This week’s Personal Column features: Millennials set to earn less than Generation X | ABI issues Pokémon Go warning | The true cost of the summer holidays | Fifth of firms missing auto-enrol staging dates | Introducing: Power to Sell Workshops

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Finance News

Millennials ‘set to earn less than Generation X’

photo-1465821185615-20b3c2fbf41bMillennials are set to become the first generation to earn less than their predecessors, new research suggests.

The Resolution Foundation found that under-35s earned £8,000 less in their twenties than Generation X workers.

If wages for millennials follow the same path as Generation X, average career earnings will be about £825,000.

That would make them the first generation to earn less than their predecessors over the course of their working lives.

Even if millennials’ wages improved rapidly, like those of their baby boomer parents born after World War II, their lifetime earnings would be about £890,000, according to the foundation.

That sum would be just 7% more than Generation X, born between 1966 and 1980, and only a third of the size of the pay progress that Generation X should enjoy over the baby boomers.

The Resolution Foundation also warned that a post-Brexit recession could cut millennials’ earnings even further.

Its research found that some of the pay squeeze was due to under-35s entering the job market as the recession hit, but it also concluded that generational pay progress had ground to a halt even before the financial crisis struck in 2007 / 8.

Complacency risk
Torsten Bell, director of the Resolution Foundation, said: “We’ve taken it for granted that each generation will do much better than the last – earning more and enjoying a higher standard of living. But that approach risks looking complacent given the realities of recent years and prospects for the future.”

The research comes as Prime Minister Theresa May warned last week of a growing divide between a “more prosperous older generation and a struggling younger generation”.

The think-tank has launched a commission to explore growing inequality between generations.

It’ll be launched at an event in London on Monday attended by David Willetts, executive chairman of the Resolution Foundation, TUC general secretary Frances O’Grady and CBI director-general Carolyn Fairbairn.

The think-tank also found that millennials will have spent £44,000 more on rent by the time they reach 30 compared to the baby boomers, and £25,000 more than Generation X.

Extra spending on rent has reduced young people’s living standards and made it harder for them to save for a deposit to buy a house, the foundation said.

Senior policy analyst Laura Gardiner said: “Britain’s continuing failure to build enough homes means that unless we change course the struggle of young people to own their home is only going to get worse.”

Halifax estimated that the average first-time buyer deposit in the UK was now £33,000.

Read more…

Source: BBC News (published 18 July)

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Mortgage News

A fresh approach to retirement lending

Legal & General Home Finance entered the lifetime mortgage market in 2015, taking a fresh approach to retirement lending.

They offer flexible, premier flexible and lump sum lifetime mortgage products with new retirement lending products already in development.
Their KFI portal offers 24 / 7 access with store and search options.
► Their market-leading online application service, offers an instant decision in principle and automatic updates throughout the application process.
Legal & General Home Finance is a member of the Equity Release Council.
2% cash back option available on all products (except for premier flexible).
Optional partial repayments of up to 10% allowed each year (after the first 12 months) without triggering an early repayment charge.
Free inheritance protection option available on all products.
All products have a no negative equity guarantee, so your client (or their estate) will never have to pay back more than the sale proceeds of their property.
Dedicated sales team – face-to-face and phone sales teams.

If you’re not currently authorised and qualified, and are considering entering the equity release market as part of your retirement income planning service, or if you just have an enquiry, Legal & General are there to offer dedicated advice and support. Please contact them or call 03330 048444. Call charges will vary.

Source: Legal & General newsletter (received 12 July)

Buy-to-let rental calculations

tbmcTBMC has produced a flyer on buy-to-let rental calculations.

Click here to access this.

TBMC e-newsletter (received 07 July) 

Is your client a supply teacher looking to secure a mortgage?

In order to help more teachers onto the property ladder, Teachers Building Society has introduced the supply teacher mortgage into their specialist range of teacher products.

photo-1460518451285-97b6aa326961 Two year variable rate of 3.29% (1.70% discount from our SVR, currently 4.99%).
£899 arrangement fee and £99 application fee.
The overall cost for comparison is 4.9% APRC.
For supply teachers looking to apply for a mortgage as a sole or joint applicant (if applying jointly, supply teachers may qualify for standard products and terms).
Available for home purchase and remortgage.

