• 15May

    The high cost of low-cost airlines

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    Amid the current recession, many Brits are trying to cut down on holiday costs by turning to budget airlines when travelling abroad. The real price they end up paying, however, is often much higher than it originally seems. 

    New research carried out by Money has revealed the real cost of the airlines’ add-on charges. Users of cheap airlines can face up to £120 for a bag that is 3kg over the weight limit, £110 to change the name on a ticket and £30 for extra leg room, among other costs. 

    Ryanair is probably the leader when it comes to expensive hidden costs. From June until October, passengers checking in a 20kg bag online will have to pay an extra £70, with this amount rising to £80 for those travelling to the Canaries, Greece or Cyprus. 

    In addition, the price for turning up at the airport with a bag which hasn’t been booked online stands at £130. 

    The most expensive cheap airlines 

    Ryanair is, by far, the most expensive cheap airline. As figures showed, this airline had higher costs for booking bags, credit card fees, name change fees, flight change fees and charges for taking on special items. Even the fee for sending a passenger a text to tell them about the flight is £0.50 higher with Ryanair. 

    The study calculated the total add-ons costs involved in a week’s return flight. Prices are based on one person booking a 20kg bag and paying with credit card. 

    Ryanair tops the list with a staggering £82 in add-ons costs; Jet2 follows it with £58 and EasyJet with £42. Other ‘high-cost’ budget carriers include Flybe (£37), Aer Lingus (£36) and Thomson (£35). This charge would only come to £4.50 with British Airways. 

    The Office of Fair Trading (OFT) revealed that Brits spent up to £300m on card payment fees during 2010. In December last year, the OFT said it would ban this “excessive” card fee from the end of 2012. 

    With the price of travel soaring, a number of holidaymakers are relying on sameday loans to afford the cost of their trip

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  • 11May

    New call roaming rates make holidays cheaper

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    Good news from the European Commission. The new EU roaming regulations regarding mobile usage abroad is set to save families over €200 each year and business travellers over €1000. 

    The first modification to the current law will come into force on 1 July 2012 and will reduce the price of other mobile-related services such as calls and SMS. In comparison to 2007, the cost that British holidaymakers will now incur for using their mobile abroad will decrease by 75%. 

    It will also represent relevant savings for holidaymakers using their mobile phones abroad to download data. 

    Commission Vice President, Neelie Kroes, said: “By putting price caps on data we have created a roaming market for the smart phone generation. More than that, we have ended the rip-offs familiar to anyone who has used a mobile phone while travelling abroad. I am pleased that year after year the European Union is putting money back in the pockets of citizens.” 

    The price caps coming into force in July include 29 cents per minute to make a call (plus VAT), 8 cents per minute to receive a call (plus VAT),  9 cents to send a text message (plus VAT) and 70 cents per Megabyte (MB) to download data or browse the Internet whilst travelling abroad (charged per Kilobyte used), plus VAT. 

    These new prices will represent a significant reduction in the price Brits pay for communication services. If you are going abroad before this law is formally implemented, a payday advance could help to pay for an unexpected and exorbitant mobile bill. 

    Further reductions from 2014 

    In addition to the above, Kroes also added that: “From 2014 we are also delivering a permanent solution to the roaming issue, something better than any price cap. We are bringing full competition to this market by making it easy to choose a separate roaming provider. If you can find a better offer compared to your standard contract you’ll be able to do it in a few simple swipes, just like when you choose a wifi network.”

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  • 09May

    UK households lack proper home insurance

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    Up to 3.5 million Brits are failing to put adequate home insurance in place, with the percentage being much higher among rented properties. This trend leaves millions of homes vulnerable to accidents and damage. 

    A new study from MoneySupermarket has revealed that many homeowners in the UK are still lacking proper home contents and buildings insurance. 

    While only 1.5 million houses have contents insurance cover in place and a further 1.3 million only count on buildings insurance, overall figures from the research show that 9% of British homes are missing out on some form of home insurance. 

