The Sunday Times kicks off with a cautionary tale about how waiting too long to help older family members with their finances can be disastrous; by the time Paula Sanderson took over her mother’s affairs, £50,000 was missing from a savings account, £12,000 had been run up on a credit card and after Paula moved in to her mother’s home she found she was called incessantly by scammers and salespeople.
The paper poses the question “As cash dies, should you give your six-year-old a bank card?”; handing out pocket money is tricky in the digital age, so they look at the cost and safety of apps aimed at children.
There’s an item about interest rates for first-time buyers with small deposits rising because banks believe they are at risk. As the banks seek to bolster their profits, first-time buyers are facing a widening gap between savings and mortgage rates.
The late Sunday Telegraph (by late, I mean it hadn’t published by 00.55) tells readers in their 50s why Covid-19 may cost them £100k by age 75, and warn that pausing pension savings could scupper any dreams of a comfortable retirement.
They have a story telling that Britain’s largest wealth manager has been forced to offer a customer almost £6,000 by way of apology. The customer started to invest with St James’s Place in 1994. Since then she has paid the firm thousands of pounds in fees but in 17 years she received no correspondence and was passed between five different financial advisers, which the firm calls partners.
They report a record number of ‘dog’ funds as managers struggle in 2020, with Invesco keeping its top spot as the fund group with the largest number of consistently underperforming funds.
The Mail on Sunday echoes the Telegraph, reporting that one in 10 workers is freezing pension saving during the Covid-19 crisis, risking the loss of tens of thousands from retirement pots.
Understatedly, they tell us “Jobs bloodbath could be worse than 1980s: analysts rip up forecasts after new coronavirus curbs – and warn jobless toll could soar over 3m.”
There is also analysis of the sectors and regions where investment trusts have beaten funds over 10 and 20 years – and how markets compare.
A parting shot? “When you struggle hard and lose money, you’re a hero. When you start making money you become a capitalist swine.” (Terence Conran)
The “Rule of Six” applies from Monday; let’s just bite the bullet and get on with it. Staying safe is paramount.
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