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Savings double in 7 years
EdInvestor
Posts: 15,749 Forumite
http://www.ifaonline.co.uk/public/showPage.html?page=ifa2006_articleimport&tempPageName=480613
Now up to 876bn, 1 trillion quid in reach.
Looks like quite a lot of the increase is being diverted from pensions, not surprisingly since the A day changes mean you can put off locking away money until much closer to retirement without any penalty.
Now up to 876bn, 1 trillion quid in reach.
Looks like quite a lot of the increase is being diverted from pensions, not surprisingly since the A day changes mean you can put off locking away money until much closer to retirement without any penalty.
Trying to keep it simple...
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Comments
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A lot of mine is being diverted towards pensions, particularly my company contributions...0
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Would it be correct to say though that by saving outside a pension and contributing those savings into a pension later, you lose out on the interest on the tax relief?EdInvestor wrote: »Looks like quite a lot of the increase is being diverted from pensions, not surprisingly since the A day changes mean you can put off locking away money until much closer to retirement without any penalty.0 -
No - as long as you bung it into a pension before your tax-rate drops - waste of time ISA-ing at 40% then transferring to a pension when you're paying 22%, good idea to ISA at 22% then move it when you hit 40%.0
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What would happen if the savings are adjusted for real inflation?A private global investor0
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Interesting. Government data suggests the savings ratio has dropped a fair bit in the last few years. I think it was down to a low of about 2.8% in Q1 2007 from a long term average of 8%! However, it had begun to rise by Q2 2007 IIRC. Of course it depends to what degree you accept that figure!0
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I like to compare the total household wealth figures.Total net household wealth has risen 127 percent from 2.8 trillion pounds at the end of 1996 to 6.34 trillion ten years later, according to research by the Halifax.Retail prices have increased 30 percent and average earnings 52 percent over the same period.
Housing equity -- the value of residential properties minus mortgage debt outstanding -- surged 244 percent from 787 billion pounds in 1996 to 2.7 trillion in 2006.Net financial assets -- the value of financial holdings minus outstanding consumer credit loans -- rose by 1.6 trillion pounds to 3.63 trillion.
Reuters
Despite the big increase in the value of housing, it's interesting to note that property still lags behind financial assets (pensions, investments and cash savings) as a proportion of total household wealth.Trying to keep it simple...0
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