PERSONAL FINANCE NEWS

 
Kathleen Brooks
RECESSION FLAT SHARE ANYONE?
According to a new survey by easyroommate.co.uk there has been a surge in the number of people looking for flat shares in the wake of the recession. It found that flat sharing was up 59,000 since the start of the crunch and now the total number of people who flat share in the UK tops nearly 2.5m. The website found that the cost of living in a shared flat is significantly lower than renting somewhere else alone. It estimates that renters can save more than £5,000 a year by shunning the extra privacy living on their own could bring. The more people you share with the larger the saving. If you share with four people you can save £5,225 on rent, council tax and utility bills. This drops to £3,725 when you share with just one other person.

SIPP HOLDERS ARE DOING IT FOR THEMSELVES
Research from Barclays Stockbrokers has found that people who choose to invest in a Sipp do so because they want to make their own investment decisions about how their pension savings are managed. Almost a quarter cited this as the main reason for choosing a Sipp. One in five used it as a way to supplement other pension savings. However, further research found that out of the 783 people it surveyed, 12 per cent didn’t have a pension and 13 per cent saw other long-term investments such as a property as a saving for the future.

CONSUMERS PAYING OFF MORE DEBT
Saving levels have plunged as consumers rush to pay off their debt, research from unbiased.co.uk, the independent financial adviser, has found. Savings levels fell by £7bn in the second quarter of the year relative to the first three months. It notes that this is the second time since the onset of the credit crunch that people have rushed to pay off debt and could be related to fears of a double-dip recession.