Newsletter November 2020
UK economic recovery slows to 2.1% in August
The UK’s economic recovery following sharp declines caused by the coronavirus lockdown continued to slow in August 2020, official figures show.
The Office for National Statistics (ONS) reported that GDP grew by 2.1% in August 2020, its fourth consecutive monthly increase after falling by 26.2% in March and April.
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Benefits of advice ‘go beyond financial gains alone’
Receiving financial advice helps improve emotional well- being as well as financial benefits, according to a report.
Royal London polled 4,007 people and found those who received financial advice were an average of £47,000 better off.
The study found 63% who received expert advice said they felt financially secure, compared to 48% who did not receive advice.
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State pension age rises to 66 for both men and women
The age at which most people in the UK start to receive their state pension officially hit 66 last month, with further rises in the pipeline.
The latest steady rise in the qualifying age for the state pension kicked in from 6 October 2020.
As a result, men and women born between 6 October 1954 and 5 April 1960 will start receiving their pension on their 66th birthday.
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‘Most mid-life savers have no target retirement age’
Most mid-life retirement savers have never calculated when they can afford to retire, according to research from Aviva.
More than 3,000 consumers were polled by the insurance company, with 53% of people aged 45-60 not having a target retirement age in mind and 61% had never requested a free state pension forecast.
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Source: Practiceweb November 2020