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Bank of mum and dad goes bust: A third of pensioners forced to borrow money from their children to cover soaring bills - Daily Mail
By Chris Hanlon
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Impoverished pensioners are being forced to ask their children to help pay their bills as soaring food and energy bills leave them unable to cope.
A poll of 2,000 retirees conducted by the firm Responsible Equity Release revealed that a third admitted to asking their children for money in the last year and a third also fear they may have to sell their house just to get by.
Almost half have taken on part-time work to boost their income, while one in six have no savings whatsoever.
Piling up: A third of retirees have been forced to ask to borrow money from their children to help them pay bills
Further research carried out by Age UK found 11 per cent of pensioners had borrowed money to pay their rent or mortgage.
Many have seen a shortfall in their income due to low interest rates on their savings or have been hit by pensions not paying as much as expected.
Hard-up OAPs need to ask for cash is also hitting their children hard at a time when money is tight due to high living costs.
Michelle Mitchell, charity director general at charity Age UK, told the Sunday Express: 'It is extremely worrying that such a high number of older people report having to borrow money just to keep a roof over their heads.
Struggling: Pensioners are increasingly having to turn to their children to help with the cost of living a study has revealed
'Far too many older people are living in poverty and the Government must continue to work pr-actively on ways of getting money to older people who are in desperate need.
Managing director of Responsible Equity Release Steve Wilkie said: 'More than ay other group, they must feel let down by the Government - the forgotten generation, left to fend for themselves.'
It is estimated that 1.8million pensioners in Britain live in poverty.
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Money advice upon landing your first job - Examiner
Dear Class of 2012,
Congratulations! You have just found out that you have landed your first job. After years of living dirt poor, you now are beginning to dream of vacations and designer clothes. But hold off on living big. Hopefully, you know better than to go on a crazy shopping spree at the mall. You need to begin practicing smart financial skills.
Here are a few ideas and tips:
Make a list of your debts– Debts are not all alike. You want to prioritize your debts based on what will cost you the most over the long-term. To do this, rank your debts by their interest rates, with the highest-rate loans at the top. Then add up your minimum payments, and figure out how much more than that total you can pay on your debts each month.
Apply that extra amount to the highest-rate debt until it is paid off. Cross it off your list. Attack the loan with the next-highest rate in the same way. Keep going until you have no debt.
Plan accordingly – The concept of “take home pay” is misleading – especially if you have student loans. Six months after graduation, you'll need to start paying them off. But if you are like most new graduates, you bill. By then, some have locked themselves into other monthly expenses – a car, for example – that makes paying off debts difficult.
Don’t fall into this trap. Before you make any new financial commitments, find out how much you already owe, the interest rates, your minimum monthly payments and the terms of the loans. You'll then be able to figure out how much of your disposable income will have to go to paying your loans and how much you'll have left for other spending -- including paying more than the minimum amounts due.
Save –You need a safety net in case of job loss, medical expenses or emergency. It is recommended that you save at least three months of living expenses. Make sure to calculate all the expenses you need for day-to-day life, including rent, bills, groceries – anything to maintain your current standard of living. Pay your “savings account” a set amount every month – just like you would with any other bill.
Your image is your brand – Begin investing in a few key wardrobe pieces, appropriate to your industry. If you aren’t dressed professionally, you are inviting your colleagues to not take you seriously. You need to dissect the dress code by taking a look at those around you. You can still have some personal style, but you need to do it within the confines of the industry standards. For example, if you are in a conservative field like banking or business, then invest in a simple black suit (blazer, slacks and skirt), two to three button down blouses, a cardigan set, a more colorful blouse, a work dress (find out the rule on sleeves), a tote and pumps (be sure to know rules on open-toes, hose, etc.). You will be able to interchange these items and slowly add more wardrobe pieces. It’s important to note that you don’t have to spend a lot of money to start your professional wardrobe. Try outlet malls, sales and discount stores like Old Navy or H&M. Simple jewelry, hair and makeup will complete your look.
Splurge – That’s right. You can splurge every now and again. You work hard and deserve to treat yourself with a mani-pedi, drinks out with friends, a nice dinner or new outfit. Go ahead -- do so in moderation. You've earned it.
Do you have some great financial advice, or a story to share? Feel free to let us know at patricia.kagerer@gmail.com. Thanks, and good luck.
£10m boost for Money Advice Group - menmedia.co.uk
Money Advice Group, which has its headquarters at Carrington Business Park, Greater Manchester, has secured additional working capital and a war chest for acquisitions of smaller rivals.
The cash injection has been provided by asset-based lending specialist PNC Business Credit.
Money Advice said it aims to use the funding to grow its 28,000-strong client base by a third.
It currently handles £250m of consumer debt and turns over £15m. It is the parent company of Kensington Financial Management Consultants, Oak Loans & Mortgages, Knightsgate Insurance and Knightsbridge Insolvency Services.
