A Saturday job was once a rite of passage for most teenagers, but today’s generation are opting for informal, short-term ‘gigs’ as they face a decline in opportunities for traditional teenage work. According to financial services provider OneFamily, the number of teenagers able to secure a part-time job has halved since their parents’ generation. Just one in five (23%) now have an ‘official’ job compared to 43% of their parents. Out of the teenagers that are earning money, the majority (66%) are earning money from doing odd jobs or work with no set hours.
OneFamily has enhanced its fixed rate lifetime mortgages by increasing the maximum loan amount from £750,000 to £1 million and reducing interest rates. The increased loan amount will allow advisers to offer even more customers the opportunity to release equity from their property.
The number of young people (aged 20-34) living with their parents has increased significantly over the last 20 years as the cost of renting continues to rise . However, research from OneFamily has found that keen savers could use their parents’ generosity and the lower living costs to become homeowners in just four years using a Lifetime ISA.
OneFamily data has revealed that one in five (18%) Junior ISAs now have more than one person investing in them, as families and friends save together for children’s future.
OneFamily research has revealed of the 7.4 million first-time buyers in the UK eligible for a Lifetime ISA , only one in twenty (6%) are taking advantage of the additional £1,000 savings top-up a year being offered by the Government.
OneFamily has identified a growing group of over 55s that are using lifetime mortgages to fund property moves to more expensive homes. Buying a new property is now the fourth most popular reason for using a lifetime mortgage as homeowners who are retired, or approaching retirement, move to be closer to family and friends, or better amenities.
OneFamily is urging savers to maximise the opportunity offered by a Lifetime ISA and gain access to the Government 25% bonus. The Lifetime ISA is the only savings account that benefits from this generous monthly bonus and is available to savers from 18 – 39 years old saving for a first home or retirement.
New research from OneFamily has found that the number of ‘Parent-sioners’ is set to increase significantly over the next decade. The findings indicate that more over 60s than ever before will have children under 18 and in the next ten years it will rise from circa 400,000 to over 900,000.
OneFamily is launching a simple, customer-friendly, stocks and shares Lifetime ISA.
OneFamily has launched a funeral cost calculator that enables advisers to calculate the sum assured their clients can receive from OneFamily’s Over 50s Life Cover, based on monthly premium, with the cost of a funeral in their clients local area, both now and into the future.
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