Thursday, January 22, 2009
Category:
Personal Finance Tips
Latest news from Halifax has revealed 2009’s must have New Year’s resolutions.
According to research, saving and planning for a financially secure 2009 has never been more important to people. It seems however that people are still missing direct advice out on the high street.
If 2008 is anything to go by, it would appear that 53% of consumers look to family and friends for their financial advice in preference to going to the bank or financial advisors. More than half of the population recognise that seeking advice from a personal finance advisor would be of benefit, that said, just one sixth visited one in the year prior to Halifax’s research.
It was also revealed that over half of us are not paying into a pension scheme and 7 out of 10 of us expect more from our state pensions than we are actually likely to receive. The UK population do on average believe that visiting a financial advisor by 30 is a sensible thing to do, and when it comes to retirement, most say they would like to do so at around 58.
According to the Halifax, there are resolutions which may be applied for those looking to boost their finances in the new year. Firstly, always shopping around is recommended. Looking for the best deal on current accounts, mortgages and credit cards are advised. Current accounts are also suggested as being able to ‘work harder’. Supposedly money placed in current accounts can earn a reward. Cutting down on the cost of spending enters the list at number 3. Shopping on costly credit and store cards could result in higher costs over all. Among other suggested resolutions are saving, if possible making small overpayments on mortgages which may produce longer term benefits and finally investing in pensions.
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Homeowners resolving to clear credit card debts in 2009, who are looking for finance could consider a
secured loan. One of many options to consolidate debt, a homeowner loan could be used to consolidate existing personal loans, store cards and hire purchase arrangements as well as credit cards. If opting for a secured loan to repay existing borrowing, it is important to consider consolidating debt may increase the amount you paid back overall and extend the repayment period of your debt.
