Press releases and research from OneFamily. The information on these pages is intended for journalists. If you’re not a journalist, visit our Savings Hub for the latest articles.
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Friendly society OneFamily is to use teen-friendly tech to make life easier for its 1.6 million child trust fund account holders, as their accounts mature from September this year.
OneFamily has revealed that around a third of teenagers are unaware that they are due to receive a windfall, and 60% may have lost track of their accounts altogether.
Parents spend around £1,700 a year caving in to pester power – but most manage to turn the pressure into a teachable moment.
After seven years, OneFamily Chief Executive Simon Markey will be stepping down, to be succeeded by current Chief Finance Officer Teddy Nyahasha on the 1 January 2020.
Millions of parents are encouraging their teens to do well in school exams by incentivising good results with cash or gifts, pledging £150 per child – the equivalent of £150m across the UK.
Research amongst later life financial advisers by OneFamily has revealed that a quarter (25%) of their clients have an idea of what they want when taking advice. However, of these people, over half of them (55%) changed their minds after speaking to a financial adviser, demonstrating the value and importance of financial advice.
New research by financial services provider OneFamily has revealed an estimated £8.5 billion of inheritance wealth is now skipping a generation each year, as older relatives recognise the youngest family members are more in need of support.
Teenagers are adding £1.7 billion to the UK economy as they spend their earnings and pocket money. This is according to the Teenage Finance Report from financial services providers OneFamily, which investigates teens’ attitudes towards money. The report reveals that the average teenager spends £54 a week, ranging from £13 at age 13 to £68 at age 19 – the equivalent of 60 per cent of their income. The remaining 40 per cent is mainly saved on a short-term basis to pay for more expensive items or holiday spending money.
Three in 10 (29%) over 65s worry about spending money on themselves because they have their family’s inheritance on their mind – the equivalent of 3.5 million[i] people across the UK.[i] According to the latest ONS population data (November 2018), 18.2% of the population were recorded as being 65 years or older, which is 12,012,000 people. 29 per cent of over 65s worry about spending money on themselves’ as they have their family’s inheritance on their mind – the equivalent of 3,483,479.
