Business
Early pay a hindrance at Christmas, survey reveals
EMPLOYERS may have the best of intentions paying December wages early; however, eight out of 10 of Brits (81%) find this gesture of goodwill to be a hindrance not a help when it comes to their festive finances, and more than half (53%) of those paid earlier than usual in December struggle to meet their bills by mid-January. This is according to independent research announced this month by global information services company, Experian. More than a third (35%) of those surveyed over-spend at Christmas by an average of £207. And the research suggests that some of this over-spending may be a result of hidden costs prompting funds to be stretched to the limit. A quarter of people spend more than planned on food and drink (24%), heating and fuel (15%), Christmas cards and gift wrap (9%) and other hidden extras, such as batteries and chargers (12%), over the holidays. However, when it comes to looking at who the nation’s biggest festive overspenders are, 18 – 24-year-olds are top of the table.
This group over-spends by £589 at Christmas, compared to an average of £207 – suggesting the younger generation may be favouring generosity above prudence when it comes to their Christmas spending. When January comes around, half (49%) dip into their savings to cover the shortfall, and more than a third (36%) choose to use credit. However, among 18 – 24-year-olds, the trend is reversed, with a third (35%) dipping into savings and 45% using credit to bridge the gap and get them through until payday.
In a period when many of these young people are starting to build their credit profiles, it’s important that these younger spenders understand how financial decisions they make now might affect them in the future. Julie Doleman, Managing Director, Experian Consumer, commented: “Our findings today demonstrate the importance of budgeting; not just to cover the Christmas period, but right up until the end of January and beyond.
It’s easy to over-spend at Christmas, so it’s important to understand how your financial decisions can affect you in the long-run, especially if you plan on using credit to cover a shortfall in January. “Starting off on the right foot will help you get the most out of your New Year right from the beginning, allowing you to make progress towards achieving your goal – whether that’s saving for a big purchase or life event, or simply getting your finances under control.” Here are five simple tips from Experian to help people manage their spending over the Christmas period and get 2015 off to a bright start: 1. Brilliant Budgeting: Even if you’re doing it last minute, sit down and take stock of your finances in advance.
Make a realistic budget that covers everything from Christmas presents to January utility bills to bring you comfortably into the New Year until your next paycheque hits your bank account. 2. Understanding Overspending: The final weeks in the lead-up to Christmas are when you are most likely to lose sight of your budget. Be conscious of purchases such as food and fuel and hidden extras, which can build up quickly, leaving you with an unpleasant start to the New Year dealing with unexpected costs hidden in your festive spending. 3.
Use Credit Wisely: If you do use credit to spread the cost of Christmas, consider your options – for example, if you’re unlikely to be able to repay more than the minimum repayments in the New Year, it makes sense to use a 0% credit card rather than a store card or other credit card with a higher limit. 4. Know your limits: Try to use less than 25% of your credit limit on all of your cards – both individually and collectively. Keeping to within 25% of your limit will show lenders that you are not overly-reliant on credit and can manage your finances.
Business
Ferry Terminal ‘extremely busy’ due to ongoing Holyhead closure
PEMBROKE DOCK Ferry Terminal has been experiencing significant congestion today as ferry services remain under immense pressure following the closure of Holyhead Port earlier this month.
The disruption, caused by storm damage, has rerouted ferry traffic through Pembrokeshire, leading to long queues and crowded facilities at the terminal.
The Herald can confirm that it has been very busy today with cars, lorries, and foot passengers queuing in large numbers. Staff are working tirelessly to manage the influx, directing vehicles and assisting passengers as they prepare to board the heavily booked ferries.
A spokesperson for the Port of Milford Haven said: “We are working closely with ferry operators and local authorities to ensure traffic flows as smoothly as possible, but the sheer volume of vehicles is causing unavoidable delays.”
Travelers are being urged to arrive early for their sailings and to remain patient as the terminal operates at full capacity.
