Latest news with #emergency fund
Daily Mail
a day ago
- Business
- Daily Mail
One in five young people can't afford to break up
One in five under 40s admit they have stayed in a relationship to make living costs more affordable, new data suggests. The survey of 3,000 young adults, by Lifetime Isa provider OneFamily, found nearly three in ten single young adults do not have an emergency fund, compared with one in six in a relationship. Single savers said they manage to put aside an average of £301 per month - around half the £609 those in relationships are saving. OneFamily boss Jim Islam said: 'These stats are shocking, people are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own.' 'It's a tax on being single, made worse by the rising bills.' Experts recommend keeping between three and six months' worth of essential spending in cash savings to fall back on. This must cover rent and mortgage payments, utility bills, food shopping, insurance and any other essential monthly spending in the event a person should lose their job or fall ill. Households spend an average of £2,062 on essentials each month, according to a report from stockbroker Hargreaves Lansdown. This means people would need to have between £6,186 and £12,372 saved for an adequate emergency fund. Mr Islam said: 'Building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life.'
The Sun
2 days ago
- Business
- The Sun
20% of young people stay in unhappy relationships because they can't afford to split up, study shows
MANY young adults stay in unhappy relationships because they can't afford to split, a study says. Some 21 per cent of 3,000 people polled aged 18 to 40 admitted remaining with their partner because bills would otherwise be too high. The research for Lifetime Isa provider OneFamily found 16 per cent of those in couples did not have any savings to fall back on. OneFamily chief exec Jim Islam said: 'People are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own. 'It's a tax on being single, made worse by the rising bills.' Mr Islam urged people to save up an emergency fund. He said: 'Financial independence is crucial, since it enables freedom. "It needs to be talked about in schools alongside good savings habits. 'Building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life.' Of those that can afford to save, the research found that singletons put away £301 per month — less than half the £609 that those with partners save. 1
Yahoo
12-07-2025
- Business
- Yahoo
7 Financial Strategies Retirees Can Learn From Those Still in the Workforce
Retirement doesn't mean your financial journey is over. In fact, it's just entering a new phase. As a retiree, you've got to stay on top of your expenses since you're likely living on a fixed income and want to avoid running out of savings. That's why it's more important than ever to stay proactive with your money. Learn More: For You: While it may seem backwards to look to younger generations for advice, there are plenty of financial strategies retirees can learn from those still in the workforce. Take a look at these seven smart money habits that can help you protect your nest egg and enjoy the retirement you've worked so hard for. 'By leaving a portion of your portfolio invested in the market, you have the opportunity to hedge against inflation and seek higher returns,' said Jordan Mangaliman, owner of Goldline Financial Services. It's tempting for retirees to depend on things that feel safe, like fixed-income assets, pensions and Social Security, but you don't have to miss out on potential returns. Continue investing to keep your funds growing. Find Out: 'Younger generations that are still working are more likely to keep an emergency fund, but it doesn't mean retirees shouldn't do the same,' said Mangaliman. While retirees may want to rely solely on their pension or investment income, it's important to remember that an emergency fund can bail you out when unexpected expenses crop up. 'While you aren't worried about job loss in retirement, you're not immune from economic woes like the possibility of a recession, and expenses like medical bills and car trouble can be hard to cover if you need to pull from retirement accounts,' added Mark Henry, the founder and CEO of Alloy Wealth Management. 'Think about how you can generate extra income, whether by working part-time, renting a room or even using your skills as a consultant,' said Erik Severinghaus, founder and CEO of Bloomfilter. 'It helps you financially and keeps you connected and engaged.' Working people often look for multiple income sources, because they can't rely on one paycheck. As a retiree, you may want to consider pursuing a side hustle or picking up a part-time job to ensure that you have enough money coming in. You may also want to try to find a profitable hobby so that you have something to look forward to while bringing in some extra cash. 'I've noticed that workers never stop learning,' Severinghaus said. 'Whether taking online courses or following the trends, they know that knowledge is power. For retirees, this means you need to stay curious, too.' Keep investing in yourself — this could be by learning more about your finances, prioritizing your health or just practicing a new hobby. 'As you age, try to continue to educate yourself and stay up to date on how you can best manage your money, whether you do your own research or work with a financial advisor,' Henry said. 'If you learned to budget 30 or 40 years ago and never looked back, there are likely things you can do better and improve on, and there is absolutely technology that can make managing your money easier and more efficient. By staying informed on money management and your investments, you can spend more time enjoying retirement and spend less time budgeting and paying bills. The objective is to understand what's happening with your money so that you're not stressed out. Henry pointed out that, when used properly, credit cards are a great way to earn rewards and build credit — or maintain good credit in your retired years. Just because you're not employed doesn't mean you should be afraid of credit cards. You just have to use them responsibly. Henry added, 'If you use a credit card that offers rewards for things you already spend money on, like gas or groceries, you'll save money. If you already had a rewards credit card while you were working, consider switching to one that fits your needs and lifestyle in retirement.' If you start travelling often to visit family, for example, look for a card offering miles to save money on flights and hotels. The key is not to unnecessarily spend money for rewards but to let daily purchases add up. You'll want to have a budget or spending plan as much as you did when you were working, because you can't let your expenses spiral out of control. Henry added, 'Make sure to include categories in your spending plan for things you want to do in retirement, whether that's travel, experiences with family or recreation.' Regularly take inventory of all recurring expenses, like subscriptions or bills on autopay, and cut any that you don't use, similar to what you likely did when you were working. More From GOBankingRates 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on 7 Financial Strategies Retirees Can Learn From Those Still in the Workforce
