Quick Quotes Call
0161 702 0301

April Newsletter


Product of the Month is Critical Illness. 48% of women cite high cost of living as the biggest barrier to improving their finances. A cockatoo smoking? Surely not! Britain's most affordable places to buy a home.


Product of the Month

Critical illness – the heart of the matter

It’s a testament to modern medicine that a whopping 70% of people in the UK who suffer a heart attack now live to tell the tale. Of course this is an encouraging statistic and many go on to find a new lease of life after the initial trauma. And it’s precisely this that makes critical illness insurance more vital than ever.

After living through a heart attack, many people’s lives are irrevocably changed, so it’s hard to overestimate the reassurance of knowing that financial support is at hand. It can ensure that mortgage payments are covered if you’re not well enough to return to work, provide money for childcare and potentially give you a lump sum to live off while you’re unwell.

Cover for heart problems is the cornerstone of a critical illness policy

More statistics from the British Heart Foundation show that every three minutes someone has to visit a hospital due to a heart attack, and over half a million people alive in the UK today have been diagnosed with heart failure. Couple this with the fact that over a quarter of all deaths in the UK are due to heart and circulatory diseases and you start to see just how prolific heart problems are.

There is no denying that these facts are frightening, but the survival rates I mentioned above and the help provided by critical illness cover offer much more encouragement. Heart problems can make up a quarter of all the claims that some providers pay out for on critical illness policies.

Cover for the family too

For parents, it’s not just their own health that could impact their ability to work and earn income. Statistics from the British Heart Foundation show that 12 babies are diagnosed with a heart defect every day. Of those babies, 8 out of 10 will survive to adulthood, which is obviously wonderful news but the treatment may require parents to take extra time out to care for their child.

Once again, this can put a strain on finances and the best type of critical illness product will also cover the policy holder’s children, reducing the need for parents to choose between providing for their family financially or being there physically to care for a child.

Support is about more than just money

Although so far, I have only touched on the physical aspects associated with having a heart problem, they can massively impact on someone’s mental health too.  Providers (ourselves included) have teamed up with support services such as RedArc. These types of services can come as standard as part of a comprehensive package and can provide practical advice and therapies to help with recovery and also emotional support and counselling to heal any mental scars.

In the case of Old Mutual Wealth, we also support the fantastic Wessex Heartbeat charity, who provide Heartbeat House; a place for the relatives of heart attack sufferers to stay if they have to travel long distances to visit them in hospital.

Cover that goes beyond a claim

Finally, I want to mention the cover reinstatement option. Good policies offer the chance to buy further cover even after a claim, and without the need for further medical questions – a valuable reassurance that support will still be there to alleviate at least some of the concern about suffering a further attack.

Ultimately, the main benefit of a critical illness policy for someone with a heart problem is some financial breathing space. This can then help them concentrate on recovery and hopefully end up being part of the 70% of people who survive a heart attack and find that new lease of life.



Less than half of women ‘feel financially independent’

 

Less than half of women consider themselves financially independent

 

A new survey has revealed that fewer than half (45 per cent) of women feel financially independent, with many citing this as a reason they are unable to make their own life choices.

Nearly two-fifths (38 per cent) of women who do not consider themselves financially independent feel they cannot make decisions by themselves because of outstanding debts or dependency on a partner’s income.

 
 

The survey of more than 1,000 women in the UK, carried out by investment management company Fidelity International, found that more than one in 10 (11 per cent) women are doubtful they will ever achieve financial independence.

 

For nearly half of the survey’s respondents (48 per cent), the high cost of living is the biggest hurdle to improving their financial situation.

 

Low-income levels and fears around job security were also cited as barriers to doing so.

 

About a fifth (19 per cent) said they are worried about their ability to support themselves or their family.

Only around a third (32 per cent) of respondents feel confident about reaching their financial goals, and a similar proportion are expecting to live comfortably in retirement.

Less than a third (28 per cent) said they are free from worrying about money.

Many of the women who said they do feel financially independent said they have enough income to cover their outgoings or are free from debts.

