In the News….
Find lost money!
Up to £800m of pension and insurance assets and an even higher amount of savings could be lying dormant, according to new data. Bank and savings accounts may be declared dormant if you don’t touch the account for several years and any letters from the bank or building society may fail to reach you if you’ve changed address.
You can check for free if you have any forgotten savings or current accounts at the government-backed website www.mylostaccount.org.uk, making sure to check that the service is suitable for you.
Future generations prioritised
According to research, parents and guardians have been prioritising their children’s savings rather than investing for themselves. Between October and December 2023, the number of JISAs opened soared by 101% compared to 2019 when data was first tracked. There was a corresponding drop in ISA investments in the same period. Mothers led the way – since the start of 2019, the number of new JISAs opened was up by 115%, compared to fathers, which was up by 87%. It’s important to find the balance between your own financial stability and that of your children.
AI & scams – don’t get caught out
Although there is much excitement surrounding the advent and development of artificial intelligence (AI), there are some serious risks involved – namely, the prevalence of scams that are becoming increasingly sophisticated.
Types of scams
There are a few main scams to be aware of:
- Deepfakes are essentially fake media content that is very believable. For example, a video clip of financial expert and broadcaster Martin Lewis was recently fabricated, aiming to convince viewers to part with their money. This AI software can also clone voices and use them to make fraudulent phone calls. In a recent survey, 77% of those respondents who had been victims said they had lost money because of this kind of scam.
- Images and videos can be created of people to pass through security and verification checks, thus gaining access to bank accounts
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.
