STAG AND HEN KITTY CATCH
THE average stag or hen do kitty, where shared expenses such as drinks and taxis are paid from, is worth a whopping £928, according to social money app Pingit.
But cautious guests are worried about taking charge of it, with 73% saying they hate being the one designated to look after the central pot of cash.
Fancy dress costumes without pockets, miscommunication, and going to multiple locations were common reasons for a kitty going astray.
GROWING OLDER – AND LARGER
FORGET downsizing in later life – a fifth of over-55s plan to move into a home which is the same size or larger, a survey has found. Some 20% of those polled by Nationwide Building Society said their next step on the property ladder will be to a home of a similar size or bigger.
More than two-fifths (43%) of over-55s surveyed would like to stay where they are. The need for space was the main reason for staying put, the survey of more than 2,000 people.
SAVERS MISS OUT ON BOND OF GOLD
THE average one-year fixed bond rate was 1.34% in September – its lowest level since August 2018 when it stood at 1.32%, according to Moneyfacts. co.uk. Rachel Springall, a finance expert, says: “Savers who waited until September to grab a fixed rate bond will be disappointed to have missed their opportunity to get the highest returns, particularly on one-year fixed bonds.”
Many of us find talking about money to family and friends difficult. But given that many of us end up lending to – or borrowing from – loved ones at some point or other means it makes sense that we’re able to have conversations about cash, so that everyone knows where they stand.
Informal borrowing like this is pretty common. A third (31%) of us have had to borrow money from family and friends at some part in our lives, a survey from Lloyds Bank suggests. Many of those giving informal cash loans may never see their money again – as more than half (53%) of the borrowers surveyed said they don’t expect to pay it back.
The ‘Bank of Mum and Dad’ is the most likely source of informal financial support, lending an average of £4,008, Lloyds found.
Meanwhile, one in 20 (5%) have borrowed from siblings and 4% from friends, with 3% seeking financial support from their grandparents.
While some borrowers may be saving up for a specific goal, such as a deposit on a house, university costs or a car, others have been using the extra help just to get by. More than a fifth (22%) were borrowing money from friends and family to cover day-to-day costs.
Money worries might be a subject we generally tend to keep quiet about but talking about it can potentially relieve a lot of problems.
Martin King, head of customer support at Lloyds Bank, says: “Getting support from those closest to us can be a good solution, but the fear of opening up and talking to our family can either prevent us from ever asking or mean that we leave it until it becomes a situation that needs an urgent fix, which adds even more pressure.
“Whether you’re asking for help from the Bank of Mum and Dad or talking to your parents about their plans for retirement, you should never feel afraid to speak up about money,” Martin adds.
Here are Lloyds Bank’s tips to help make money conversations easier...
BE PREPARED
SOMETIMES it’s hard to know where to start. It can help to gather all the information you need to find out exactly what you need support