Archive for the ‘Personal Finance Tips’ Category
‘Modern’ dads on the increase
Thursday, October 29th, 2009According to research conducted by The Children’s Mutual, there has been a rise in the number of fathers staying at home to look after their children, as opposed to going out to work. In fact, it was found that 26 percent of fathers commenced part-time hours following the birth of their children. Further findings revealed that 24 percent embarked upon flexible working patterns, and 14 percent put a complete end to working outside the home.
In relation to the recession, 43 percent of fathers have reportedly responded to it by increasing the amount of time they spend helping around the house. Furthermore, only 27 percent feel that they now need to focus more of their attention on earning money.
The research uncovered that stay-at-home fathers spend the largest proportion of their time each week tending to their children. In fact, it was found that 4 hours and 22 minutes is spent on this. In addition, 3 hours and 50 minutes is spent cooking, and 3 hours and 45 minutes is spent organising the family finances. Compared to fathers that work full-time, stay-at-home fathers have more time with their children and yet the research revealed that they wish they could spend an extra hour a day with them.
Further findings included a comparison between the perceptions of ‘traditional’ fathers and more ‘modern’ fathers. In response to being asked to describe both groups, stay-at-home fathers felt that the top three responsibilities of a modern father involve contributing to childcare, domestic tasks and family finances. In contrast, they felt that the top three responsibilities of a traditional father involve being the main breadwinner, contributing to family finances and holding a full-time job.
With regard to the preferred option, 40 percent said that they are ‘happy being a mix of traditional and modern’; whilst 65 percent said that they are ‘satisfied with the role they play as stay-at-home dads’. Among the latter, 53 percent admitted that they are faced with ‘challenges and even prejudice’ for their choice to be a stay-at-home father.
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Homeowners who have recently started a family, and could do with some extra living space, could consider taking out a secured loan for home improvements. One of many finance options available, a secured loan could pave the way to that ideal property without the upheaval of moving. For example, borrowers could add an extension or conservatory to their home in order to create more space. Furthermore, an unused room or attic could be converted into a useful nursery or office. Some borrowers may also wish to have their garden landscaped to create the perfect outdoor area for their family to enjoy.
Where does money management rank on your daily to-do list?
Thursday, October 22nd, 2009According to a survey by Chelsea Building Society, 81 percent of those with savings up to £5,000 do not manage their money on a daily basis or keep an eye on savings rates. Furthermore, 38 percent of savers with a pot in excess of £50,000 were reported to have said that ‘this is not an important day to day task’. Findings also revealed that 9 percent would deal with this particular task last.
The research established that 66 percent of respondents feel that ‘simple, transparent products’ are the most significant factors when it comes to financial security. With regard to deciding upon where to save, 61 percent cited ‘easy access to savings’ as being important after taking into account the organisation and the competitiveness of rates. ‘Reputation for good quality personal service’ was next in line at 56 percent. Highlighting the importance of accessibility, the research uncovered that 41 percent of respondents prefer high street establishments.
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Homeowners, who find they are unable to save, due to other commitments, could consider taking out a secured loan to re-organise any outstanding debts. One of many financial options available, a secured loan for debt consolidation could allow the borrower to tie up existing personal loans, credit cards or store cards so that they’re all in one place. By taking this approach, multiple monthly repayments could be reduced to just one – and this single repayment could even be lower than current outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
One in ten Brits have travelled without insurance
Monday, October 19th, 2009
According to a survey conducted by Lloyds TSB Added Value Accounts, one in ten of their 1,000 British respondents have been on holiday without travel insurance. This is equivalent to 5.2 million people nationwide.
With regard to the reasons for not taking out travel insurance, 54 percent said that they just ‘didn’t think about it’. Furthermore, one in five of the holidaymakers questioned admitted to forgetting to purchase cover, and 9 percent cited a lack of time as the reason. Additionally, 51 percent of those who have been abroad without travel insurance were reported to have done so because they ‘have hardly ever claimed against a policy’. However, it was found that one in ten British tourists have previously lost their luggage during an overseas trip, 14 percent have had to pay the doctor a visit, and one in five have been taken into hospital.
In addition to overseas travellers, many British holidaymakers were found to be taking time out in the English countryside. Despite this, Lloyds TSB Added Value Accounts has uncovered that 13 percent of people do not have car breakdown cover, 42 percent have concerns regarding traffic congestion, and 21 percent are anxious about the possibility of a breakdown. The research also showed that every 2 minutes a Lloyds TSB Added Value customer is rescued.
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Homeowners who have not been able to take their ideal holiday due to their financial commitments, could consider taking out a secured loan to re-organise their finances. One of many finance options available, a secured loan for debt consolidation could allow the borrower to tie up any existing debts into one place. By taking this approach, multiple monthly repayments could be reduced to just one and this could even be lower than current outgoings. However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
Fraught final finances for university students
Wednesday, September 30th, 2009New research by HSBC and NUS has revealed that students’ finances are becoming progressively tighter when it comes to their final year at university. Therefore, students are increasingly likely to take on ‘paid employment’ as a source of money. In fact, it was found that 40 percent of students in their final year depend on this additional income, compared to 26 percent of first year students. It has been suggested that this could be due to poor financial decision-making during the first two years of university and additional costs in the final year, such as materials for dissertations and projects.
Findings also revealed that 67 percent of students are concerned about the state of the economy, but primarily from the perspective that it restricts their ability to find employment. Furthermore, approximately 59 percent of students were found to be reliant upon support from their parents – without which, 29 percent admitted that they would not be able to afford the cost of university. The research also uncovered that students spend an average sum of £223 per week on rent, groceries and socialising. However, the amount spent by men would appear to be 30 percent greater than the amount spent by women, at £33.50 and £25.70 per week respectively.
HSBC’s Youth and Student Manager, Lucy Payne, commented: “It’s so easy for students to lose track of their expenditure, especially if they receive a lump some of money at the start of their studies. Students who don’t budget properly and spend their whole student loan or max out their overdraft facility in the first years may find that they need to take on extra work to cover costs in the final year. The final year at university is such an important time for students and they should not have the distraction of worrying about their finances.”
Homeowners who are juggling personal loan repayments dating back to their student days could consider taking out a secured loan to tie these up into one place. One of many finance options available, a secured loan for debt consolidation could be used to wrap up multiple credit card repayments into a single monthly repayment for example. This new monthly outlay could even be lower than existing outgoings, thereby leaving the borrower with a little extra in their pocket each month. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
