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Scottish Sun
15 hours ago
- Business
- Scottish Sun
Money expert's five easy tips to boost your finances & where you're wasting cash without realising
WISE UP Money expert's five easy tips to boost your finances & where you're wasting cash without realising AS costs continue to rise, people's understanding of their own money situation is plummetting. Whether someone is earning big bucks or barely scraping by, Scots often have no clue about their real bank balance, according to the experts. 2 Lots of people in Scotland don't have a clue about their finances. Credit: Getty 2 Daniel Hough has some top tips for people needing financial help. Credit: Les Gallagher Studies show that 39 per cent of UK adults don't feel confident in managing money, with three quarters falling below the financial literacy benchmark. Financial planner Daniel Hough, who works for RBC Brewin Dolphin, would love to see a bigger emphasis placed on educating people about the ways money makes the world go round. He said: 'I'm a massive advocate for making sure that there is more education, not just in schools, but even in the workplace. There should be something about understanding tax, doing finances and what a bank account is in the curriculum. 'People need to check their pensions, make sure they've got an understanding of their bank account, understand legal documents and what happens taking on debt, and be more aware generally.' Here the money guru shares his tips for boosting your finances in five areas. DON'T COMPARE The expert said that Scots must focus on their own finances, rather than looking to others. Daniel said: 'We see it so often in someone's lifestyle, that they want to make sure that they're getting the best. Many people drive a nice flashy motor, but their monthly cost is hundreds of pounds. And I effectively refer to it as a mortgage on wheels because you don't own that asset. 'You'll look at a lot of people with designer goods, but many wealthy individuals that we deal with don't buy luxury or designer goods and they are comfortable in what they have. 'You don't want to be comparing yourself to those leading lifestyles that might not be affordable for the average individual.' Record Tax Fraud Tip-Offs, Historic Hovis Brand Sold, & Monzo Ranked Best Bank – Money News Today And he reckons one big convenience is a financial red flag. He says: 'What scared me recently is you can now order a takeaway on Klarna. So even if people don't have the means to pay for it, they will go ahead anyway.' GOING IN, GOING OUT Cash used to be king, but these days people can go days without handling notes or coins. And the pro says this makes it even more vital to be keeping an eye on your accounts. He said: 'In today's world, you have everything as more or less a subscription service. In years gone by, you really just had gas, electric, council tax and a mortgage. Now you have TV, music and gym subscriptions and car payments. SHOCK STATS A MAJOR report revealed that more than half of all children in the UK didn't receive any meaningful financial education. The Money and Pensions Service (MaPS) learned that just 47 per cent benefited from proper lessons. When the survey, based on kids aged seven to 17, was extended across five and six-year-olds, it was estimated that 5.4 million youngsters don't have the money skills they'll need in adulthood. The poll asked if they remembered getting a financial education at school that they considered useful, with only a quarter saying they had. They were also asked if they received regular money from either parents or work, if their parents set rules on it and whether they were given responsibility for spending decisions, with 14 per cent saying yes to all three. Those in Scotland were the most likely to have received some sort of financial education - with 52 per cent followed by Wales at 51 per cent, England with 46 per cent and Northern Ireland, 43 per cent. MaPS has targeted two million more children to get a financial education by 2030, by asking all parents to talk to their children about money and combine it with everyday experiences, such as food shopping, budgeting and wages from a part-time job. 'With the way we bank now, it's obviously all online. When you had your cash in hand, you could absolutely budget everything that you wanted. But when it goes into your current account, you don't really have a very good oversight of it. 'If someone gets paid and all their direct debits come out at once, they might not have a good handle on it. 'Some people don't know what's coming in and out and bury their heads in the sand. And that's dangerous, so you need to be on top of it.' PENSIONS Retirement may seem like years off, but Daniel said you must start planning for your later years now. The expert explained: 'Everyone that goes into work has auto-enrolment, where the absolute minimum is the employee pays five per cent of their salary and the employer pays three per cent. But there are a lot of companies that have better contributions to try to entice members of staff. 'I would always say to never settle for the minimum and to even increase your contributions by one per cent, because realistically you won't notice that leaving your account. ' The younger individuals entering into the job market are probably saving for a mortgage but they won't miss an extra £10 a month. 'I would definitely be advocating for two things, firstly making sure that your pension contributions are comfortable and also having an understanding of where your pension is and what exactly it's invested in.' MAKING YOUR OWN JOB There are an estimated 300,000 people who are self-employed in Scotland, and the expert says it's key that these people clue up on their finances. He said 'I think individuals that are employed tend to have a bit more of a safety blanket in place, so they've got pensions, they might have a share incentive plan, they'll have death in service, they might have a critical illness plan and have the support of sick pay as well if something happens. 'If you go down the self-employed route, you don't have those protections, unless you go out your way to seek them out yourself. 'So particularly for those individuals that have a spouse or children in their lives, it's vital when you are running your own business to look out for all of these things. 'Most individuals who are self-employed don't have this knowledge unless they choose to go out and understand it themselves.' FUTURE While looking after your cash is important, getting your other affairs in order can also impact your financial welfare in the long run. Daniel explained: 'It doesn't just have to be about finances themselves, it also can be about legal documents as well. If you have a spouse or children, I would absolutely recommend getting a will sorted. And if you're an older individual, then definitely get a power of attorney in place as well. 'These are things that are often forgotten about until much later on and sometimes when it's too late. People need to know who to contact when they need help and the implications of missed tax. 'But they also need to know the consequences of incorrect legal documents or having none at all. It's a very slippery path you could be headed down. 'If you do need advice or help for whatever reason, the first point of contact would be Citizens Advice.'
