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Youth unemployment remains an issue
The latest survey from the Chartered Institute of Personnel and Development has shown that only 1 in 4 employers plan to take on workers aged between 16 and 18. Similarly data from the Office for National Statistics (ONS) shows that the unemployment rate among 16-24 year olds is 19.1%, which means roughly about 928,000 people, are unemployed.
This week the Confederation of British Industry (CBI) called on the government to do more to help tackle youth unemployment, and they have called for the government to fund 50,000 new apprenticeships.
Here is a review of the other top money stories of the past week commencing 24 August 2009.
Tuesday 25th August
Freeze in job opportunities for new graduates - A quarter of large employers are likely to freeze their recruitment of new university graduates for the coming year, the Confederation of British Industry (CBI) employers' organisation has said. A survey carried out by CBI in March of this year showed that roughly twenty-five per cent of larger CBI members had put a freeze on hiring recent graduates due to the economic difficulties that companies are facing.
This week the Confederation of British Industry (CBI) called on the government to do more to help tackle youth unemployment, and they have called for the government to fund 50,000 new apprenticeships.
Here is a review of the other top money stories of the past week commencing 24 August 2009.
Tuesday 25th August
Freeze in job opportunities for new graduates - A quarter of large employers are likely to freeze their recruitment of new university graduates for the coming year, the Confederation of British Industry (CBI) employers' organisation has said. A survey carried out by CBI in March of this year showed that roughly twenty-five per cent of larger CBI members had put a freeze on hiring recent graduates due to the economic difficulties that companies are facing.
Thursday 27th August
Retired but still indebted – A survey conducted by Scottish Widows has indicated the level of debt amongst those that have retired. The survey found that 15% of people that were retired were still paying off a home loan and a third owed money on credit cards and loans. With those that were still paying a mortgage, the average debt was £50,100 - £8,000 higher than a year ago. The findings of this survey are concerning as entering retirement should be a time for enjoyment, not to still be servicing debt and feeling worried about money. The poll also showed that many pensioners and retirees are still maintaining their children who are well advanced into their adult life. It suggested that 7% of retirees were still paying towards the upkeep of the children who have reached adulthood. If you are nearing retirement or are retired already, it's important to be in control of your finances. Use the budgeting calculator on moneybasics to see the money you have coming in and going out each month. If you find that your budget doesn't balance, seek help from the Consumer Credit Counselling Service (CCCS) on 0800 138 1111.
Pay rises fall – Data from Income Data Services (IDS) have revealed interesting information on the extent of pay rises in the UK. IDS have said that from May until the end of July the average pay rise amongst British workers was 1%, which is the lowest increase they have recorded since their records began in 1994. IDS also reported that almost half of firms have frozen wages as they look to ride out the recession.
Retired but still indebted – A survey conducted by Scottish Widows has indicated the level of debt amongst those that have retired. The survey found that 15% of people that were retired were still paying off a home loan and a third owed money on credit cards and loans. With those that were still paying a mortgage, the average debt was £50,100 - £8,000 higher than a year ago. The findings of this survey are concerning as entering retirement should be a time for enjoyment, not to still be servicing debt and feeling worried about money. The poll also showed that many pensioners and retirees are still maintaining their children who are well advanced into their adult life. It suggested that 7% of retirees were still paying towards the upkeep of the children who have reached adulthood. If you are nearing retirement or are retired already, it's important to be in control of your finances. Use the budgeting calculator on moneybasics to see the money you have coming in and going out each month. If you find that your budget doesn't balance, seek help from the Consumer Credit Counselling Service (CCCS) on 0800 138 1111.
Pay rises fall – Data from Income Data Services (IDS) have revealed interesting information on the extent of pay rises in the UK. IDS have said that from May until the end of July the average pay rise amongst British workers was 1%, which is the lowest increase they have recorded since their records began in 1994. IDS also reported that almost half of firms have frozen wages as they look to ride out the recession.
Friday 28th August
Rental prices rise – Over the past year there has been an increase in the number of properties to rent. This occurred because as house prices fell, landlords opted to rent their properties out, instead of trying to secure a sale at a lower price than they might have previously received. With an increase in the supply of houses to rent, rental prices fell. However, as house prices have picked up slightly over the past month, surveys conducted by Findaproperty.com and LSL Property Services have both shown that rent prices are increasing. LSL Property Services have reported that rents in England and Wales rose by 0.5% in July compared with June, which is the fastest rate in a year. Rents are rising fastest in London and the southeast of England.
Pensions are back in the spotlight – This week several employers have announced plans to change the pension schemes that are on offer to their staff, many axing their 'final salary' scheme. This type of pension is often the most generous, but it can be costly for employers to maintain. A separate survey released this week from Aon Consulting has shown that one in five workers is increasing the contribution they make to their pension during the recession. Even though retirement can often feel like a long way off, it is important to prepare for it now, and one way of doing this is by saving into a pension. For further information on pensions see this helpful section on moneybasics.
Rental prices rise – Over the past year there has been an increase in the number of properties to rent. This occurred because as house prices fell, landlords opted to rent their properties out, instead of trying to secure a sale at a lower price than they might have previously received. With an increase in the supply of houses to rent, rental prices fell. However, as house prices have picked up slightly over the past month, surveys conducted by Findaproperty.com and LSL Property Services have both shown that rent prices are increasing. LSL Property Services have reported that rents in England and Wales rose by 0.5% in July compared with June, which is the fastest rate in a year. Rents are rising fastest in London and the southeast of England.
Pensions are back in the spotlight – This week several employers have announced plans to change the pension schemes that are on offer to their staff, many axing their 'final salary' scheme. This type of pension is often the most generous, but it can be costly for employers to maintain. A separate survey released this week from Aon Consulting has shown that one in five workers is increasing the contribution they make to their pension during the recession. Even though retirement can often feel like a long way off, it is important to prepare for it now, and one way of doing this is by saving into a pension. For further information on pensions see this helpful section on moneybasics.
