Prospective retirees are in serious debt according to Prudential study

The insurance giant Prudential has found out that 20 percent of Brits who intend to retire this year owe an average of £31,200 from credit cards, mortgage debt and overdrafts. However, the Prudential discovered that the owed amount has dropped in comparison to the previous year since more and more people retire with no mortgage debts.

Last year, the mean value owed by a person who

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Homeowners can now benefit from new remortgage products

Those who have borrowed money based on the SVRs provided by their banks could stand to save a great deal if they remortgaged their home onto a new deal. It is estimated that about four out of every ten mortgage borrowers are stuck on their lenders SVR and while most have been happy to do so because of the interest rates dropping, now that they

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44% of Brits feel their pensions are inadequate

According to 44% of people living in Britain pensions are not considered to be sufficient to fund retirement. Which means one sixth or us will be reliant on inheritance, the average of which is just £45,000, to provide an income after we stop working. This works out at less than £3,000 per year.

A third of us will rely on cash savings, with a further 10%

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Virgin Money launch new Easy Access Saver account

There is a new version of the Easy Access Saver available now from Virgin Money. It has a rate of 2.6 percent and you can open an account with just £1. There are unlimited withdrawals available, without penalties and the option of monthly interest. Unlike a lot of savings accounts, however, the Easy Access Saver Issue 2 doesn’t rely on an introductory bonus.

Spokesman for Moneynet.co.uk,

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The ‘granny tax’ to leave UK pensioners cash-strapped

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Older Brits are set to be the major losers of the recently announced 2012 budget. How will the so-called ‘granny tax’ affect British elderly?

British pensioners will be one of the worst hit by the new budget. From April 5 2013, UK retirees will have to pay the same tax as any other worker, as George Osborne announced that the Government will remove the

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Bank of England not expected to raise interest rates for at least 18 months

The majority of economists believe that the Bank of England won’t be changing the interest rates in the country for another 18 months. The Bank of England last changed them in early 2009 and since this time no changes have been made to interest rates in the United Kingdom.

In 2009 the Bank of England made the decision to lower interest rates to 0.5 percent, in

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Virgin Money offer two new savings products

Virgin Money have announced that they are adding a further two new accounts to its ever growing range of savings products. The new Virgin Fixed Rate Cash ISA and Virgin Fixed Rate Bond are both offering competitive rates and the accounts are available online, by post, over the phone or in branch. The interest rates stay the same through all channels and ISA customers get

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Retirement incomes are at a five year low says Prudential

UK insurance giant Prudential have revealed that those retiring in 2012 can expect to live on an annual income of £15,500, which is £1000 less, or 6% lower, than those who started their retirement in 2011. These figures come courtesy of Prudential’s Unique Class of 2012 research, which provides a financial insight into the financial expectations of Brits who are planning to retire within the

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Tips for saving money on driving expenses

Driving is becoming an increasingly expensive way to get around and people find that one of the major expenses is the annual car insurance premium. Most people will find that even if they are the perfect driver with a clean record that the price of insurance still goes up. Next year women are going to be facing even more expensive insurance as discrimination laws are

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Renewable energy from homemade energy systems

More and more people all over the world are deciding to turn to energy systems that are homemade and produce renewable energy such as wind and solar power in order to save on their utility bills. These are great sources of energy and will save the user a great deal of money over the long term and give them a source of power if the

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