    In addition, the study revealed that a third of Brits are not protected at all – 33% of UK households don’t have any type of home cover in place. Even worse, 7% of Brits admit to ignoring their home insurance needs, arguing that they don’t know whether their property is covered or not. 

    Payday loans for house insurance 

    Peter Harrison, insurance expert at MoneySupermarket, highlighted the importance of having home insurance in place:

    “The recent spate of bad weather and flooding highlights just how important it is to make sure your home is fully covered. Homeowners without adequate buildings and contents insurance are taking a huge risk by leaving their homes unprotected, and are potentially storing up a financial catastrophe in the event of a major incident which could even leave them homeless.” 

    He also stressed the need to have both buildings and contents cover in a single joint policy; arguing that a joint policy can be great value for money. 

    Despite the risks of missing out on home insurance, many UK homeowners still can’t afford to pay for the costs of insurance due to impact of the economic crisis. A same day payday loan could help when having money related difficulties. Payday loans could indeed help struggling Brits pay for essential expenses such as house insurance.

  • 04May

    Top reasons deterring Brits from pension contribution

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    More than half of UK workers have confessed that a lack of spare cash is preventing them from drawing a decent pension in the future.

    According to a report recently published by Aviva, a lack of surplus cash is the exactly the reason why 55% of UK employees are not currently contributing to a workplace pension. 

    28% of them, however, argue that they have debts to pay off, while two out of ten said that their immediate family needs are more of a priority at the moment. 

    Interestingly, figures pointed out that those who have the money to contribute to their pension decide not to do so because they simply don’t trust the system. A further 13% have the cash but prefer enjoying it in the present rather than putting it aside for the future. 

    32% of Brits aged 18 to 24 years old, 30% of those aged 25 to 34 and 20% Brits aged 35 to 54 argued that they would happily contribute to their workplace pension if someone showed them what they might personally need to save for retirement. 

    On top of this, figures reveal how lost younger Brits (18-24 years old) are when it comes to managing their personal finances. 

    24% of them wished someone would show them how to manage their money better and 23% of them stated they would contribute to their pension if someone told them what they might lose they failed to do so. 

    Retiring later – payday loans for pensioners

    Further figures on pension and retirement released by the Pensions Policy Institute (PPI) also looked into the financial challenges faced by today’s retirees. 

    As figures stated, nearly half of Britain’s over 50s are being required to work longer and save more to make ends meet during retirement. The study stated that as long this group continues working until their retirement age, they will probably enjoy £11,000 per annum, which is deemed a ‘minimum acceptable standard of living’ in retirement. 

    British retirees who can’t enjoy the ‘minimum acceptable standard of living’ in retirement could rely on same day loans instead.

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  • 02May

    Top workplace benefits most valued by employees

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    The first Aviva Working Lives report has unveiled the top concerns and values UK employees have regarding their job benefits.

    One of the main conclusions of this new research is that 68% of employees have little understanding about their workplace benefits, yet up to 70% of employers have their benefits and workplace plans in place.

    Interestingly, only half of UK employees consider their wages to be the most important element of their job. There are other values that are key for today’s British employees.

    46% of them deem a healthy work-life balance to be ‘most important’, while a further 46% consider working within a good team as imperative to being happy at work. Four out of ten Brits believe that doing a job they love is the secret of job satisfaction.

    Top job benefits

    Figures from the research reveal that 78% of employers offer benefits to their workforce on top of their basic salaries.

    Annual or performance based bonuses are the most common type of benefits, with up to 35% of employers applying this. Further benefits include life insurance or death in service benefit (24%), health insurance (23%) and entry into the company share scheme (14%).

    22% of employees stated that their employers offer them non-financial benefits such as luncheon vouchers, subsidised gym membership, crèche facilities or the opportunity to take a sabbatical.

