Barclays Reveals Financial Concerns of the Nation’s Parents

- 8 out of 10 mums and dads are fretting about their finances over the next 12 months -

- Cost of family holiday biggest cause of concern –

- Kate Garraway gives 5 top tips to get family finances on track -

Around eight in ten parents (82%) of children aged 18 and under are concerned about what they can afford in the year ahead, with the top worry for a third of parents being able to afford a family holiday². The research has been revealed in the new Barclays Your Bank report³, looking at parents’ attitudes to managing their finances and money management concerns.

However, while parents’ financial concerns may make them feel like they need a degree to handle day-to-day household finances, the report reveals that many are overlooking the fact that they already possess valuable business nous to run their home. The Your Bank report reveals that one solution to help parents better manage their finances is to adopt a business brain. 

Kate Garraway, Ambassador for Barclays Your Bank report said, “The Your Bank report found that many, many parents are really worried about their finances. However it’s clear that the more we bury our heads in the sand, the more worried we become. It’s not surprising that keeping track of our finances is not always a priority given our busy lives and in some cases aversion to financial planning. But the research actually found that our working lives have taught us a great many skills that when applied in the home, could really help.

With more than 7 million⁴ parents (56 per cent) admitting their family budget is under more strain than it was  in July 2012, the Barclays Your Bank reports shows that these problems are exacerbated among parents with more than one child in the household (58%).  In addition, parents are still fretting in the longer term (July 2015 onwards), with parents worried about how they will send their children to university (28 per cent), save enough into a pension (25 per cent) and pay off their mortgage (22 per cent).

Kate Garraway continues “In addition to our apparent business acumen and transferable skills, there are a number of great tools and services out there to help get financial planning firmly back on the family agenda. What’s more, the nation can now share its ideas on what would make their everyday money management easier at www.barclays.co.uk/yourbank”.

1. All aboard! Get the family together and assess your outgoings from the past year and the year ahead. It’s important to understand the whole family’s needs and ambitions – whether that’s a school trip or a new family iPad. Taking time out as a family can help you to balance essentials and luxuries and most importantly – keep everyone happy!

2. Know your budget – It’s all too easy to spend subconsciously but track your income and expenditure doesn’t have to be a time consuming chore.  Find out what free tools and services your bank has on offer to help you manage a monthly family budget and before you know it you’ll be able to spot any unused direct debits and non-essential spend.

3. Get online – Check out what the internet has to offer to keep on top of family finances from easy to use money saving tools to budget planners to help you keep track of your spending. Most banks now also offer free online or mobile banking services so you can quickly access up to date information on the go. Free text alerts are also a great way to help stay one step ahead of going into the red, so you no longer have to worry!

4. Market research - collect prices online on your everyday shopping and longer-term purchases, such as insurance.  Retailers are constantly looking to attract new customers through offers and search engines, so shop around. To save even more time and money, check out price comparison sites for the most competitive offers.

5. Get the best deal - assess where your family spends the most money and start making some essential changes, from switching electricity supplier to moving to PAYG.  It’s all about what you actually need and use. Don’t forget to haggle, there is often room for more savings to be made as well as ‘price – match’ deals. Why not make it into a playful competition and give out a prize for the family member who finds the biggest money savings?

The Barclays Your Bank report is published as Barclays launches a new commitment to listen to customers and make changes.  For more information visit www.barclays.co.uk/yourbank  and follow #YourBank on Twitter for the latest updates.

Here's the link to see the full video with Kate Garraway http://bit.ly/1b5cBXF

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National Stress Awareness Day – 7th November 2012

Smartphones Are Stressing Us Out


Particularly While On Holiday, says new report

Holidays are supposed to be a time to switch off and get some much needed respite from the stresses back at home; however, it seems that as a nation we are finding it harder and harder to leave work and other pressures behind us when we jet off – the main culprit is our reliance on new technology and Smartphone devices.

Research by leading last minute holidays firm Latedeals.co.uk, who polled 2000 of their holidaymakers, reveals that a staggering 77% of us regularly checked work emails while on holiday this year, and 65% of us even responded to them. 81% of those who checked emails said that they had accessed them through smartphones.

The research was commissioned to coincide with National Stress Awareness Day (7th November). It also questioned people about how they felt after checking emails and whether they actually managed to ‘de-stress’ on holiday.

The results are startling, 89% of adults admitting that they never feel fully switched off and worry about what’s happening at work.

The study also found that:

• On average, Britons check their work emails for the first time 4.5 hours after arriving at their holiday destination

• We tend to reply to an average of 12 emails over a week long break – even non urgent ones

• Four in ten of us don’t turn our Smartphones off at all when abroad, even at night

• 39% bring their phones to the beach

• 22% of us check our work emails while still on the plane after landing at our destination

• Six out of ten people ignore their partner nagging at them to turn their phones off and relax

Commenting on the research, Calum Macdonald at Latedeals.co.uk said: “It’s worrying how many people now find it so hard to switch off on holiday – literally! Down time is essential for recharging the batteries and reducing stress levels.”

Psychologist Jane Sullivan has come up with some advice on how to effectively de-stress from work when on holiday:
1)DELEGATE RESPONSIBILITY
Going on holiday is a good opportunity to delegate and to give people the opportunity to step up. "We often want to believe that we're indispensable," says Sullivan. "But the sign of a good manager is someone who does develop people."

2)PRETEND YOU'RE ABROAD
Even if you're not going out of the country, remember you're still on holiday. "Don't tell people you're staying at home," advises Sullivan. "Lie - invent where you're going. If people know you're at home, they'll think it's fine to get in touch."

3)MANAGE YOUR DEVICES
The hold that your smartphone has over you must be broken on holiday. "People are fearful they're not committed if they switch off," asserts Sullivan. "But replying to emails during time off just makes people think, 'Go away, you're on holiday.'" You don’t get any brownie points for it!

4)STAY CREATIVE
If good ideas start popping into your head, don't shut out work entirely. "You may lie on the beach and think, 'That's the solution to that issue!' That's fine. The point is to allow your mind to have that freedom to rest and find new perspectives.

5)WHEN YOU RETURN….
There will inevitably be a backlog to deal with when you get back – and you need to address this in a sensible, practical way. Get the firefighting over and done with as quickly as possible, and then try to prioritise in order to ensure that the most pressing concerns are addressed promptly.