From childcare and essentials to education and everyday expenses
Raising a child is a major financial commitment, with costs beginning long before school age. The latest figures from the Child Poverty Action Group (CPAG) estimate the cost of raising a child from birth to 18 at £250,000 for a couple and £290,000 for a lone parent[1].
Category: Uncategorized
Giving money or valuable possessions to loved ones
54% of over-55s have no record of gifts given in the previous seven years
Giving money or valuable possessions to loved ones can be a generous way to provide support, but failing to keep track of those gifts could leave families facing an Inheritance Tax (IHT) headache later. New research shows that 54% of over-55s who have given a financial gift in the past seven years have kept no record of it[1].
Britons face Inheritance Tax confusion
How the gifting rules are leaving some families in the dark
Inheritance Tax (IHT) can feel like a financial maze, and new research suggests many families struggle to understand the rules. Almost three in five (59%) UK adults admit they find IHT confusing, while only 6% describe their understanding as very clear, according to research[1].
Ten years to go: is your retirement plan on track?
How to prepare your finances and make the most of the decade before retirement
With retirement costs rising and people potentially spending several decades in later life, the decade before retirement is an important time to review your financial plans. Having around ten years to go gives you the opportunity to identify any gaps and make adjustments while there is still time to act.
Reconsidering how to use pension savings and pass wealth to the next generation
It is increasingly important to consider pensions alongside other assets when planning
For families with substantial pension savings, the rules are changing. From 6 April 2027, most unused pension funds and pension death benefits will form part of an estate’s value for Inheritance Tax (IHT) purposes. The change could prompt people to reconsider how they use their pension savings and pass wealth to the next generation.