E.ON announces price hikes for gas and electricity customers | Personal Finance | Finance

Customers who take both fuels will see bills rise by an average of £55 (4.8 percent) while there are price hikes of £36 (6.2 percent) for electricity-only customers and £19 (3.3 percent) for gas-only customers. The company said the new prices will come into affect on August 16. E.ON UK chief executive Michael Lewis said: “We had hoped that by making the structural changes we made earlier this year, impacting bills by around £22 a year, we could avoid an increase in our unit price. “However, as was seen in…

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Hard-pressed savers see another door slammed shut | Personal Finance | Finance

GETTY The situation will only improve when the Bank of England increases base rates. These bonds have been particularly popular with older savers, especially those who wanted to put away large amounts without stock market risk and appreciated the security of a government backstop. Savers also suffered another blow last week as in action stalled at 2.4 per cent, making a Bank of England base rate hike this year less likely. So where can they turn to now? LIGHTS OUT More than 25 million people save with NS&i and Sam…

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Five-minute guide to: Automated wealth planning advance | Personal Finance | Finance

GETTY Research for the Sunday Express reveals that many investors fear the rise of the machines. They claim they can do just as good a job as the real thing and, by undercutting charges, deliver better investment returns. However, exclusive research for the Sunday Express reveals that many investors fear the rise of the machines, with nine out of 10 saying they would not trust an automated investment programme to manage their assets. This follows criticism last month by City watchdog the Financial Conduct Authority, which said some robo-advisers were…

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Cover against holiday hell | Personal Finance | Finance

One in four people says they would travel abroad without insurance, despite 3,000 Britons a week claiming for emergency medical treatment on holiday, with Spain, Greece and France generating the most claims. The average medical claim amounts to more than £700, which is more than the average weekly UK wage, according to the research from insurer Admiral. Serious illnesses can be far more costly, with treating a heart attack ranging from £32,000 in France to £65,000 in Canada and Dubai, £80,000 in Barbados and an eye-watering £115,000 in the US.…

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Gifting parents may feel pinch as time goes by | Personal Finance | Finance

GETTY STOCK Be careful how much assistance you give to children and grandchildren Growing numbers are giving a living inheritance to their loved ones to help with education fees, a deposit on their first home or to clear debts. Careful use of gifting can also reduce an estate’s future liability to inheritance tax (IHT), but those giving must leave enough money to pay for unexpected costs in later life, including residential or nursing home fees. Nobody knows what is ahead and experts are warning older people to avoid giving away…

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Should you transfer a final salary pension? | Personal Finance | Finance

More than 100,000 people cashed in their final salary schemes in the 2017/18 tax year, taking on average £200,000 at a time. Some will have made the right decision, but others will have been misled by advisers, notably hundreds of British Steel pension scheme members who transferred out after being targeted by a financial advisory firm. The number of transfers has fallen sharply since the scandal broke, but they can work for some. However, if you are still tempted, you must consider all the pros and cons. BIG MONEY Final…

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