Over 12 million parents are worried about student debt for their offspring but only 46 per cent are taking action to save, says Fidelity International.More than two-thirds of parents with teenagers say they cannot afford to contribute to university fees, according to a You Gov survey forFidelity. Parents of under-fives are more likely to save, with 54 per cent already putting away money for their toddlers and 18 per cent saying they intend to start saving soon. Fidelity says the issue of university fees is set to get worse as undergraduates will face top-up fees of up to 3,000 a year from 2006. Barclays’ annual graduate survey estimates that average student debt is currently 13,500. Head of UK personal investments David Cowdell says: “The cost of university education is on the up and it is no surprise that parents are concerned about the debt their children could face so early in life. Putt- ing a little aside each month from when a child is young really does make sense and will ease the burden for parents and children.”
The Nottingham Friendly Society says parents of older children have been spurred into saving by the Governments publicity surrounding CTFs.Sales of the building societys second step tax exempts savings plan (TESP) doubled in the wake of government advertising for CTFs. Nottingam Friendly says parents of children too old to invest in CTFs are more likely […]
The Bank of England’s Monetary Policy Committee announces base rates will fall to 4.5 per cent.This is a fall to the same level as June 2004.CML deputy director general Peter Williams says: “The rate cut will provide a welcome boost to consumer confidence and therefore help underpin the recent soft landing of the housing market. […]
The FSA today places a restriction on former Teare Rose partner Jonathan Elms for failing to carry out proper pensions review procedures.Elms has been prohibited from holding any approved person role involving significant influence within a regulated firm. He will no longer be able to hold any management position within an authorised firm including running […]
John Husselbee is starting an independent multi-manager boutique for Neptune after running the firm’s Quilter funds of investment trusts for 10 months. The new multi-manager business will have an independent structure under a non-conflicting brand. Further details are expected to be ann- ounced later this week. When Husselbee quit as Henderson’s director of multi-manager investments […]
Much has been publicised about how to calculate the tapered Annual Allowance (AA). Are you aware that any subsequent planning could affect the taper calculations? Read more
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