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There are many important rites of passage for children, from getting their first set of house keys, to being trusted with money independently but new research reveals that the majority of parents (76%) fret about the ‘right’ ages for these milestones, as modern life opens up uncharted waters.
The new lifetime mortgage will enable homeowners in England and Wales, over the age of 65, to release up to 58% of the value of their property.
Research has revealed that the majority of workers over 55 aren’t aware of the different options for funding retirement. While pensions awareness is high (92%), other options, which may be more suitable for their personal needs, aren’t even on their radar.
Analysis has revealed that over 65s have nearly five times as much in their property than their pensions savings , with £1.6 trillion held in property wealth, compared to £336 billion held in retirees’ pensions.
Today's teenagers expect to earn £70,000 on average by the time they turn 30 - nearly three times the actual average salary for 30-year olds , and earnt by just one in 20 adults in the country during their entire career .
New research from financial services provider OneFamily suggests over 65s are vying for the title of ‘experience generation’, with research showing they spend an average of £2,200 a year in the first five years of their retirement - a total spend of nearly £5 billion each year.
According to OneFamily data, the price of a property OneFamily lends on is now 59% higher than average, at £370,483 versus a nationwide price of £232,554. The trend for increasingly expensive homes being used for OneFamily Lifetime Mortgages demonstrates they are being used as a product of choice in retirement planning for an increasing number of homeowners.
More than five million parents in the UK say they find it difficult to teach or talk to their children about money because they lack confidence. According to new research from financial services provider OneFamily, more than one in three (36%) parents struggle to discuss money with their children. Even though nearly all (97%) agree it is important for their children to learn personal finance skills, one in 10 (10%) avoid the subject altogether, even when asked.
Secondary schools are failing to equip teenagers with the financial capability they will need in the real world, according to research among teachers. The research, from financial services provider OneFamily, reveals that half (50%) of secondary school teachers rate the personal finance lessons delivered as part of their school’s personal, social, health and economic (PSHE) education as either satisfactory or poor.
Research from financial services provider OneFamily has revealed that the UK pocket money economy is worth £224 million, with children receiving an average of £359 a year. On average children get £6.90 a week, starting from the age of five, until the child turns 18. In most families (58%), mum gives the lion’s share , with dad handing out the cash in a third of families (29%) and in one in ten families (9%) it is the grandparents that splash the cash.
