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.
Get in touch
[email protected] 07825 349779
[email protected] 07718 123838
[email protected] 07720 091722
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.
One in four (24%) downsizers ended up with less money than they expected when selling their property, with legal fees, stamp duty, moving and renovation costs eating into their profit.
Millions of pounds are sitting in untouched child trust funds that were set up by the government on behalf of parents for children born as long as 17 years ago.
OneFamily is urging the government to remove the £4,000 transfer limit for customers who want to replace their Help to Buy ISA with a Lifetime ISA.
Data shows that increasingly large numbers of homeowners with a lifetime mortgage are making monthly payments on their loan. This means that the interest doesn’t roll up, as with traditional equity release plans, and the remaining capital in the property is protected.
There are many important rites of passage for children, from getting their first set of house keys, to being trusted with money independently but new research reveals that the majority of parents (76%) fret about the ‘right’ ages for these milestones, as modern life opens up uncharted waters.
The new lifetime mortgage will enable homeowners in England and Wales, over the age of 65, to release up to 58% of the value of their property.
Research has revealed that the majority of workers over 55 aren’t aware of the different options for funding retirement. While pensions awareness is high (92%), other options, which may be more suitable for their personal needs, aren’t even on their radar.