    Interestingly, the type of benefits companies offer to their employee’s changes depending on their age.

    Annual bonus or performance based bonus are higher (41%) among workers aged 25 to 34 years old, while non-financial benefits are more common (29%) among Brits aged 18 to 24.

    Money Purchase or Defined Contribution Pension Scheme are higher (36%) among employees aged 25 to 54, as well as health insurance, rating 24% for this age bracket. Finally, life insurance is more frequently offered (27%) to workers aged 35 to 54.

    Workplace benefits offer employees the possibility of having a number of financial advantages; if your employer is failing to provide you job benefits, a payday loan could improve your financial situation.

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  • 30Apr

    The high cost of enjoying yourself

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    With the recession hitting British families hard, a new study has unveiled that funding spare time activities is also adding to consumers’ financial burden.

    Price increases for leisure activities have reached their highest point in a decade. Travelling around, eating out and going to the pub have always incurred a cost, but these activities are putting the most significant drain on expenditure since 2002.

    After looking at the most common leisure activities, the study found that ten out of eleven activities have increased ahead of the 29% average rise in consumer price inflation over the last ten years.

    Loans for spare time spending

    The study revealed that no matter where you go and how you travel there; all transportation modes have experienced a price hike. If you take a car, the cost of petrol will cost you £96.95 more than a decade ago (up by 89%). If you decide to take the train, the situation is not going to improve much more – train tickets went up by 61%, now costing an average of £23.38 more than before.

    Whether you eat out or stay in, the cost you will pay for food will be up to 42% more than a decade ago for eating out, and 36% more for ordering a takeaway.

    Similarly, figures show that Brits are paying up to 51% more than before for a simple pint of beer. Chilling out in front of the TV has also become something of a luxury. Monthly TV costs have risen by 39% in comparison to 2002.

    Overall, however, football tickets are the item that has increased the most over the last decade, rising by a staggering 184%. This is followed by the aforementioned leisure costs such as car fuel, train tickets, a pint of beer and gym prices (up by 48%). Theme parks and cinema prices have also risen by 46%.

    With the cost of enjoying your time off being so much higher than in 2002, more Brits need to rely on same day payday loans to pay for everyday leisure expenses.

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  • 26Apr

    Financial security falls as wellbeing worsens

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    A new study released by Oxfam Scotland has analysed Scots’ happiness levels and wellbeing, revealing that levels of financial stability have fallen in the last three years.

    The new The Oxfam Humankind Index for Scotland has revealed that most people find the quality of their lives and work more important than material wealth and success.

    Although Scots don’t need to be rich to be happy; they need to have enough income to feel financially secure on a daily basis.

    In comparison to 2009-2010 figures, the Oxfam report found that people’s financial security dropped by 43%, the number of people who felt they had secure and suitable jobs fell by 26% and the amount of Scots who felt they had enough to live on also was reduced by almost a quarter (24%).

    Judith Robertson, the head of Oxfam Scotland, said the index: “goes beyond simplistic economic measures like GDP. It reminds us that the economy should serve its people, not the other way around.

    “We’re often told that we live in a materialistic world, but Scots are not saying they want to be millionaires. They want a stable, secure income that allows them to care for their families and take part in society. Many people don’t have that and they told us that Scotland’s economy isn’t working for them.”

    Lower levels for the poorest people

    Happiness and wellbeing has seen a particular decline for the poorest groups in society. In fact, figures show that although the overall index went up if compared to two years ago, the quality and safety of their local environment for the poorest Scots was reduced by almost a half (40%).

    Those with the lowest incomes also suffered a 16% fall in their ability to manage financially, and a 10% gap in their health. As the UK enters a recession, payday loans could help households ease their financial anxieties.

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  • 24Apr

    Brits received £29.5M in income protection in 2011

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    Income protection is a type of insurance that covers your expenses in case you lose your main source of income.

