Being money savvy is necessary, but not cool, say millennials

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

In a recent survey from the government-led Money Advice Service, it was a common held view amongst 16-25 year olds that it was considered ‘boring’ to be good at money management and having a social life was considered to be more important.

However, the good news is that this group of young people do understand the importance of organising and managing their finances. According to the survey, the biggest barriers seem to be the lack of financial education within schools and the uncertainty of where to go for money advice.

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The Bank of England raised interest rates at the beginning on this month – how will this affect your finances?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

 The Bank of England (BoE) has increased the base rate to 0.5%. This is a 0.25% increase and is the first time the rate has gone up since July 2007.

Banks are not obliged to follow Bank of England interest rate decisions, but they can influence the cost of borrowing, or how much interest you earn on savings so although this recent change is small, it could have an immediate impact on your household finances.

While the decision brings higher costs for those with mortgages and other borrowings, it is positive news for savers, pensioners and some investors. We have looked at the impacts in further detail. Read more

Pump it up – how to help your friends and family avoid being financial couch potatoes

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

As a client of Prosperity IFA  you have the equivalent of personal finance trainers working for you, with the all benefits that can bring to your overall long-term wealth. For friends, family and colleagues who don’t yet have the funds to need this service, there’s a real danger they can become financial couch potatoes, with any money they do save doing very little or no work, especially if it’s held in bank deposit accounts or cash ISAs.

With the help of Prosperity IFA , you have the power to show them how they can flex their savings muscles without breaking sweat. How?

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Is it worth transferring your ISA?

As with all investments it is always worth keeping an eye out for good deals and changing providers can sometimes either save you money or improve your financial returns. And an ISA is good example for that. But you must understand the rules so that you do not get charged or miss out on the tax free elements.

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The Election 2017 : What will it mean for your money?

Another year, another important vote.  As a country, after Brexit last year and the previous general election only being in 2015, this will be the third year we have been asked to make an important decision about the future of the UK.

The headlines and hype around the campaigns can easily put you off with each media outlet having it’s own agenda. But this election in real terms, could have a powerful impact on your daily finances as it could directly affect you and the money in your pocket.

So what are the pledges and manifestos of each party across the financial matters? Read more

How have the Equity Release offerings changed and is it for you?

This article is for information only and no recommendation is being made or should be construed from the contents of the article. Always seek independent financial advice prior to taking any action.

The main aim of equity release is to give you greater financial freedom when you are older by freeing up some of the financial value of your home and give you cash to spend while you are still fit and well.

However, over the years, it has received some negative publicity, with many stories about the elderly being ripped off and providers hiding the real cost of equity release.

But it would seem that these types of financial plans are growing ever more popular with a record £1.24 billion of housing wealth being unlocked via equity release schemes in the second half of 2016, with total lending for the year reaching £2.15 billion. This made this market the fasting growing mortgage segment last year.

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