Scotsman
24-07-2025
- Business
- Scotsman
Bank of Scotland owner Lloyds unveils profit and dividend hike but caution prevails after 40% share rise
'The big unknown remains the inquiry into mis-sold car financing products - and Lloyds is one of the most exposed financial institutions' – Zoe Gillespie, RBC Brewin Dolphin Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Bank of Scotland owner Lloyds Banking Group has unveiled better-than-expected first-half profits as it benefited from a jump in lending and savings balances. The FTSE-100 group, which ranks as the UK's largest mortgage lender and also incorporates Halifax and Scottish Widows, reported a pre-tax profit of £3.5 billion for the first six months of the year - 5 per cent higher than a year ago. Earnings for the first half also came in ahead of the £3.2bn analysts had anticipated. Advertisement Hide Ad Advertisement Hide Ad Lloyds said total lending to customers increased by £11.9bn over the period, or 3 per cent, driven by UK mortgages with some 33,000 first-time buyers borrowing on a home. The landmark Scottish headquarters of Bank of Scotland/Lloyds Banking Group on The Mound, Edinburgh. Picture by Jane Barlow Customer deposits grew by £11.2bn, or 2 per cent, following a strong season for ISAs, while more people moved money out of current accounts and into savings. Meanwhile, Lloyds confirmed there had been no change to its motor finance provision, having set aside some £1.2bn to cover potential costs and compensation related to commission arrangements. The group is exposed to the motor finance market through its Black Horse business. Group chief executive Charlie Nunn told investors: 'We have shown sustained strength in our financial performance in the first half of 2025, with income growth, cost discipline and robust asset quality, driving strong capital generation and increased shareholder distributions, with a 15 per cent increase in the interim ordinary dividend. Advertisement Hide Ad Advertisement Hide Ad 'We continue to make great progress in our purpose-driven strategy, building differentiated customer outcomes and delivering growth across our business as we build towards our ambitious targets for 2026.' Zoe Gillespie, wealth manager at RBC Brewin Dolphin, said: 'Lloyds has delivered another strong set of results, with profits and income beating expectations. Despite interest rates being on a downward trajectory, the bank has also managed to strengthen its net interest margin and secure more customer deposits in a competitive UK banking environment. 'That said, the big unknown remains the inquiry into mis-sold car financing products - and Lloyds is one of the most exposed financial institutions. The shares are up more than 40 per cent in the year to date, which reflects the solid progress made in its core business, but the car finance issue may put a brake on the bank until its impact is clearer.' Chris Beauchamp, head of market analysis at IG Group, sounded a note of caution, saying: 'After a 40 per cent share price rise this year, the reference to 'economic deterioration' in today's Lloyds' numbers looks like commendable caution. There's still much to like in the figures overall, not least the bigger dividend, and the 2015 highs in the share price still look attainable, but it wouldn't be surprising to see some consolidation for the time being.' Advertisement Hide Ad Advertisement Hide Ad Garry White, chief investment commentator at Charles Stanley, added: 'Lloyds' results paint a picture of resilience, despite revenue coming in modestly below expectations. The second half of the year could get more difficult, but right now it seems Lloyds is holding on a steady course.'
