Check out our pick of the financial news from across the web this week and find out what we think!
BBC News: Ten million people face higher pension payments
On 6th April (Saturday), the new tax year began, bringing an increase to auto-enrolment pension contributions. Employees will now contribute 5% of their salaries, up from 3% previously, meaning that someone earning £30 000 will contribute an additional £32 per month to their pension. Employer contributions will also increase, from 2% to 3%.
Read the full article here. www.bbc.co.uk/news/business-47816511
LowerMyCharges’ take: The increases in Auto Enrolment contributions may seem steep to some people, but everybody needs to save somehow for their retirement, and employer contributions are also increasing.
Mirror: Worker’s mental health suffering as they ‘lose sleep’ over money worries, poll reveals
This week, the Mirror reported on a new survey by GettaSub. The research found that 34% of workers regularly lose sleep over money worries, and 59% cited personal financial concerns as the biggest cause of stress in the workplace. Significantly, 57% felt that their management needed to do more to support their financial wellbeing.
Read the full article here. www.mirror.co.uk/news/politics/workers-mental-health-suffering-lose-14269847
LowerMyCharges’ take: Money worries is one of the biggest causes of stress in the workplace, with many employees affected. Employers have a duty of care for their employees, but they themselves often don’t know how to help.
Jason Butler: How to build wealth slowly but surely
Jason Butler looked at the importance of patience and low fees in building wealth, pointing to the success and advice of Warren Buffet.
Read the full article here. www.jason-butler.com/blog/2019/4/5/how-to-build-wealth-slowly-but-surely
LowerMyCharges’ take: Warren Buffet is one of the wealthiest investors in the world and puts much of his success to the power of compounding and low costs. ‘Performance comes, performance goes but fees never falter.’