    Aviva has released its 2011 figures on income insurance, revealing what the most common trends are. Currently, psychiatric conditions make up to 28% of all claims, 44 is the average age to start claiming for income protection and the average length of time Brits claim for is 9 years.

    Of the 28% of claims for psychiatric conditions anxiety makes up 15% while stress makes up 12%.

    Aviva also paid for orthopaedic conditions for 21% of their clients. Neurological conditions were the third most common cause for customers to claim on their policy.

    Average claimant

    Based on 2011’s figures, 43 is the average age for women to claim and 45 for men. Almost half of customers with income protection insurance have had the policy for over a decade before they put in a claim.

    Will Kentish, head of income protection, Aviva, UK Health, commented on this service:

    “We want to help customers understand the importance and real benefit of protecting their income by releasing this data. The figures show just how young the typical age can be for loss of income due to injury or illness, and just how long this can last. As the Government’s changes in Employment Support Allowance take effect, we’d encourage people to consider how they can ensure a regular income for as long as they would need, if they were prevented or restricted from working due to illness or injury.”

    As with income protection, payday UK could also provide financial help in case of emergency.

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  • 20Apr

    Maternity leave pushes UK women into the red

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    As if having a child was not expensive enough, new research by uSwitch has found that 28% of mothers-to-be end up in debt due to income falling during maternity leave.

    When UK mums take their maternity leave, they sadly see how their incomes drop from an average of £2,866 to just £1,654 – almost 50% less. This decrease, along with the costs of raising a child, is pushing up to 28% of mothers into the red, putting an average of about £2,500 of debt on their shoulders.

    While only a quarter of mums confessed to be financially solvent enough for the arrival of their new baby, up to 43% of them admitted not accruing the necessary income to cover their expenses during their time off.

    In order to make ends meet, 14% of all new-mums turn to credit cards, payday loans and overdrafts. One in ten asks for financial help from their closest relatives or friends.

    These financial challenges are forcing 11% of mothers to cut their maternity leave short due to economic pressures, while 9% of them think twice about not returning to work.

    The cost of motherhood

    Figures reveal that parents-to-be spend more than £1,500 before going on maternity leave. After this, the majority of mums spend up to £1,400 on average during maternity leave, with 13% of them having baby related expenses of more than £2,500.

    These high costs are forcing 23% of women to delay the moment of having their first child due to lack of funding, while 39% admitted not to wanting any more children due to the financial expense that it demands. Out of the women who decided to have a baby despite the costs, 9% confess to feeling guilty for not being able to give their new-born everything they wanted to.

    “Sadly, very few mums have the luxury of being able to stay at home for the whole of their maternity leave and even fewer have the choice to be a stay at home mum,” said Ann Robinson, Director of Consumer Policy at uSwitch.com.

    Money-saving tips for the arrival of a new baby

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  • 18Apr

    Brits reveal their life prospects and ideal milestones

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    New research has found intriguing results regarding the perception that today’s UK adults have of the different life stages and milestones.

    35 is the best age to be for the majority of British adults who were surveyed for the Aviva’s Times of our Lives report. Paradoxically, people age 35 were also the most pessimistic about their future.

    The study has concluded that those under 35 and those over 65 are the most optimistic about their lives. Up to 29% of those Brits aged 18 to 24 were confident about achieving all of their five-year goals and only 8% thought they would achieve none. Similar figures were shown for Brits aged over 65 – 29% of them think they will achieve all of their five-year goals, while only 10% say they will achieve none.

    This optimism is sharply contrasted with the results found among Brits aged 35 to 54 years old.  14% of them felt that they won’t achieve any of their five-year goals, yet only 12% were optimistic enough to state that they will achieve all of them.

    People in their 30s and 40s might be pessimistic about their future, but people who aren’t in this age group think that 35 is the best age to be.

    The ‘you want what you can’t have’ quote becomes very true if the research conclusions are analysed. Younger people want to be older and older people want to be younger. However, this happens to a maximum of 44 years among those aged 65+. 