Both Stena Line and Irish Ferries have increased capacity on their Pembrokeshire routes, deploying larger vessels, including the Stena Adventurer and the MV James Joyce, to handle the surge in demand.
From our position at the terminal, our photographer has captured photos showing long lines of vehicles, groups of foot passengers carrying luggage, and port staff coordinating efforts to ease congestion.
Authorities are advising non-essential travelers to consider rescheduling their journeys where possible and to monitor updates from ferry operators closely.
(Photos: Martin Cavaney/Herald)
Business
52 homes to be built in Roch as scheme gets final sign-off
THE FINAL stage of approval for a near-£10m Pembrokeshire residential development of 52 homes has been given the go-ahead.
Back in April, members of Pembrokeshire County Council’s planning committee backed an application by Wakefield Pembrokeshire Ltd for the development, which includes four one-bed affordable housing units, on land near Pilgrims Way, Roch.
18 objections to the scheme were received, raising concerns including an “inadequate” affordable housing level, it being a high density development for a rural area, a loss of green space, the size of some of the homes, and pressures on existing services and facilities, and fears it may lead to an increase in second homes.
Nolton & Roch Community Land Trust (N&RCLT) has raised its concerns about a lack of affordable homes at the development, calling for a 20 per cent affordable homes element, as recommended by policy.
An officer report for members, recommending conditional approval, said: “It is apparent that the proposed development is not fully policy compliant, insofar as it cannot deliver the indicative 20 per cent affordable housing sought [by policy].
“However, a substantial positive social impact will arise through the provision of housing, including four one-bed affordable housing units, in meeting identified needs for both market and affordable housing.
“Financial obligations identified to mitigate adverse impacts arising from the proposed development cannot be met in full. However, [policy] acknowledges that in such circumstances contributions may be prioritised on the basis of the individual circumstances of each case.”
Speaking at the meeting, agent Gethin Beynon said the project had a “significant economic value” of around £10m, and the local applicant had “a sense of stewardship to the local community,” offering affordable housing and community infrastructure towards highways and education.
Approval was delegated to the council’s head of planning to approve the application, subject to the completion of a Section 106 planning obligation, making community financial contributions.
The Section 106 agreement was recently agreed, with the application now formally approved.
Business
World of engineering and welding SPARCs interest in Ysgol Harri Tudur’s female learners
AN EVENT hosted by Ledwood Engineering gave girls from Year 8 and 9 at Ysgol Harri Tudur first-hand experience of the world of engineering recently.
Engineering is a booming sector in Pembrokeshire with a high demand for skilled workers in exciting career pathways associated with the development of low carbon and renewable energy industry and the Celtic Freeport.
The young women heard from industry experts on the importance of engineering in Pembrokeshire, and had hands on experience using a welding simulator, at the company’s Pembroke Dock site.
The learners are part of the County’s SPARC (Sustainable Power and Renewable Construction) initiative aimed as inspiring and empowering young females to consider careers in science, technology, engineering and mathematics (STEM) pathways where females are under-represented in the workforce.
SPARC is funded through an alliance comprising Blue Gem Wind, Ledwood Engineering, Port of Milford Haven, RWE Renewables, Pembrokeshire County Council, Pembrokeshire College and the Swansea Bay City Deal.
Mrs Laura Buckingham, SPARC practitioner at Ysgol Harri Tudur said: “Our learners had a fantastic experience at Ledwood Engineering. They were given lots of advice by industry experts on the different career options and pathways within the engineering sector.
“They appreciated the opportunity to ask their questions and found the session very informative. Having the chance to trial their welding skills on the simulator was an experience they continue to talk about and has definitely piqued their interest.”
Poppy Sawyer, Year 8 SPARC learner added: ‘It was a really good trip. Talking to the different people there has helped me know more about the jobs we could get which will be very useful when making choices for my future.”
“They helped us a lot by giving us lots of information. We were able to look around and try welding. It was really fun,” added Tianna Marshall, Year 8 SPARC learner.
The Regional Learning and Skills Partnership also launched its Explore Engineering interactive website at the event.
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