The start of the new tax year sees the minimum contributions of workers in auto-enrolment pensions rise from 1% of their income to 3%. Employer contributions have also increased from 1% to 2%.
Despite house prices continuing to climb, Britain remains a country obsessed with home ownership.
Among many potential first-time buyers are Joseph Burrows, who works in public relations, and his girlfriend Rhianna Bowe, who is in marketing, both 24. The pair, who live and work near Leeds, have recently started saving to buy a home.
Each week we ask an expert for tips on how to invest £10,000. This is the last in our series focusing on investing during periods when interest rates are so low - and could go even lower.
This week: Angela Murfitt, Chartered Financial Planner at Fairstone
Angela Murfitt, a chartered financial planner at the adviser, Fairstone, says a growing number of people are worried about taking investment risks, but they know they have to move out of cash in order to beat inflation.
Q. I am self-employed and own my home. I still have a mortgage but have enough money saved to pay it off. My question is should I clear it? I’m looking to sell the property and buy somewhere else. Am I better off paying the mortgage off now or keeping my money and continuing to save until I find another home and sell this one?