 

When asked what the most important factors were to secure financial autonomy, respondents said having personal savings to cover unforeseen expenses and a long-term plan for retirement or a pension pot were crucial.

It comes after a 2021 report by data analytics company Kantar found that “financial independence” is rated as the biggest contributor to overall wellbeing.

This is more of a priority among women than men, as the report revealed that 54 per cent of women said it was “extremely important” to have financial independent compared to 47 per cent of men who said the same.

 

Maike Currie, investment director at Fidelity International, said: “Female financial independence is fundamental. Having control over our finances allows us to adapt to changing circumstances, tackling challenges head on and seizing opportunities to shape the lives we want. Yet less than half of UK women feel financially independent.

 

“Low-income levels, fears about job security and the compromise many women are forced to make between work and caring responsibilities are all named as barriers to achieving financial independence.

“We all have a central role to play in breaking down the barriers which are currently stacked against women and impact their financial wellbeing.”

 

She added: “The disparity between women’s income levels and the rising cost of living is one of the main challenges standing between them and financial independence.

 

“While this continues to weigh heavily on so many households - as UK inflation climbs and household bills soar - women’s finances are likely to bear the brunt of this burden.”

 

 



Sneaky cockatoo caught stealing a packet of cigarettes from a tourist

 

Cocky wants a ciggie! 'Philip Morris' cockatoo steals a packet of smokes from a tourist - before pulling one out and holding it like long-term smokerootage has resurfaced online of a sneaky cockatoony 

 

A sneaky cockatoo has been caught stealing a pack of smokes from a tourist before pulling a cigarette out and holding it in its beak like an everyday smoker

'This happened while staying at the Reef View Hotel on Hamilton Island - Queensland, Australia,' the tourist wrote in the description of the clip at the time.

The cockatoo is seen calmly sitting on the balcony and holding the open cigarette packet with its foot.  

 

He then begins pulling the cigarettes out one by one with its beak.

 

The bird instantly drops the first smoke over the side of the resort and a second onto the balcony floor.

The cheeky animal manages to pull out a third cigarette and lets go of the entire packet, which falls over the side of the building.

It holds the third smoke in its beak temporarily like a smoker, rotating the tube around its mouth.

The cockatoo then grabs the smoke with its foot and begins breaking it apart with its beak before dropping the remains.

 

The cheeky animal manages to pull out a third cigarette and lets go of the entire packet, which falls over the side of the building

 

It holds the third smoke in its beak temporarily like a smoker, rotating the tube around its mouth.

 

The iconic Australian bird has a knack of nabbing food and possessions left unattended by people.

 

Last June, one mischievous cockatoo pinched a café diner's caramel slice in front of his eyes and flew off into the distance.

The cheeky bird appeared to lull the man into a false sense of security by eating crumbs off his table at a café in Lorne on Victoria's Great Ocean Road. 

It then suddenly snatched the paper bag with the slice inside, with the diner trying and failing to retrieve the treat from the animal's mouth. 

The bird then flew across the road with the bag hanging from its mouth. 

 



Britain's most affordable places to buy a home revealed

Britain's most affordable places to buy a home revealed: Scotland and the North dominate where buyers pay far less than the average four times combined salary

 

House hunters battling both inflation and rapidly rising house prices may be more interested than usual in a list of Britain's most affordable places to live.

The list, revealed by the property website Zoopla, looks at average local house prices compared to the combined income of an average two-earner household in the same location and is dominated by locations in Scotland and the North.

 

Top of the rankings - for the third year running - is the Durham town of Shildon, where the average house price is £71,000. The average household salary in Shildon, based on two earners, is £62,500, producing a price to earnings ratio is 1.14.

 

The list of the most affordable places to buy a property in 2022 has been produced by Zoopla

This stands in contrast to the average across Britain of double-earner households expecting to pay four times their combined salary to purchase a home in 2022.

 

The report highlighted how annual house price growth - as of January this year - is almost double that of annual wage growth.

