A new study suggests Americans’ happiness declines when there’s a wider gap between rich and poor. In 1980, the average American CEO’s income was 40 times higher than that of the average worker. Today, it is well over 300 times higher. Read the rest of this entry »
While economic turmoil plagues millions of Americans, there is one elite group who have stayed safe from the storm this year. The total wealth of billionaires and millionaires in the U.S. grew 12 per cent over the past year, hitting $1.53trillion. They’re now rolling in the equivalent of the entire GDP of Canada. The Forbes list of the 400 wealthiest Americans contained few great surprises. Read the rest of this entry »
The US is no longer capable of pulling the world out of economic crisis. Only China has the resources – if it chooses to use them. Can China save the world economy? That is a question that people should be asking as the other potential candidates withdraw from the race. At the moment, the economies of the United States, Europe and Japan are all suffering from weak growth or worse. The debt crisis of eurozone countries threatens another financial crisis that could lead to another plunge in output, not just in Europe but throughout the world. Read the rest of this entry »
Householders taking part in a trial of a government initiative to improve energy efficiency say the measures failed to reduce their bills. The ‘green deal’ scheme, where householders can take out loans of up to £10,000 to improve energy efficiency in the home, will be offered to 14 million homes by the Government next year. Read the rest of this entry »
Millions of pensioners are having their weekly income wiped out by basic bills, without a single penny to spare, research revealed yesterday. A typical couple receives a weekly income of £207.15 – but will spend £207.24 on food, fuel, housing and transport, it said. This is before they have spent any money on the long list of other costs, such as a new pair of shoes, a holiday or a present for a grandchild. Read the rest of this entry »
The newly retired are now more likely to be jetting off on exotic “gap years” than students seeking a year out before starting university or fining their first job, according to new research. A recent survey found that a quarter of over-55s were now planning to take a gap year within the next two years. This compares with just 19pc of students.
Consumer Focus has issued a super-complaint to the Office of Fair Trading (OFT) about the amount consumers pay for their holiday money. British holidaymakers are spending a billion pounds a year on exchanging money to spend abroad and are “losing out in a big way”, a watchdog will warn today. Read the rest of this entry »
Britain lost £35bn in uncollected taxes last year – the equivalent of 7.9pc of the annual revenue, the Treasury has admitted. The so-called ‘tax gap’, which is the difference between the amount of tax due and the total collected, was reduced from 8.1pc of revenues from the year before but critics argue that the figure is still too high. Read the rest of this entry »
A recent survey undertaken by pension and annuities website PensionCalculator.org has suggested that 80% of workers are not saving enough into their pension plans, even though they do not believe a state pension is sufficient to live on.
Of the 500 people who took the online poll, 83% said that they either did not know whether their pension savings would be enough or that they knew it would not be enough. The same people also said they did not think they could rely on a state pension to support themselves. Read the rest of this entry »
New research conducted by Halifax shows that buying a house is cheaper than renting. The research states that the average cost for a first-time buyer for a two-bedroom flat is around 567 pounds, 110 pounds lower than the typical rent on an equivalent space. Read the rest of this entry »