To find out more, you can get in touch with their friendly intermediary team on 0800 378 669 or you can visit their website.

Teachers Building Society e-newsletter  (received 07 July)

‘Business as usual’ as housing and mortgage markets crank back to life

Britain’s housing market is “back to business as usual”, according to mortgage brokers, conveyancers, estate agents – and buyers and sellers.

While the Brexit result caused some to pull out of transactions and a number of purchasers’ chains to collapse, “the majority” of deals agreed before the referendum are going through, conveyancers say.

Many housing commentators are surprisingly upbeat.

Jeremy Leaf, a former chairman of the Royal Institution of Chartered Surveyors and north London estate agent, said the “Brexit bombshell” came when prices were already slowing, especially in London, following the increase in stamp duty at the beginning of April.

This perception of an existing slowdown meant the market was “more resilient than we might have expected”, he said.

There was “a determination on the part of most customers to get back as close to normality as possible”.

House prices to fall 5pc nationwide and tumble even further in London as worried home buyers back out.
Brexit: How to avoid getting just €1 for £1 when buying your travel money.

Paul Smith, chief executive officer of Haart estate agents, said that the vast majority of buyers were now continuing with their purchases.

He said: “About a week after the decision, we’re starting to see the market settle and confidence returning.”

“The result has had no impact on website traffic or applicant figures, in fact the outcome may be resulting in opportunist buyers taking advantage of the situation by snapping up bargains caused by the uncertainty.”

Peter Ambrose managing director of The Partnership, a property solicitor, said: “Only two out of the six hundred sales that we’re currently processing have fallen apart. That’s lower than we would expect usually.”

photo-1464082354059-27db6ce50048But commentators agree that the availability of cheap mortgages will be key to what happens next.

While the biggest lenders have been silent on the referendum outcome, they’re believed to be closely reviewing their loan criteria.

“Everyone’s playing a wait and see game,” said Alistair Hargreaves, of John Charcol, a mortgage broker. “No lender wants to take a lead.”

The danger isn’t that mortgage lenders will raise rates. It’s more that riskier types of lending – mortgages for those who have smaller deposits or little equity, for example – will be scaled back.

Read more…

Telegraph (published 05 July) 

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Protection News

Asthma and life insurance

Asthma is the most common long-term medical condition in the UK – but what is it exactly? How does AIG Life underwrite it? And, what are the questions they get asked most often?

Their latest blog post provides answers to these questions and explains some of the recent changes they’ve made to their underwriting for this condition.


Source: AIG e-newsletter (received 15 July)

Underwriters helping make the application journey easier

tumblr_o2vziwTt9c1slhhf0o1_1280The changes that Royal London has made to their online service mean more of your clients will get a decision straight away, without the need for manual underwriting.

But everyone’s different and there’s always going to be applications that need to be reviewed by an underwriter before a decision can be made. Their online service gives them the time to focus on more complex cases and make a decision as quickly as possible.

Their underwriters also work under a broad set of principles rather than a process, so you can be sure all your clients will get a fair outcome.

And don’t forget, your case manager will keep you updated by phone or e-mail so you’ll know how your cases are going. They’re there to support you and your clients every step of the way.

Find out more here.

This is a Royal London promotion.

Source: Royal London newsletter (received 18 July)

General Insurance News

ABI issues warning to Pokémon Go players

The Association of British Insurers (ABI) has issued a warning to Pokémon Go fans not to get so caught up in the game that they have an accident.

The mobile app, released in the UK recently, is played in the real world but requires users to concentrate on their phones. The ABI has suggested that users don’t drive whilst playing the game, and to be aware of their surroundings.

photo-1431029505519-1fe6fe121714“Playing Pokémon Go shouldn’t mean letting go of your senses. It’s important to remember that mobile phone users should always have their wits about them, drive carefully and watch out for hazards.”

