Connect with us
Advertisement
Advertisement

News

Living on £13.18 per day

Published

on

money (1)AFTER A lifetime of work and years spent looking forward to a comfortable retirement, a new report shows that a very different reality awaits people in Wales, who will face a choice between working well into old age, or surviving on just £13.18 per day. 

A 12 month research project into the UK’s savings and debt habits has unmasked the true scale of the crisis that is developing in UK society today, where millions of people face a future of poverty and State-dependency in retirement, if indeed they are ever able to retire. The ‘Tackling the Savings Gap’ project by financial services firm True Potential was launched in August 2013 to examine the true state of the UK’s personal savings and debt habits., as well as preparations that individuals are making for their own retirements. The effects of the financial crisis of 2008 onwards, high inflation, government austerity, low interest rates and easy access to high cost credit through payday loan companies as well as decades of poor financial education and complicated regulations have created a Savings Gap – the difference between what people need to live comfortably in retirement and the amount they are actually on course to receive. Since August 2013, True Potential has asked more than 6,000 people from across the UK about their personal finances and provisions for retirement and the findings clearly show that a crisis in old age is looming with people saving barely a quarter of the amount they will need. True Potential asked how much money savers would need to live comfortably in retirement. Thirty two per cent of respondents said that they will require between £16,000 and £25,000 per year. To achieve an annual income of that size, they would need a fund totalling £400,000 from which to draw an annual income of £20,000 for 20 years. To reach a £400,000 pension pot requires an annual saving of £8,888 over a 45 year working life. However, the data shows that savers in Wales today are: only managing to put £2,132.52 each year towards their pension pot; building a fund of £95,963 by the time they retire from which to live on; going to have to survive on an annual income of £4,798.15 or a daily wage of just £13.18 in retirement. Nationally, men are marginally better savers than women, but the situation remains bleak for all. Men are managing to save £3,603 per year compared to £2,260 for women. The 18-24 age group – the group with the most time to build up a large enough retirement fund – is managing to save £2,828 per year, though females in this age category are saving less – just £2,556 per year. All are well short of the target £8,888 needed to provide a £20,000 annual income in retirement. Only three per cent of Welsh savers surveyed as part of the research claimed that they would be able to survive on between £6,000 and £10,000 per year, with 79 per cent saying they would need at least £11,000.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Education

Styling their way to the top

Published

on

(Left to right) Level 2 - Festival theme - work by Holly Mathias and Celebration of Colour - Level 2 and 3 – work by Leah Rees

FOUR hairdressing learners: Holly Mathias, Jenna Kilgallon, Helaina Thomas and Leah Rees, recently earned themselves a place in the next stage of the Concept Hair Magazine Learner of the Year Competition.

The candidates were invited into the College to show their fully presented entries as evidence and then submitted them remotely to the Concept Hair Magazine judges in December.

The categories for the competition were: Festival Hair, Red Carpet, Old School Barbershop, Celebration of Colour and Safari.

The unique styles allowed the learners to show off their creative hair styling skills from plaits to updos, to bold colour creations.

Charlotte Jones, Hairdressing lecturer was over the moon with the learners’ success; “We were all so impressed with the creativity, dedication and enthusiasm of all the students who took part in the competition. Also, the students who supported the entries during the day and the models who gave up their time to be involved. They should all be very proud of what they have achieved. The results were amazing!”

The students worked to COVID regulations ensuring all the correct PPE and procedures were followed.

Finalist, Holly Mathias entered three categories which included; Styling Level 2 – Festival Theme, Hair Up Level 2 – Red Carpet and Avant Garde – Safari.

Holly shared her experience; “Taking part in the Concept Hair competition, has really boosted my confidence and proved that hard work really does pay off. The support from the staff at Pembrokeshire College is outstanding. I would recommend everyone to take part in this competition as not only is it an amazing experience, but it really allows you to think outside the box and be as creative as you can! I would 100% take part in this competition again.”

Holly plans to go into full-time employment when she completes her course and hopes to one day work on cruise ships or even own her own salon.

The next stage involves the candidates submitting photographic entries on the 12th March where six will be shortlisted for the national finals which is set to take place virtually in April.

Continue Reading

Community

Environmental projects supported by Park Authority’s Sustainable Development Fund

Published

on

PROJECTS involving worm composting, community planting and solar panels were just some of the projects that recently received support from the Pembrokeshire Coast National Park Authority’s Sustainable Development Fund.

More than £140,000 was awarded to eight projects at the committee’s January meeting with the next deadline for applications set for 12 noon on 23 March.

