With inflation running at 9% (the highest since 1982), many people are wondering how to keep their savings growing, in real terms. Interest rates from regular accounts rarely beat 1%, so a 9% inflation rate could represent more than 8% loss – even if your bank statement says you have earned more interest…
The Bank of England (BoE) has raised the base rate four times in six months. With inflation now standing at 9%, some analysts believe further rises may be on the horizon. Rising interest rates have multiple effects on the economy and household finances. However, they can also have an impact on stock markets…
Households are facing increasing pressure from the rising cost of gas and electricity. In 2021, the average annual gas bill was £575 (£47.92 per month) and electricity was £764 per year (consumption of 3,600 kWh/year) – bringing the total to £1,339. At the time of writing in June 2022, however, the energy price…
Some recent headlines have argued that public sector pensions (civil servants, doctors etc.) offer the best deal. Yet is this truly the case? This is important to address, as it may affect your future career choices. Below, our team at Elmfield Financial Planning in Padiham, Burnley, puts forward some…
The UK’s specialist police unit for tackling fraud has warned that the rise in living costs in 2022 may encourage more scammers to target people’s finances. DCI Gary Robinson, head of the Dedicated Card and Payment Crime Unit (DCPCU), has said that criminals are likely to “use the cost of living crisis…
Investors can, of course, invest in companies and assets in their home countries. However, can you invest overseas – and should you? As financial planners, we believe there is a strong case for “global diversification” (spreading your investments across different countries). However, why is this often…
Some key changes came to the teachers’ pension scheme from April 2022. Depending on the time you qualify to receive a teachers’ pension, it may no longer be possible for you to access a “final salary pension” (i.e. where you receive a guaranteed, lifetime income in retirement based on what you earned near…
As a business owner or director, a big question you face is how to invest your profits. What are ideal corporate (or sole trader) investments, and how can you invest in the most tax-efficient manner? In this guide, our financial planning team at Elmfield here in Padiham, Burnley offers ideas for how…
You have likely noticed that prices are going up in 2022. At some supermarkets, for instance, the cost of pasta and tinned tomatoes has risen by as much as 41% compared to a year ago. The average price for standard range spaghetti in 2021 was 51p, whilst now it stands closer to 72p. Inflation – i.e. the overall rise in prices for goods and services in an economy…
The new State Pension was introduced in April 2016, partly in an attempt to simplify the pension system (which is notoriously complex in the UK). Before that, the “old” State Pension broadly fell into two categories – the “basic” State Pension, and the “additional” State Pension. Under these rules, you could…
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