POUND NOTES
WE’RE USING SAVINGS TO SURVIVE
MORE than three-quarters of people in their 20s have had to dip into their savings in the past six months to cover day-to-day costs, a survey has found.
Some 78% of 20-somethings said they had used savings to cover everyday bills and expenses, as had six in 10 (60%) of people across all age groups, according to investment management company Fidelity International.
The majority of adults spent this money on basic necessities, including food, household bills and supporting family members, with people spending an average of £843 from their savings over this six-month period.
PEOPLE PUZZLE OVER PENSIONS
A QUARTER of over-40s have lost track of pension investments according to retirement finance adviser My Pension Expert. Two in five people surveyed said they had multiple pension pots from different employers.
Diverse pension investments are now common, with over a fifth of people having sought advice about diversifying their investments in the past year.
While savings accounts and personal pensions remain the most popular method of saving for retirement, alternative assets including property or stocks and shares are also popular.
Andrew Megson, executive chairman of My Pension Expert, said: “It is vital that those considering diverse pension investments have a firm handle on their retirement finances.”
FEARS OVER FESTIVE BILLS
ALMOST a third of UK adults are worried about the cost of Christmas this year, and one in five say it takes months to pay off the festive spend, which last year averaged £515.
More than half of us are planning subdued festivities, with a quarter saying they will be forced to dip into their savings to help fund things.
Ewan Edwards, director of savings at Aldermore Bank, which carried out the research, said: “With continued uncertainty from Covid-19, it is understandable that some are not feeling in a celebratory mood. Christmas, for some, can be financially stressful.”