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December 12, 2011
 

Many still unaware of Junior ISA scheme

A survey by the Association of Investment Companies (AIC) has revealed that 74% of parents with children under 16 are still unaware of the Junior ISA scheme.  However, 23% of parents do know about Junior ISAs, and of these 32% say they are likely to open one.

Interestingly, AIC also say that 58% of parents with children under 16 agree that the Junior ISA should be included in financial education in the classroom, with 85% of this group believing it would help their children manage their money when they are older.

 

Source:  Credit Action November 2011 edition

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November 28, 2011
 

Junior ISA savings option launched

Tax free savings accounts for children, known as Junior ISAs, are now available from providers for the first time.

About six million children are estimated to be eligible for the products, which cannot be cashed until a youngster reaches the age of 18.

The system in effect replaces the Child Trust Fund, which had included a voucher from the government to kick-start the savings habit.

Read the full article at bbc.co.uk

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November 25, 2011
 

Do you have a savings goal?

The latest NS&I Savings Survey has revealed that Britons who set themselves a savings goal are likely to save 44% (£42.50) more per month than those who don't - this adds up to an additional £500 saved every year.

On average, those with regular savings goals manage to set aside £139.79 each month, compared to £97.28 for those without a goal.  Despite this however, NS&I suggest that only 29% of the population say that they actually set themselves a goal and save for something specific.

 

Source:  Credit Action November 2011 edition

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June 13, 2011
 

Who are the UK's biggest savers?

Figures released by Halifax* show that the nation's biggest savers live in Richmond upon Thames and Aberdeen.

Those that live in the TW10 6 area of Richmond upon Thames had the highest average balance in the UK (£29,765) and this was followed by the AB15 4 area of Aberdeen which had an average savings balance of £26,130.

 

*Source: Credit Action June 2011 edition

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February 28, 2011
 

Financial happiness could just be a chocolate bar away!

According to research from the Skipton Building Society, people could achieve financial happiness simply by saving an extra £6.75 a week - that's the equivalent to the cost of a daily chocolate bar.*

When people were asked how much they needed to save to feel happy about their financial situation, the average amount given was £194 a month.  On average, people save £167 a month, meaning they're only falling £27 short of their happiness target - £6.75 a week.

 

* Source - Credit Action, February 2011

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