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Microbusinesses relying on personal support

Nearly two thirds of businesses with fewer than 10 employees rely on support from friends and family, research by Lloyds Bank Insurance has found.

The survey of decision makers in some of the UK's smallest businesses also shows that friends or relatives put in an average of 6 hours a week. Whilse 41% of these businesses pay their personal support networks an average salary of £14 an...

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Retirement advice needs varies according to age

The type of retirement advice people want varies significantly according to age, research by Partnership has found.

Structuring a retirement budget is the biggest concern for people aged 21-30, while information on benefits entitlement and state support tops the list for people aged 56-65.

The survey of 2,000 people asked about the information individuals want when they retire. A...

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Banks not meeting needs of younger customers

More than two thirds of people aged 18-34 think their bank fails to cater for the financial challenges younger people face, research by uSwitch has found.

The survey of 1,000 18-34-year-olds revealed that 32% believe their bank offers relevant products and services.

The areas where people would like more help from their chosen bank, are:

  • improving credit history (20...
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Income rises for over-55s

The monthly income of people over-55 has increased by 30% since 2010, research by Aviva has found.

The report shows that the rise in disposable income has led to over-55s increasing their spending on holidays, entertainment and recreation by 66% in the 4 years to Q1 2015.

Saving among over-55s is showing signs of optimism, with the average person putting away 4 times as much each...

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New commissioner to help SMEs tackle late payment

A new Small Business Commissioner will assist SMEs in resolving disputes with large businesses under draft government proposals.

The position will have 3 main functions:

  • Providing advice
    The commissioner will act as a first point of contact for small businesses. They will offer general advice about how to handle disputes. Businesses will be referred to...
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