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Whilst we aim to ensure that the details in the following blog entries are correct at the time of writing. However , please be advised that any references to legislation and taxation may become out of date.

 Britons are failing to prepare properly for the prospect of death with many failing to secure the fate of their families and money, a report has said.


According to new research the nation's post-life planning is in a shocking state with almost two thirds (61%) of people not having a will, while one in ten of those with a will have told no-one else where it is.


The survey found that a quarter of Brits have never thought about writing a will (24%) and a similar number (23%) think they are too poor to have one.


Nearly half of those aged between 55 and 64 have not made a will (46%) with over a fifth having never thought about making one (22%), while over one in eight (13%) are relying on self-written wills, the validity of which is more likely to be challenged upon death.


Children stand to be most affected by the state of Britain's wills, the report continued, as over three-quarters (77%) of parents with children under the age of five have not made a will with nearly half those who have (46%) not reviewing it in the last five years.


The research has shown that Brits just aren't planning for a future without themselves in it. People either don't have wills or haven't updated them or told people where they are. It's a great risk to run when the fate of young children and large sums of money are at stake.


This is naturally a subject that people try to avoid but it's crucial to face up to the inevitable.

Posted: 25/05/2011 10:08:34 by Mark Williams | with 0 comments

Families should plan for interest rates to rise gradually over the next two years, the Bank of England's chief economist signalled in an interview with the Financial Times.

Spencer Dale also made it clear that he personally foresaw a difficult outlook for the economy, saying he favoured an immediate interest rate rise even though the recovery is fragile.

Mr Dale is a member of the Bank's monetary policy committee, which sets interest rates.

"I'm not particularly happy about voting to raise interest rates and doing it for nasty reasons," he said, referring to his concerns that higher interest rates were needed to rein in inflation rather than growth, which remains weak.

"I don't take lightly the impact this could have on some families," he added. "But I think the cost to our economy as a whole - were inflation to persist for longer and our credibility start to be eroded - would be even worse. "

Of greatest significance though is that his comments marked the first time that the Bank has provided guidance to households on interest rates, helping them decide whether to sign fixed interest rate mortgages or gamble on the Bank's monthly rate-setting meetings.

Posted: 23/05/2011 13:07:03 by Mark Williams | with 0 comments

 New research shows that an estimated 28 million of the UK population do not have any life insurance in place.

Research carried out on 5,148 UK Adults, shows that many are continuing to shun protection products including life insurance, critical illness cover and income protection.

Although over half of the UK population (54%) admit to reviewing their finances once or twice a year and awareness of protection is high, the reality is that the take up of these products remains exceptionally low. From those surveyed, 97% were aware of life insurance and the importance of having it, however only 44% had cover. Similarly, when it comes to critical illness cover the awareness remains high (86%). However the percent of respondents who have actually taken out a product is worryingly low at just 12%. The same goes for income protection insurance where the awareness is 83%, with take up at just 7%.

The research also shows that almost a quarter of the UK population (23%) say they believe they cannot afford life insurance and when it comes to critical illness cover 26% state this as their primary barrier to not taking it out.

A worrying trend, is that many material goods (e.g. internet broadband) are seen as ‘essential', whereas insuring income in case of illness is seen as a ‘luxury'. 69% of respondents said their broadband was essential to their day to day living and 55% stated their mobile phone. In contrast just 35% said ensuring their financial security if they were unable to work was essential. Just 15% of respondents said they would consider cutting back on broadband internet access, whilst a fifth said they would be prepared to cut back on critical illness and life insurance.

Many people do not like to plan for the unknown, however the importance of doing so cannot be underestimated. Research shows that the majority of people clearly understand the benefits associated with protection products such as life, critical illness and income protection, but that many still don't adequately protect themselves, their families and their homes.

Posted: 04/05/2011 17:49:11 by Mark Williams | with 0 comments