Scotsman
15-07-2025
- Business
- Scotsman
Footsie record: Why the FTSE 100 share index has hit 9,000 points for the first time
'That suggests the market is shaking off its unloved reputation and more investors like what's on the menu' – Dan Coatsworth, AJ Bell Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Britain's benchmark FTSE 100 share index has claimed a new milestone after hitting the 9,000 mark. The index of the UK's largest listed companies pushed through 9,000 points before easing slightly in early trading on Tuesday. Analysts said its recent run of success had been driven by a number of factors and follows a volatile period for stock markets in general, amid global tensions, oil price movements and fast-changing US policy decisions regarding trade tariffs. Advertisement Hide Ad Advertisement Hide Ad John Moore, wealth manager at RBC Brewin Dolphin, said: 'The FTSE 100 has been driven to the 9,000-point milestone by several factors. Firstly, while the index's composition had been a brake on its progress compared to other markets, now it is providing a tailwind, with strong earnings momentum in the banking and defence sectors, in particular, supported by the likes of some of the larger operators in other industries such as Next, Tesco and National Grid. The UK's FTSE 100 share index has been driven to the latest milestone by several factors. 'Currency has also played a role, though its impact is likely to fluctuate over time. If UK earnings grow by, say, 7-8 per cent, but the pound moves 2-4 per cent relative to the dollar, then you can meet or exceed what you might reasonably expect from the US market with the added benefit of sectoral and stylistic diversification in your investments. 'At the same time, the UK still offers robust income and optionality. That may have been out of favour in recent years, but the cash flow can be helpful in terms of managing a portfolio and providing a form of income beyond cash yields and bonds. A number of UK companies have been taking self-help measures, with lots refining their portfolios and buying back shares.' 'Finally, the UK offers relative political stability compared to other parts of the world at present. While there may be tax increases to come, which was part of the reason for the sell-off of the pound in early June, the government has a clear mandate and tenure for the next few years. That compares favourably to other parts of Europe, even, where coalition governments are having a tough time,' he added. Advertisement Hide Ad Advertisement Hide Ad Chris Beauchamp, chief market analyst at IG, noted: 'The global nature of the market rally means that even the FTSE 100 has been able to lay claim to a new milestone, moving above 9,000 for the first time. Its percentage gain over the last three months actually pips that of the Dow [Jones], but it continues to lag far behind the likes of the Nasdaq 100, whose alluring growth stocks are firmly back in vogue.' The Bank of England, above, said it will implement rules that will make it easier for mid-sized banks to compete in the mortgage market and simplify restrictions for smaller finance firms. Dan Coatsworth, investment analyst at AJ Bell, said that while it took eight years for the FTSE 100 to go from 7,000 to 8,000, it had taken just two years to hit 9,000. 'That suggests the market is shaking off its unloved reputation and more investors like what's on the menu,' he added. 'Outperforming the main US indices since January is a major achievement for the UK and the FTSE 100 going through 9,000 builds on this success. It should help to convince overseas investors that the UK market isn't dull and boring.' After pushing above 9,000 in the opening hour or so of trading, by 10.30 on Tuesday the Footsie was at 8,996. Advertisement Hide Ad Advertisement Hide Ad The milestone was struck as the Bank of England said it will implement rules that will make it easier for mid-sized banks to compete in the mortgage market and simplify restrictions for smaller finance firms. The central bank said it will push ahead with the majority of new capital rules for British banks at the start of 2027 but will delay part of the proposals. The Bank said its Prudential Regulation Authority (PRA) has pushed back the start of a new internal model approach for considering risk in the market by a year to January 1, 2028. It said the latest proposals will allow time 'for greater clarity to emerge in other jurisdictions' amid uncertainty over how President Trump will implement the global Basel rules in the US. The Basel 3 regime was drawn up in the aftermath of the financial crisis to increase the amount of equity available to absorb stress from banks in an effort to avoid future state bailouts. Advertisement Hide Ad Advertisement Hide Ad The Bank of England said it will continue with plans to launch the majority of its modified Basel 3.1 rules at the start of 2027. It had previously delayed the start by a year in the face of uncertainty in the global financial markets. Basel 3.1 is set to promote 'banking resilience', according to the PRA, but comes as the Chancellor seeks to reduce regulation in a bid to drive growth. Restrictions The Bank of England said it would also change restrictions it claims will drive growth opportunities among smaller and mid-sized banks. It will push forward with its 'strong and simple framework', which will reduce capital rules for smaller non-systemic banks and building societies, providing them with simpler restrictions than the largest UK banks. The PRA said it is also putting forward prospective plans to make it easier for mid-sized banks to compete in the mortgage market. Advertisement Hide Ad Advertisement Hide Ad Sam Woods, chief executive of the PRA and deputy governor for prudential regulation at the Bank of England, said: 'Today's announcements will give certainty to firms of all sizes about the future capital framework, bring in a simpler regime for smaller banks, make it easier for mid-sized banks to scale up in the mortgage market, and allow an extra year for part of the implementation of new investment banking rules.'
