Browse content similar to 15/02/2014. Check below for episodes and series from the same categories and more!
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be closed for a month. The Roman Catholic Church has criticised | :00:00. | :00:00. | |
government welfare reforms. Now Declan Curry is here with Your | :00:07. | :00:19. | |
Money. Hello and welcome to your weekly guide to making the most of | :00:20. | :00:28. | |
your cash. Richer in retirement. The city watchdog says pensioners could | :00:29. | :00:34. | |
be 7% better off every year in old age if they got a better deal. Our | :00:35. | :00:40. | |
reporter seeks out hidden treasure in old maps. And Kate has tips on | :00:41. | :00:53. | |
turning spare cash into a Child's nest egg. While we work, many of us | :00:54. | :01:00. | |
save for our old age. Many of us will then take those savings and | :01:01. | :01:05. | |
swap them for an insurance policy that promises to give ours and | :01:06. | :01:11. | |
income every year that we live. They are often add value. If you watch | :01:12. | :01:21. | |
this programme you will know that you can shop around because we have | :01:22. | :01:26. | |
gone on and on about it, now the city watchdog has caught up. Over | :01:27. | :01:34. | |
400 annuities -- 400,000 annuities are sold every year. Six out of ten | :01:35. | :01:42. | |
of us do not shop around and almost deep percent could get a better | :01:43. | :01:49. | |
deal. -- 80%. Getting a better deal could increase your annual income by | :01:50. | :02:03. | |
7% per year. We knew much of this already, what is the watchdog going | :02:04. | :02:10. | |
to do about it? It has taken them a year to get to this stage. They are | :02:11. | :02:17. | |
now telling us that many people do not get a decent deal out of their | :02:18. | :02:23. | |
pension saving which is a tragedy. If you have spent years putting | :02:24. | :02:27. | |
money into a pension plan you are entitled to get the best return from | :02:28. | :02:35. | |
it. Many people are not doing that. What the watchdog has done is put | :02:36. | :02:39. | |
some flesh on the bones and given as some evidence of the fact that so | :02:40. | :02:46. | |
many people are missing out by not shopping around. Do people actually | :02:47. | :02:51. | |
understand the value of shopping around to get the best possible | :02:52. | :02:57. | |
deal? Is it going to be worth their while to pay a financial adviser to | :02:58. | :03:05. | |
help with this? The system is probably too complicated and needs | :03:06. | :03:10. | |
some radical change. You put your finger right on one of the problem | :03:11. | :03:15. | |
is, if you go to a financial adviser they will say it is going to cost | :03:16. | :03:20. | |
you money and your instinctive thought is why should I pay for | :03:21. | :03:24. | |
advice for something I do not really understand? Yes, but everything will | :03:25. | :03:33. | |
not be fine as we know, the statistics the watchdog has produced | :03:34. | :03:37. | |
show that is not the case. If able get this wrong, they get it wrong | :03:38. | :03:42. | |
for life so it is often worth paying a few hundred pounds to get the | :03:43. | :03:46. | |
extra thousands over the course of your lifetime. There are also | :03:47. | :03:53. | |
annuity brokers that you can go to who will do the shopping around for | :03:54. | :03:58. | |
you, you will have to pay something to them as well but I do urge people | :03:59. | :04:03. | |
to take this very seriously and, where necessary, take advice. They | :04:04. | :04:09. | |
need to consider the timing of the annuity purchase, they do not have | :04:10. | :04:14. | |
to take an annuity and the older you are when you hand over your pension | :04:15. | :04:18. | |
pot for an annuity, the better the deal you have. That is because there | :04:19. | :04:25. | |
is less time for that payment to be made to you. Do you get one that | :04:26. | :04:30. | |
pays you a level income for life or one night gives you a spice 's | :04:31. | :04:34. | |
benefit or one that is linked to inflation? -- spices benefit. You | :04:35. | :04:47. | |
