In the first study of its kind1, researchers have distinguished the personality traits most common among self-made millionaires versus those who have inherited their wealth. The study analysed a sample of wealthy individuals according to the so-called ‘Big Five’ personality traits: • Openness (i.e. curious vs cautious) • Conscientiousness (i.e. efficient vs disorganised) • Extroversion […]
Category archives: General Financial News
Sandwich generation: time to come first for a change
The sandwich generation are certainly used to challenges and putting other people’s needs before their own. However, cost-of-living challenges looks set to heap further pressure on this group which makes it vitally important they seek advice before taking any rash decisions which could sacrifice their financial futures. Stiff upper lip Research1 suggests that, although many […]
Divorce and your pension
Research1 suggests that nearly one in five people are, or will be, financially worse off due to their divorce, and that many divorcees struggle to make ends meet after separating from their partner. The statistics make for worrying reading. A third of divorced respondents said they were forced to take money from their savings to […]
JISA to adult ISA transition period – tune in
Currently a Junior Individual Savings Account (JISA) can be held by a child until the day they turn 18, the annual allowance for which is currently £9,000. On their 18th birthday, the child can open an adult stocks and shares ISA, the annual subscription which is currently £20,000. All pretty straightforward. Now, for the interesting […]
Gen up on pension numbers
With so many financial priorities to juggle, it can be hard to put your pension first, especially with spiralling household costs. Starting or maintaining your pension contributions is important. Whatever type of pension plan you have, you get tax relief at the highest rate of Income Tax you pay on all contributions you make, subject […]
IHT – time for a refresh?
Latest data from HM Revenue & Customs (HMRC) revealed IHT receipts for April 2021 to March 2022 were £6.1bn, 14% (£0.7bn) higher than in the same period 12 months earlier. Factors at play Receipts have increased partly due to higher death rates during the pandemic, as well as due to the rise in property prices […]
Don’t give up your protection policy
With households facing the biggest squeeze on their incomes in many years, it’s understandable that families are looking for ways to cut costs. When looking to cut back, reviewing subscriptions and direct debits (for example, for streaming services, food subscription boxes or gym memberships) is often a good place to start, but there is one […]
Trust Registration Service update
The Trust Registration Service (TRS) opened in 2017 with the aim of digitalising the trust registration process. Following the UK’s adoption of the EU’s Fifth Anti-Money Laundering Directive (5MLD) in 2020, changes to the TRS were required in order for HMRC to fulfil its obligations under the new regulations. The new rules require all UK […]
Your retirement – no two are the same
The Class of 2022 retirement report1 provides a riveting insight into the plans and thoughts of those either planning to retire this year or recent retirees, really highlighting the changing face of retirement in the UK. The last couple of years have impacted people’s plans, with people reassessing what retirement looks like to them. Less […]
Money – In the news
Returns trump ESG for two thirds of investors Despite the growing trend towards Environmental, Social and Governance (ESG) investing, return on investment remains the ultimate priority for the majority of investors. Research1 has revealed that 66% of investors prioritise profit over humanitarian concerns. There are significant differences between the generations, however; just 28% of Baby […]