“While insurers will be there to help customers when they have an accident or are victims of crime, it’s best for everyone if risks are avoided in the first place. Following these simple principles should reduce those risks while still allowing gamers to play to their hearts’ content.”

Read more…

Post Online (published 14 July)

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Wealth News

Fifth of firms missing auto-enrol staging dates

Over one in five (21%) of all smaller employers are missing their automatic enrolment photo-1435527173128-983b87201f4dstaging date, risking fines from the regulator.

Statistics from provider Now: Pensions show the frequency of firms complying with auto-enrolment rules either just before or after the deadline is increasing.

In Q2 2016, 19% of firms complied within a month of their staging date, in addition to the 21% who missed it entirely.

Firms that don’t comply receive a 28 day warning notice. If the warning notice is ignored, a fixed penalty notice of £400 is issued.

In addition, employers with between one and four employees, can be fined £50 a day. Those with between five and 49 members of staff can be fined £500 a day.

Now: Pensions chief executive Morten Nilsson says: “As time goes by, it’s becoming increasingly clear that when it comes to auto-enrolment, smaller employers are divided into planners or procrastinators.”

“While it’s worrying that one in five are missing their staging date, it’s also reassuring to see that a third are planning well in advance.”

“Small business owners have a lot to think about and it’s easy for auto-enrolment to be put on the back burner but the fines for non-compliance are steep, missing the deadline can cause unnecessary sleepless nights.”


Source: MoneyMarketing (published 18 July)

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Events News

Introducing: Power to Sell Workshops

photo-1455368109333-ebc686ad6c58Following our MCD and Protection and Mortgage Sales Workshops, we’re changing our approach to sales training. We’re adapting the National Sales Conference that was due to happen on 08 September, into a series of more personal and training focused Power to Sell Workshops.

The Benefits

The workshops will cover a range of topics including:

 Valuable sales skills in bitesize sessions.
 Highlighted opportunities across multiple channels to market.
Buyer behaviours and qualifying the opportunity.
 Interactive sales solution technology demonstrations to support more sales.

Dates and Locations

Our Power to Sell Workshops will be hitting the road throughout September, starting at 09:00 and finishing at 13:00. Here’s a list of dates and locations:

05 September – Scotland
 06 September – Newcastle
 07 September – Wetherby
 08 September – Knutsford
 12 September – Midlands
 13 September – Basingstoke
14 September – London
 15 September – Essex

Click here to book your place today!

We’ll be releasing venue information shortly, look out for this update via e-mail over the next couple of weeks.

Source: Personal Touch Events Team

What did you think?

We’re delighted that you were able to join us at one of our Protection and Mortgage Sales Workshops.

So we can provide our members with an even better experience at future events, we’d like to hear what you thought of this new workshop. Your feedback will help us shape our future events.

Thank you for joining us and we look forward to seeing you again soon.

Source: Personal Touch Events Team

And Finally…

What’s the true cost of the summer holidays?

photo-1463578562580-9ee8b6e3a94aSchools across the UK are set to break up for summer in the next few weeks, and parents are bracing themselves for the costs that could ensue. New research from American Express shows that the average family with two children is expecting to spend a whopping £640 to keep their kids entertained over the summer holidays, with the cost quickly ramping up over those few short weeks.

Days out unsurprisingly top the list of summertime spending, with respondents splashing out an average of £232 over the course of the holidays, followed by treats and gifts (£134), pocket money (£100) and summer camps (£88). Childcare can also take its toll, with the average cost per family clocking in at £86 over the summer.

And that’s before we even get to the cost of any actual holidays – indeed, many parents will be planning a holiday at home (35%) or abroad (29%) this summer, with the average family budgeting £358 and £462 respectively for such trips. Given the expense, it’s perhaps little wonder that over a quarter (29%) admit that summer holiday costs are the most stressful part of the school holiday break.

But just how will they be paying for all that summer fun? Well, 63% of parents intend to use their monthly salaries to cover the cost, while 34% will dip into their savings pot and 20% plan on using their credit card. Some are being particularly savvy, however, and intend to use rewards or cashback from their credit card (15%), worth an average of £117.

Source: (published 12 July)

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