have a real possibility of getting a big increase in your income. People | :04:48. | :04:52. | |
are living longer and therefore they cost more to provide but really we | :04:53. | :04:58. | |
want to get the best deal. The regulator is now going to do a | :04:59. | :05:03. | |
further study to look at things like the profit margins of some of these | :05:04. | :05:07. | |
insurance companies and whether there is any sort of market default | :05:08. | :05:12. | |
going on here which could be put right. I welcome that, I just wish | :05:13. | :05:17. | |
they would get on with it because there are 400,000 people per year | :05:18. | :05:22. | |
taking out a new tees and many are getting a poor deal. This needs to | :05:23. | :05:33. | |
be put right. Thank you for your insight and shading your expertise | :05:34. | :05:42. | |
with us. -- sharing. Customers who were mis-sold insurance for home | :05:43. | :05:54. | |
repairs, there will be payback. You do not need to do anything, the | :05:55. | :05:59. | |
company will write to you if you are to get that cash. They have been | :06:00. | :06:05. | |
fined for taking advantage of customers. Over 700,000 forms missed | :06:06. | :06:16. | |
the tax revenue deadline and will be fined. There was a 23% jump in loans | :06:17. | :06:22. | |
to people buying their first house or flat. Despite the government | :06:23. | :06:27. | |
funding for lending and help to buy schemes, buyers still typically | :06:28. | :06:35. | |
offer a deposit of 20%. The energy companies are making more profit | :06:36. | :06:38. | |
than first thought says the energy minister. He has told the watchdog | :06:39. | :06:44. | |
to considerably king the biggest firms up if they are too dominant. | :06:45. | :06:50. | |
If you remember pirate stories, you will know that X Marks the spot. It | :06:51. | :06:55. | |
is the place on the map that the secret treasure is buried. What if | :06:56. | :07:01. | |
the map itself is the secret treasure? You may not have thought | :07:02. | :07:09. | |
of lobes themselves as a potential investment but even as paper maps | :07:10. | :07:23. | |
are replaced by tom-tom they are becoming desirable. This is | :07:24. | :07:31. | |
currently priced at just over ?1 million. Last year alone this firm | :07:32. | :07:42. | |
sold 20 more pieces than before. The number of people interested in maps | :07:43. | :07:48. | |
has increased, they are also a broader range of people coming in | :07:49. | :07:52. | |
and becoming interested in the material. Younger customers are | :07:53. | :08:02. | |
visiting the market. 25 to 30-year-olds guard the bigger | :08:03. | :08:10. | |
screw. People are very aware of mapping and I think that has created | :08:11. | :08:16. | |
a renewed interest in the process of mapping historically. It is tempting | :08:17. | :08:25. | |
to think you have to spend a lot of money to get anywhere with maps but | :08:26. | :08:33. | |
the 1931 edition of the London underground map was given away for | :08:34. | :08:40. | |
free and it is now worth ?1500. Plans of the tube have become | :08:41. | :08:44. | |
eminently collectable. People buy up things they have a connection to | :08:45. | :08:50. | |
which has boosted charters of major cities. So too are satirical maps | :08:51. | :09:01. | |
related to historical events. This man thinks the Internet is behind | :09:02. | :09:05. | |
rising prices, particularly items from the last century. A few years | :09:06. | :09:11. | |
ago I do not think people realise how rare some 20th-century material | :09:12. | :09:23. | |
was. They've got something for a hundred years ago would be more rare | :09:24. | :09:30. | |
than something given away free in the 1940s. Did I see the end of | :09:31. | :09:42. | |
March for the tax thing? It is January. We all knew it was. For | :09:43. | :09:48. | |
some reason I said March! If you pay your energy bill by direct debit and | :09:49. | :09:54. | |
the company takes too much from you in advance how do you get it back? | :09:55. | :10:00. | |
EDS says it will give the fool annual refund to any customers who | :10:01. | :10:06. | |
are in credit. They will give you an automatic refund if they have taken | :10:07. | :10:10. | |
