Daily Archives: June 3, 2010

Checking & Savings, Financial, Financial Information, Financial Management, Financial Services, Insurance, Investment, Money, Personal Finance

The Children’s Mutual Finds Parents Of Younger Children Being Warned To Start Saving

According to research by The Children’s Mutual, a leading Child Trust Fund provider, parents of 18 to 30-year-olds are warning families of younger children to start saving now to fund the future, with nearly a 28% saying that they have either remortgaged or are planning to remortgage to fund their child’s adulthood. The research also revealed that many parents of adult children said that if they had their time again they would have saved more.

The Children's Mutual Finds Parents Of Younger Children Being Warned To Start Saving

As the coalition Government threatens to cut the Child Trust Fund (CTF), The Children’s Mutual is urging parents whose children are eligible for the accounts to make the most of them while they can.

David White, Chief Executive of The Children’s Mutual, said: “Saving for your child is a ‘necessity’ not a ‘nice-to-have’. Parents of today’s 18 to 30-year-olds are having to find an average of £30,000 to fund their adult children the hard way – by remortgaging or borrowing further. We believe the only way that most families will be able to help fund children to fulfil their potential going forward is by saving regularly over the long term.”

Parents of CTF holding children should not be disheartened or confused by the coalition’s proposal. The Government has confirmed that for existing customers, the accounts will remain as they are; meaning that the families of the five million CTF holding children across the UK can continue to save up to £1,200 a year tax efficiently to help give their child a much needed springboard into adulthood.

Via EPR Network
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Banks, Checking & Savings, Credit Cards, Financial, Financial Management, Financial Services, Financial Solutions, Money, Personal Finance

Barclaycard Has Reduced The APR On It Barclaycard Simplicity Card To 6.8%

The new rate, which is one of the lowest rates available on any card in the UK, applies to both purchases and balance transfers. Barclaycard Simplicity offers customers an affordable way to manage their finances, from significant purchases such as large household goods and holidays, to everyday spending.

Barclaycard Has Reduced The APR On It Barclaycard Simplicity Card To 6.8%

In addition to the low rate offered by Barclaycard Simplicity, Barclaycard has also increased the balance transfer deal on Barclaycard Platinum. Barclaycard Platinum now offers 15 months at 0% for new customers with a handling charge of 2.9%. Barclaycard Platinum also offers 0% interest on purchases for the first 3 months. The typical APR on Barclaycard Platinum is 16.9%.

Both credit cards have a range of associated benefits delivered by Barclaycard: from Barclaycard Freedom, the broadest rewards scheme in the UK, to revolutionary online account management with mybarclaycard, and the exclusive music world of Barclaycard Unwind.

Via EPR Network
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Checking & Savings, Financial, Financial Information, Financial Management, Financial Services, Insurance, Investment, Money, Personal Finance

The Children’s Mutual Reports Saving For Children Is Still Crucial

The Children’s Mutual, a leading Child Trust Fund provider, reports that saving for children is crucial and urges the 5 million families whose children hold Child Trust Fund (CTF) accounts to continue saving for their children into CTFs.

The Children's Mutual Reports Saving For Children Is Still Crucial

David White, Chief Executive of The Children’s Mutual, said: “The CTF has changed the nation’s savings habits and we congratulate families across the UK for recognising the critical importance of saving for their children’s futures.”

According to The Children’s Mutual, today’s parents are paying out an average of£30,000 to fund their children between the ages of 18 to 30 and these costs are only expected to rise for families of tomorrow.

The Children’s Mutual urges families to not be disheartened by the Government’s announcement to stop all payments to Child Trust Funds by January 2011, but to continue to help their children fulfil their future potential by saving regularly over the long term. CTF holding children now have a unique asset that others will not.

The Children’s Mutual also revealed that the Child Trust Fund is the single most successful savings policy to date and that this sort of short term cut does not address the pressing need for families to save or recognise the significant benefit to society that the CTF will bring from 2020 as maturing funds return an anticipated £2.96bn each year to the economy.

David White continued: “We also reassure our current and existing customers that having been in existence for the last 129 years, we have been providing long-term savings accounts for children and helping support families throughout our history. We are committed to continuing to do so in the future.”

Launched in 2005, Child Trust Funds were designed to provide a tax efficient, long term savings vehicle for all eligible children. Newborn children (born on or after 1 September 2002) received a £250 Child Trust Fund voucher (£500 for low income families) from the government when their parents registered for Child Benefit. The government then makes a second contribution of £250 (£500 for low income families) when the child reaches seven. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year. The proposed changes to the CTF will mean that for existing customers the accounts remain as before, with an annual tax-efficient top up allowance of £1,200, albeit without government’s additional contributions from 1 August 2010.

Via EPR Network
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