    Best age for…

    Finally, the report found what the best ages for the top life milestones are according to those surveyed.

    18 is the time to get the first job, 20 the age to buy first a car, at 20 Brits expect to start investing or saving, moving out of parents’ home and starting saving for a pension ‘should’ be done at 21, buying the first house at 25 and being at the peak of the professional career is expected to be achieved at 39.

    Nevertheless, various hurdles and financial constraints mean that Brits’ lives may not always go according to plan. If your problems are mainly financial, you could consider relying on payday advances to ease your stress.

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  • 16Apr

    Car insurers spot the top motoring offences as they increase their premiums

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    As car insurance companies become more adept at identifying the top risky behaviours that drivers display behind the wheel, insurance premiums and motor fines are increasing accordingly.

    A new study released from AA Insurance has outlined the main driving offences motorists perform on the roads and which ones are set to increase the most.

    Drivers using their phone while driving will face the biggest premium rises – and could even end up losing their cover.

    Likewise, figures state that drivers dealing with a speeding offence for the first time could end up paying up to four times the £60 fine. This is due to the insurance premium rises they will have to face over the following three years.

    Speeding courses are good-value

    The report also highlighted that drivers taking a speed awareness course might end up better off, both in terms of keeping a clean driving licence and keeping the cost of their offences down. This is in comparison to those who don’t choose this option.

    As the AA reported, some drivers ignore their first SP30 (speeding). Figures stressed that as car premium increases remain for over three years, “with the cost of the fine and premium increase taken into account, offenders could fork out over £200 for just one speeding offence”. A payday advance could help to solve financial problems related to car insurance. 

    Simon Douglas, director of AA Insurance, gave further examples of motoring offences:

    “Those who flout the law are more likely to make a claim and their premium reflects that risk. Why should the majority of motorists who stay within the law, subsidise those who don’t?

    “Those who have a single speeding conviction are 10% to 12% more likely to make a claim than those who have a clean license.  Someone who picks up a second offence is 18% more likely to do so than a driver with just one.  A driver caught for crossing a red traffic signal, is 20% to 25% more likely to make a claim,” he said.

    Finally, Douglas pointed out that as a driver’s record deteriorates, the likelihood of being involved in a crash increases.

    Find out How to cut down your car insurance costs

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  • 12Apr

    The truth is out: Men are worse shoppers than women

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    A new study has finally confirmed what many people already suspected: women fare better than men when it comes to finding the best shopping deals. 

    Confused.com has showed in new research that a quarter of men in the UK, one in four, never shop around to compare and find the best deals. 

    Consequently, men end up paying more for the same services in comparison to female shoppers. In the case of life insurance, for example, figures reveal that men pay up to 26% more than their female counterparts. 

    “Men complain that women take too long shopping,” says Matthew Lloyd, Head of Life insurance at Confused.com, “but men need to learn from women if they want to get the best deals – on life insurance, but also day to day items.” 

    Interestingly, figures reveal that 89% of women spend up to 5 hours on their clothes shopping, while one in two men (50%) only need one hour to get their clothes shopping done. Men aren’t the greatest fans of long shopping sprees. The fact that 78% buy their clothes without trying them on first – against only 25% of women – proves this fact.

    Prehistoric roots 

    According to the report, this reality may have its explanation in the traditional roles that both men and women used to have in the prehistoric times. 

    Since men used to be hunters, they may still be used to having to quickly locate and go for their ‘prey’. Women, in contrast, used to have the role of gatherers, providing seeds and vegetables for their families. This is why they are used to spending time analysing and comparing the different items in order to find the best one. 

    In fact, figures found that nearly a half of women (48%) shop around, before making their final decision when shopping; this percentage is double that of the figure for men (24%). Same day loans might be a good way of obtaining extra cash if you are a shopping addict.

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