UK retail spending bounced back to 0.9% in January 2012, according to data from the Office for National Statistics (ONS).
This figure has eased government fears of a double-dip recession, after economists had expected a 0.4% fall in retail sales volumes following the December increase caused by pre-Christmas discounting.
New research shows that despite the the country’s faltering economy, sunny Spain is the country where the British feel happiest.
Carried out on behalf of Lloyds TSB International bank, the survey, which covered British citizens in the ten most popular destinations for expats – Australia, Spain, the USA, Canada, France, New Zealand, South Africa, Germany, the United Arab Emirates (UAE) and Hong Kong – found that they are far happier in their new countries than they were at home.
According to research by employee risk and benefits management firm Aon Consulting, European governments and employers are failing to educate their citizens and workforces sufficiently about the long-term value of their pensions.
The research, which focuses on the views of workers across Europe on topics such as retirement, employee benefits and other pension-related issues, indicates that less than a quarter of European workers are interested in their pension. It forms part of the European Employee Benefits Benchmark, a survey of more than 7,500 workers from 10 of Europe’s leading economies: Belgium, Denmark, France, Germany, Ireland, The Netherlands, Norway, Spain, Switzerland and the UK.
Britain, France and the Netherlands are failing to foster a sufficient long-term retirement savings culture despite the financial turmoil brought about by the Credit Crunch, with only 12% of people taking an active interest in their pensions. This compares to 37% in Germany, the highest in Europe, Belgium (34%) and Switzerland (33%).
Despite the importance of financial planning for retirement, and the general trend of less state support in retirement, 16% of people say they do not have a pension plan in place because they can’t afford to save, 11% because they simply never got around to it, and 5% claim they have actively made the decision to rely on state benefits, leaving them at the whim of the government of the day. Perhaps not surprisingly, the trend across Europe sees fewer 18- to 35-years-olds with pension savings than people in higher age brackets.
Oliver Rowlands, head of retirement, EMEA, at Aon Consulting, said, “A lot of people will simply be walking blindly into retirement poverty unless they take more of an active interest in their pensions. Governments and some employers across Europe are looking at ways to reduce their pensions obligations, so it is imperative that people take more responsibility for their own retirement finances.
“Many employers continue to take the provision of appropriate pensions for their employees very seriously, and are spending a lot of money to provide for the long-term welfare of their workforce. Although workers do generally value employer-sponsored pensions, both defined benefit and defined contribution, they tend not to manage their affairs until close to retirement, when it is already too late. Employers need to effectively communicate the value and choices relating to this benefit through open, honest, clear and continuous communication to their employees in order to make it an effective weapon in their arsenal in the war for talent. At the same time, they need to ensure they are educating and helping their workforce take the necessary steps to take appropriate and necessary action around retirement savings.”
Figures just released by the Office for National Statistics (ONS) show that UK inflation dropped by 3.4% in May, according the Government's preferred measure, the Consumer Prices Index – good news whether you are relocating within the UK or moving from another country.
The fall, which was greater than expected, was largely the result of lower food prices and slower rises in petrol and alcohol prices.
Abbey International has introduced new US dollar and euro deposit services offering 12-month fixed contracts, easy access to funds via the Abbey International Gold account, and the benefits of a Visa Infinite card, with preferential foreign exchange rates.
Lloyds TSB International has launched a new bank account for people living and working abroad, which may be of interest to you if you are relocating overseas.
Offering customers international financial expertise and round-the-clock access to their money, the Premier International Account can be in sterling, US dollars or euros, and comes with a globally-accepted Visa debit card and a range of services and money-saving benefits, from worldwide travel insurance to a phone-based concierge service that provides help with everything from travel bookings and destination information to car rental, worldwide.
For more information, go to www.lloydstsb-offshore.com
Abbey International has launched a new limited-offer 18-month fixed-rate deposit contract paying 3.60% gross/3.57% AER. The new sterling-only account complements Abbey's 12- and nine-month fixed-rate sterling contract options. As it is a limited offer, the 18-month fixed-rate contract can be withdrawn at any time, so Abbey is urging savers to act quickly if they wish to take advantage of this rate.
The minimum opening balance is £100,000, with the account designed exclusively for funds that are new to Abbey International. Interest is paid upon maturity, at the end of the 18-month term.
Jane Matthews, head of Client Experience at Abbey International, said, "We are sensing a gradual return of confidence to the markets and an appetite for slightly longer-term commitments. With an attractive rate of return, together with the backing that comes from being a part of the Santander Group, we believe the account will offer a popular combination."
For further information, go to www.abbeyinternational.com