too much. Until now, you have had to request one. If you are with another | :10:11. | :10:18. | |
company heeded the advice. Take an up-to-date meter reading, send it | :10:19. | :10:21. | |
in, check your next bill, if you are in credit phone them and ask for the | :10:22. | :10:29. | |
money back. If you are dreaming wistfully about the time your | :10:30. | :10:34. | |
children move out in that does not necessarily ease the strain on your | :10:35. | :10:38. | |
bank account. How can you make your money work harder? Kate Murray is | :10:39. | :10:51. | |
head of savings and investments at a family finance specialist. She is in | :10:52. | :10:58. | |
Brighton for us. The biggest challenge for any pavement is to | :10:59. | :11:02. | |
find any spare money at all at the end of the month but assuming it is | :11:03. | :11:09. | |
they are, you to aim for, giving for the short-term and saving for the | :11:10. | :11:21. | |
long-term. You need to think about different ways of saving. The first | :11:22. | :11:25. | |
thing is to save for the short term, for the here and now. You might want | :11:26. | :11:30. | |
to open a bank or building society for your child, put it in their | :11:31. | :11:34. | |
name. In those accounts, if you get ?10 in a birthday card or pocket | :11:35. | :11:39. | |
money, you want to put that money away with the child. That really | :11:40. | :11:43. | |
helps the child learn about the value of money. If they want to save | :11:44. | :11:51. | |
for the latest tablet or a school trip, or an outfit for a party, that | :11:52. | :11:54. | |
is the type of thing where they go with a passbook. They might have a | :11:55. | :12:00. | |
cash card. They need to learn how to budget. We had school savings and | :12:01. | :12:05. | |
things like that many years ago. Saving for the long-term is | :12:06. | :12:11. | |
different. It is very different. That is really about saving for the | :12:12. | :12:16. | |
child 's future, when they are young adult. We all know the pressures | :12:17. | :12:21. | |
that young adults have now. Whether it is saving to get their first step | :12:22. | :12:26. | |
on the housing ladder, for example. The cost of university fees are so | :12:27. | :12:30. | |
much higher than when I went to university. The average debt. One | :12:31. | :12:35. | |
leading university is ?30,000. That is about saving for the long-term. | :12:36. | :12:42. | |
The key message for me is to start early. Doing little and often can | :12:43. | :12:47. | |
really make a difference over the long-term. There are now a junior | :12:48. | :12:55. | |
versions of the ice, the tax efficient account. You can open one? | :12:56. | :13:10. | |
Junior ISA 's, you were saying how difficult it is for parents who want | :13:11. | :13:18. | |
to do the right thing. You can ask God parents and grandparents to get | :13:19. | :13:23. | |
involved and they can pay into those accounts. One group of children | :13:24. | :13:26. | |
cannot have a junior ice and they are those who could have had a child | :13:27. | :13:31. | |
trust fund. If you could have got one, you cannot have a junior ice. | :13:32. | :13:39. | |
If your child was born between September 2002 and June 2010, they | :13:40. | :13:44. | |
would automatically have had a child trust fund. That product actually is | :13:45. | :13:50. | |
very similar to the Junior ISA. Both are long-term savings products and | :13:51. | :13:53. | |
both are locked away for the child for when the child reaches 18. Thank | :13:54. | :14:01. | |
you very much. That is all for this week. News, tips and information | :14:02. | :14:07. | |
about savings, borrowing, spending, pensions and all the rest of it | :14:08. | :14:13. | |
online. Updates of course by following our feed on twitter. | :14:14. | :14:17. | |
Thanks for watching again this week. I hope to see you next week. We have | :14:18. | :14:20. | |
more for you then. This is BBC News. The headlines: two | :14:21. | :14:41. | |
people die after another night of fierce storms batter Britain. One | :14:42. | :14:46. | |
woman was killed in London and an 89-year-old man was killed on board | :14:47. | :14:48. |