into 2018, with a new financial year a few months away, the government is preparing to introduce several changes. These will come into effect in April, and it is likely that you will be affected by at least one of them. Being prepared is the key to making the most of the changes and deadlines that are approaching.

To ensure that you are informed about the upcoming changes to allowances, savings and pensions, here are the seven biggest things you need to know about.

 1.    Higher Lifetime Allowance

As inflation hit 3% in the s...

Only 38% of UK adults know what inflation is, according to research from The Organisation for Economic Cooperation and Development (OECD). The data also shows that adults in at least 14 nations have a better understanding of inflation than Brits.

To help put this situation right, we’ve created a short explainer covering the main points. However, we always encourage you to read further, learn more and seek professional help when you need it.

What is inflation?

Put simply, inflation is the rising cost of goods and services. Over time, the...

2018 marks 10 years since auto-enrolment was first debated in 2008. As the new financial year approaches, we look at what April 2018 has in store for workplace pensions.

What is auto-enrolment?

Introduced into law in 2011, auto-enrolment will be in its final roll-out phase this year. This means that, from April, eligible employees from all sizes of business should be included in a workplace pension (unless they have chosen to opt out).

Eligible workers are those who:

• Are aged between 22 and the current State Pension Age (which you...

Millennials are the generation born between the mid-80s and early-2000s, perhaps your children or grandchildren. With 13.8 million people falling within the age bracket, they make up a significant 12% of the UK population (source: Statista ).

In financial terms, millennials have been dubbed ‘generation debt’, ‘generation rent’ and even ‘generation screwed’, due to the difficulties they face in comparison to the generations who came before.

Despite the negative coverage, new research suggests that 20-34-year olds are actually saving more ...

“Real knowledge is to know the extent of one’s ignorance.”

Attributed to Chinese philosopher Confucius, this timeless phrase has never been more apt than when applied to the topic of Pension Freedoms.

A new report, from Old Mutual Wealth has revealed that many 50-60-year olds are uninformed about Pension Freedoms, with:

• 45% not knowing about Pension Freedoms at all, or not knowing how the new rules affect them
• 37% not knowing how or when they should access Pension Freedoms

Why is knowledge important?

Pension Freedoms are perhaps ...

Introducing legislation to ban cold calls from pension scammers has been on the Government’s radar for some time. But now, following a lengthy delay, MPs are calling for action to be taken sooner, rather than later, pushing for the Financial Guidance and Claims Bill to be approved.

What has happened so far?

The Government’s plan to ban cold calling was confirmed by Philip Hammond, during his 2016 Autumn Budget. However, progress in implementing new legislation was slowed down by the 2017 General Election, before seeming to halt altogethe...

The Bank of England (BoE) interest rate rise made a splash in the headlines last year. However, the subsequent announcement that inflation continues to increase, and has since hit a six-year high, is one of the biggest causes for concern for savers.

As a result of the rate rise, many banks and building societies have increased their interest rates on both mortgages and savings accounts. Though most have chosen to increase the rates on interest paid to them, by a larger amount than on savings accounts where interest is paid out.

However, ...

November 2017 saw inflation hit 3.1%; the highest it has been since 2012, as reported through the Consumer Price Index (CPI).

As 2018 gets underway, thousands of households will be feeling the squeeze and looking for ways to combat the shrinking value of their income or capital.

What is inflation?

According to the Office of National Statistics (ONS), inflation is “The rate at which the cost of goods and services rises year on year.”

Over time, goods and services increase in price, if income and capital fails to grow at the same rate, h...