Clynfyw Care Farm was successful with an application for a vermicomposting project, which will create a quality rich sustainable compost that can be used to improve soil conditions organically. This will support local vegetable producers and sequestrate carbon in the process.

The Newport Area Environment Group will receive funding to lead a community planting project promoting decarbonisation through biodiversity.

Cwm Arian Renewable Energy secured financial support to research a Pembrokeshire-wide Energy Efficiency program, with the aim of reducing energy use and tackling fuel poverty by increasing and normalising the uptake of low carbon life choices.

Funding for photovoltaic (PV) panels was agreed for projects submitted by Herbrandston Sports and Recreation Association, South Ridgeway Community Association, Neuadd Gymuned Bwlchygroes Community Hall, Ramsey Island Nature resort and Visitor Centre, and Crymych Rugby club, who all received funding to help harness solar energy.

Directors from Clynfyw Care Farm said: “Thanks to funding from SDF, this worm composting project will be a useful tool for engaging with people, reducing CO2 and teaching a simple sustainable process with important stages in a safe, supported environment. Once established, vermicompost will be available for purchase in local outlets, providing an environmentally-friendly alternative for local growers.”

Applications for funding are encouraged from not for profit groups, including village halls, community councils and environmental groups in the county who have a project that will contribute towards a reduction in carbon and help respond to the climate emergency.

Continue Reading

News

Council: Despite a rise Pembrokeshire still has lowest council tax in Wales

Published

on

PEMBROKESHIRE COUNTY COUNCILLORS have voted to back a recommendation of a 3.75 percent increase in Council Tax for the coming year.

The increase equates to an extra 82p per week for Band D properties.

Pembrokeshire will still have the lowest Council Tax in Wales with Pembrokeshire Band D Council Tax payers paying £214.11, or £4.11 per week, less than the average across the country.

Cllr Bob Kilmister, the Cabinet Member for Finance, said the increase had been reduced from a proposed 5 per cent to 3.75 per cent to reduce the impact on Council Tax payers.

Introducing the budget to members, Cllr Kilmister said to go for a figure below 3.75 per cent would inevitably lead to much higher rises in future years.

Falling below 3.75 per cent would also lead to cuts in Council services, Cllr Kilmister said.

He added: “A reduction in services and staff numbers will affect the poorest in our communities the most. I believe we have a duty to these people.”

Councillors also voted for Council house rents to be increased by 1.5% for the coming year plus increases of up to 50p per week where properties are not at target rent levels.

The votes were taken at the full meeting of Pembrokeshire County Council held on Thursday, March 4.

Continue Reading
News2 hours ago

Council: Despite a rise Pembrokeshire still has lowest council tax in Wales

PEMBROKESHIRE COUNTY COUNCILLORS have voted to back a recommendation of a 3.75 percent increase in Council Tax for the coming...

News21 hours ago

Simon Hart MP says that First Minister is ‘reckless’ to say that the UK is ‘as it is, over’

THE SECRETARY OF STATE FOR WALES, Carmarthen West and South Pembrokeshire MP Simon Hart, said that the First Minister for...

News2 days ago

Sergeant Hillier ‘died doing the job he loved’, says his heartbroken father

THE ARMY SERGEANT who died after being injured in a live firing exercise, has been named locally. The incident occurred...

News3 days ago

Welsh Guards sergeant shot dead during Castlemartin live-fire training exercise

A BRITISH ARMY sergeant was killed on Thursday night (Mar 4) in a shooting accident at Castlemartin Training Area, The...

Business3 days ago

Hospitality sector welcomes Budget boost

IT HAS been so long it seems since we could stand at a bar and enjoy a well-earned pint, but...

News3 days ago

Milford Haven-bound ‘flying oil tanker’ hits the national news

A MILFORD HAVEN bound oil tanker has made the national news, after a photograph taken off the Cornish coast made...

News4 days ago

Trial date for son accused of killing mum

THE SON of Judith Rhead, 68, who was found dead in her home in Market Street, Pembroke Dock on Feb...

Business6 days ago

Natural Resources Wales approves Ireland-UK interconnector licence

GREENLINK INTERCONNECTOR LIMITED says it welcomes the decision by Natural Resources Wales (NRW) to approve its application for a Marine...

News7 days ago

Milford Haven: Apocalyptic scenes as work truck catches fire in Meyler Crescent

A MILFORD HAVEN businessman says that he is “absolutely gutted”, after he lost his tipper truck in a dramatic fire...

News1 week ago

Covid-19 vaccination venues and timeline announced for everyone locally over 50

EVERY person in JCVI priority groups 5 to 9 will be offered a COVID-19 vaccination by 18 April, Hywel Dda...

Popular This Week