The group's range of services include debt management plans and individual voluntary arrangements, which are an alternative to bankruptcy for indebted consumers.
Money Advice will take 3,500 sq ft of additional office space at Carrington and plans to bolster its management and client services teams as its case-load increases. Its currently employs 285 staff.
The group said its expansion plans have been stimulated following an Office of Fair Trading clampdown on debt management companies last year, which forced some to quit the market or be made to close due to a lack of compliance.
Tougher regulations since March this year and the associated costs of compliance have sparked a period of consolidation in the industry, which Money Advice said creates 'significant opportunities' for larger companies to gain market share by snapping up smaller operations or their books of customers.
It said it has anticipated this shift and previously bought a small player, which proved such a success that it is now seeking to replicate the strategy on a larger scale.
Advisers at Warrington outfit Dow Schofield Watts acted for the group on today's PNC deal.
Simon Brown, managing director at Money Advice, said: “With the introduction of more stringent compliance guidelines than our industry has ever witnessed, we spotted an opportunity in the market.
“We are extremely proud of our compliant culture but the costs associated with becoming compliant are too excessive for some of the smaller players, so what we find is they want to exit altogether or just sell on some of their books or assets.
“We trialled this approach last year with the successful acquisition of a smaller company, and it was from this we saw a clear direction for Money Advice Group.
“We have ambitious plans for expansion and growth, and the partnership with PNC has assisted us in realising these plans.”
Mark Shackleton, of PNC, said: “Money Advice Group has the infrastructure, industry knowledge and experience to facilitate steady growth through acquisition.”
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Forex: USD/JPY range-bound above 79.50 - FXStreet.com
Brazil Finance Minister Demands Lower Bank Interest Rates -Report - NASDAQ
SAO PAULO -(Dow Jones)- Brazilian banks must lower their lending rates by between 30% and 40%, and increase lending, without raising fees, to help spur economic growth, Finance Minister Guido Mantega said in an interview with the Folha de Sao Paulo newspaper and UOL website.
"In one more month, all of this has to be in due course," Mantega said in an interview with Folha. "Our intention is to monitor this on a weekly basis. I will demand," Mantega said.
Brazil's government and banks have been involved in a tug-of-war for several months over the reasons behind sky-high bank lending rates in Brazil. While the government argues that banks inflate their costs, as measured by the spread between their borrowing and lending rates, banks argue that high non-payment levels, labor costs and taxes all drive up interest rates.
"If private-sector banks reduce [rates] 30%, 40% and increase the volume [of lending] 30%, 40%, they will be providing a service to the economy," Mantega said. The Folha report cited central bank data which shows that Brazil's five largest banks on average charge 54.11% per year for personal and corporate loans. A 40% reduction would see that fall to 32.46%, according to the report.
Brazil's central bank has slashed rates by three-and-a-half percentage points since late August 2011, to 9%, and is expected to lower rates again after its next monetary policy meeting on May 29-30. But the government has become increasingly concerned that the Brazilian economy isn't picking up as fast as it would like, following a meager 2.7% rise in gross domestic product in 2011, and has taken a series of other measures to try to promote growth, most recently unveiling tax breaks and other incentives for car makers.
The minister said he no longer expects the economy to grow 4.5% this year, and that somewhere between 3.5% and 4% growth is more feasible. Inflation in 2012 will be lower than last year's 6.5%, the minister said. Consumer price inflation is currently running at around 5.1%; "If it stays were it is, that's good for us," the minister said.
Mantega said he doesn't see any need for the government to reduce its savings target, although he acknowledged that if there were to be a global catastrophe--such as a chaotic Greek exit from the euro zone--"then clearly we would use all the instruments to prevent the economy from skidding."
With regards to bad loans, the government is preparing measures to encourage customers that are late on their payments to catch up, the minister said. Rules currently don't favor repayment of overdue loans, he acknowledged. Current rules are more flexible for loans of up to 30,000 Brazilian reais and the government plans to extend this to BRL80,000 or BRL100,000, the minister said.
Mantega rejected worries that Brazilian families are increasingly indebted, and cannot thus consume as much as they have done in recent years, contributing to the economic woes. He said overall debt levels are among the lowest in the world, with families setting aside around 20% to 22% of monthly income to pay debts, compared to around 80% in the U.S. Moreover, credit will continue to grow as Brazil continues to generate more jobs, Mantega said.
On the web:
http://www.folha.com.br (http://www.folha.com.br)
-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com
(END) Dow Jones Newswires 05-27-121018ET Copyright (c) 2012 Dow Jones & Company, Inc.
If Gordon Brown hadn't stolen our private pensions, we would not be in this mess.
- Clare, London, 28/5/2012 05:52
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