The cost of funding care and delivering support to the elderly has become a national priority. However, research suggests it’s still not something individuals are thinking about when they make retirement plans.

As average life expectancy has risen, the demand for care has soared and more people are living with complex needs. A report from Frank Knight shows the number of beds in care homes increased by 2,500 in 2020. However, the number is still falling in relative terms – there are now 28.7 care-home beds per 100 people over the age of 8...

While the chancellor didn’t announce personal tax rises in this year’s budget, a freeze on allowances could mean your tax bill unexpectedly increases. High earners and those with defined benefit (DB) pensions could now find they exceed the Lifetime Allowance, as it will remain frozen until 2026.

The Lifetime Allowance is the amount you can tax-efficiently save into a pension. It was expected to rise in line with inflation, but the allowance will now remain at £1,073,100 for the next five years.

That sum sounds like a lot, but it can be e...

In March, chancellor Rishi Sunak delivered his second Budget. After a lot of speculation that taxes would rise to pay for the cost of Covid-19, you may have been relieved to discover your tax bill won’t be going up. However, you could still be worse off.

Rather than increasing taxes, the chancellor said he would be freezing allowances. On the face of it, this seems like it won’t have an impact on your personal finances. However, it does once you consider the rising cost of living.

The effect on your income

The Personal Allowance (the a...

A year ago, Rishi Sunak delivered his first Budget just as the pandemic began to take hold. While his £30 billion package sounded significant, it’s a sum that has paled into insignificance over the last 12 months as the chancellor has spent £280 billion shoring up the UK economy.

As the chancellor acknowledged in his speech: “The damage coronavirus has done to our economy has been acute”.

So, who are the winners and losers of the 2021 Budget?

Winners

Retail, leisure, and hospitality businesses

It’s been a tough year for many sectors, ...

On Wednesday 3 March, Rishi Sunak delivered his second Budget as chancellor. The Budget outlines the state of the economy and the government’s spending plans.

The World Health Organization declared Covid-19 a pandemic on 11 March 2020, the same date as the 2020 Budget. Since then, the pandemic has led to lockdowns, restrictions, and an enormous rise in government spending.

The Office for Budget Responsibility (OBR) estimates borrowing for the current tax year will be £394 billion, the highest figure seen outside of wartime. So, it’s no s...

The current tax year will end on 5 April 2021, a date when many allowances and tax breaks will reset. In some cases, it will be your last chance to use them. Making use of appropriate allowances can help you get the most out of your money.

Our guide explains seven key allowances you should consider to ensure you’re ready for the 2021/22 tax year. This includes:

1. Marriage allowance
2. Pension Annual Allowance
3. ISA allowance
4. Gifting allowance
5. Gifts from your income
6. Capital Gains Tax
7. Dividend allowance

Click here to download your copy o...

As the NHS continues to battle the challenges of Covid-19, you may be considering taking out health insurance. The pandemic means many people are facing delays and unable to book appointments when they want to speak to a health professional due to backlogs and restrictions.

Taking out private health insurance could provide you with an alternative and give peace of mind that, should you need to see a nurse, doctor or specialist, you will be able to do so. Before you move forward with taking out a policy, it’s important to know what’s cover...

The pandemic and restrictions have meant many families are struggling financially or feel insecure. Research suggests that younger generations have been turning to parents and grandparents for a helping hand. However, some older family members haven’t fully considered the long-term impact that providing support could have on their own plans.

£1.9 billion gifted during the pandemic

According to Legal & General, 5.5 million older family members expect to provide additional financial support as a direct result of Covid-19 on top of the sup...

How do you rate your financial security?

When you think about your financial situation, what defines it as ‘healthy’? For 77% of Brits, financial success is having the financial freedom to do what they want without worrying, according to research from Schroders Personal Wealth. Yet, despite this, 48% of adults admit they feel stressed or overwhelmed about their financial situation at times. Taking the time to understand your financial situation and the steps you can take to improve could boost your financial health and overall wellbeing.