Three other County Durham locations also feature in the top ten - Ferryhill, Peterlee and Trimdon Station - as buyers in these towns can expect to pay only up to 1.5 times the average two-earner household salary for a property.

 

Four towns in Scotland also feature, with all areas of historic Ayrshire including Stevenson, Cumnock, Girvan and - the only new entrant - Irvine making the top ten list thanks to equal steady house price and wage increases.  

 

Cumbria's Cleator Moor, and Egremont are also in the top ten affordable towns in Britain. 

 

But Clydebank in Scotland had the lowest average house price of £115,700 and only a price to earnings ratio of 1.8 for potential buyers in the area, making a move to the outskirts of Glasgow relatively affordable. 

 
 

This three-bedroom house in the town of Shildon, County Durham, is for sale for £55,000 via Pattinson estate agents

THE MOST AFFORDABLE PLACE TO BUY A PROPERTY IN BRITAIN
Postal town Local Authority Avg property value (rounded to nearest £100) Median household earnings estimate(annual, 2-earners, rounded to nearest £100) Price to earnings ratio Feb 2022 Price to earnings ratioFeb 2021 YoY % change in affordability
SHILDON County Durham £71,000 £62,500 1.14 1.08 -5.2%
CLEATOR MOOR Copeland District (B) £105,700 £85,700 1.23 1.08 -14.1%
FERRYHILL County Durham £80,400 £62,500 1.29 1.29 0.6%
STEVENSTON North Ayrshire £88,800 £68,000 1.31 1.32 1.1%
CUMNOCK East Ayrshire £89,400 £67,000 1.34 1.25 -7.2%
PETERLEE County Durham £84,200 £62,500 1.35 1.45 7.1%
EGREMONT Copeland District (B) £120,900 £85,700 1.41 1.26 -12.1%
TRIMDON STATION County Durham £91,500 £62,500 1.46 1.51 2.7%
GIRVAN South Ayrshire £105,000 £70,500 1.49 1.45 -2.5%
IRVINE North Ayrshire £102,100 £68,000 1.50 1.50 -0.4%
Source: Zoopla           
 
 

The Covid pandemic has seen a noteable shift in buyer demand to less urban areas, in what has been dubbed a 'race for space', but Zoopla said major cities are bouncing back. 

 

In London, the level of sales agreed so far this year is higher than in the first three months of 2021. And demand in Newcastle and Birmingham is up 7 per cent and 5 per cent respectively in early 2022.

 

Zoopla suggested that this shows the desire for city centre living has returned following several lockdowns. 

 

There are some pockets of affordability in Britain's major cities. In London, Barking and Dagenham and Bexley remain in the top two spots for affordability, with Croydon in joint third place with Tower Hamlets.

 

In these boroughs, the average cost of a home is 5.5 times the annual salary for a two-earner household average salary.

 

Unsurprisingly, Kensington and Chelsea and the City of Westminster remain some of the most expensive London boroughs, where buyers can expect to pay more than ten times the average two-earners' salary to purchase a home.

 

However, that is still a 7 per cent improvement on affordability in Kensington compared to last year thanks to wages growing faster than house prices in the borough.

 
 

Brierley Hill in Dudley is the most affordable Birmingham suburb where the house price to earnings ratio is 3.2 for an average house price of £194,200.

 

Wallsend tops the affordability list in Newcastle with the price to earnings ratio at 2.1 for a house price of £135,600, while Leigh in Greater Manchester is the most affordable there with an average price of £153,000 and price to earnings ratio of 2.5.

 

Grainne Gilmore, of Zoopla, said: 'The cost of living crisis has meant that affordability has been pushed to the forefront of buyers' minds this year, more than ever.

 

'Once again, we are seeing that many of the most affordable areas for potential home buyers are across Scotland and the North of England which could be attractive to those still searching for the perfect post-pandemic family space.'

 

 
 
 




Categories

Cookies Notice

Please review our Cookie and Privacy policy. Continued use of this website implies acceptance of this policy.

I Agree