Glasgow Times
04-07-2025
- Business
- Glasgow Times
New head appointed at RBC Brewin Dolphin's Glasgow office
RBC Brewin Dolphin has promoted its senior director, Zoe Gillespie, to head the firm's office in the city. Zoe, who is originally from Glasgow, joined the company in 2007 as an investment manager. She has spent the last 18 years managing and advising on investment portfolios for private clients. Her new role will see the experienced professional lead a team of 43 people. Read more: 'At the heart of our communities': Glasgow to mark National Retail Workers' Day Zoe said: "It is an honour to take up the role of head of RBC Brewin Dolphin's Glasgow office. "I look back on my journey at the company, and I am immensely proud of all that we have achieved as an office and across the firm. "We will now focus, as a team, on building upon our success and growth, to help more people in Glasgow achieve their financial goals." Lucie Gordon, managing director and head of the northern region at RBC Brewin Dolphin, said: "I am delighted that Zoe has been appointed as our new head of Glasgow. "She is a long-standing member of the RBC Brewin Dolphin team, having been with us for 18 years, with a proven track record of leadership and expertise in wealth management. "She brings strategic insight with a client-first approach that will be instrumental in driving our Glasgow office from strength to strength." Read more: 'Such sad news': Popular shop near Glasgow announces shock closure after two years RBC Brewin Dolphin has also strengthened its financial planning team in Glasgow with the recent appointment of wealth managers Gordon Parsons-Wallace and Jack Benton. RBC Brewing Dolphin's Glasgow office also recently appointed wealth managers Gordon Parsons-Wallace and Jack Benton (Image: Supplied) Gordon was previously principal financial planner at Finative Financial Planning, a subsidiary of SJP Wealth Management, and has held roles at MAB Wealth Management and 7IM. He advises clients on retirement and investment planning, business and estate planning, and wealth preservation. Jack began his career in financial services at Morgan Stanley in 2015 and became a financial planner in 2021 with SRB Wealth Management. He specialises in wealth building and preservation, as well as tax-efficient retirement and estate planning.
CNBC
25-06-2025
- Business
- CNBC
What's next as the British pound hits its highest in more than three years?
The British pound is hovering at its highest level in more than three years — and analysts are divided on the potential for further upside. Britain's currency was last seen trading around the $1.36 mark on Wednesday morning in London. It marked a slight drop from Tuesday, when sterling hit its highest level since January 2022. So far this year, the pound has surged 8.7% against the greenback. Against the euro, however, sterling is down 2.9% year-to-date. It was last seen trading marginally higher against the euro zone currency, with one pound buying around 1.173 euros. According to Janet Mui, head of market analysis at RBC Brewin Dolphin, much of the pound's upward trajectory is actually more to do with underlying dollar weakness than faith in sterling itself. "The relative strength of the pound has been more of a weak U.S. dollar story this year," she told CNBC by email on Wednesday. U.S. President Donald Trump's unpredictable trade policies shook confidence in American assets earlier this year, which in turn has sparked concerns in markets about de-dollarization. Paul Jackson, global head of asset allocation research at Invesco, said sterling was on a recovery journey from the "extreme low" seen in the aftermath of former British Prime Minister Liz Truss's so-called mini budget, which sparked a severe sell off of the pound and U.K. government bonds in 2022. He agreed, however, that much of the movement this year was attributable to dollar weakness, pointing out sterling's simultaneous depreciation against the euro. "I would expect that pattern to continue in the future, with the dollar weakening along with the US economy (and investor doubts about US fiscal and tariff policies), while the euro could strengthen on optimism about the implications of the coming fiscal boost (especially in Germany)," Invesco's Jackson said. He argued that the ECB had likely completed most of its monetary easing for the current cycle, whereas the Bank of England and the Federal Reserve "have a lot of catching up to do." "In 12 months, I would expect GBPUSD to be around 1.40 and GBPEUR to be around 1.15 (currently 1.17)," Jackson added. Jackson's forecast represents a roughly 2.9% premium from current exchange rates against the dollar. RBC Brewin Dolphin's Mui suggested that in the coming months, the outlook for the British pound is not overly compelling — but noted that geopolitical developments could catalyze further upward movements in the longer term. "In the near-term, further upside for the pound may be limited due to softer UK economic momentum and more scope for the Bank of England to cut rates," she said. "Looking ahead, one potential catalyst for the pound could be improved relations with the EU, particularly if it translates into more concrete action over time."
