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The Marshmallow Test, conducted in 1972, was a famous study that looked into how well children could control their impulses. In this test, kids were given a marshmallow and told that if they could wait a short time before eating it, they would receive a second marshmallow as a reward. This study demonstrated that children
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Have you noticed higher borrowing costs or better returns on your savings recently? The Bank of England (BoE) increased the base rate 14 times from December 2021 to August 2023, keeping it at a 16-year high of 5.25%. Higher interest rates can curb inflation by encouraging saving over spending. Despite inflation hitting the government target
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After 14 years of Conservative rule in the UK, Labour took over in July. There have been questions about potential changes to taxes since then. Labour has ruled out increasing income tax, national insurance contributions (NICs), and VAT, but they haven’t said anything about pensions, Capital Gains Tax, and inheritance tax (IHT). On the Monday
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In the 2021/22 tax year, the government collected £5.99 billion in Inheritance Tax (IHT), the highest amount ever recorded. This represents a 4% increase from the previous year. The rise has been attributed to various factors, including higher asset values such as property and investments. Additionally, more estates are now subject to IHT due to
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How you handle your finances today might be connected to your childhood experiences. Most parents understand how important it is to teach kids about money. Nearly all parents believe that teaching personal finance to 8 to 13-year-olds would help them understand the value of money better. However, they may be starting this important education a
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When it comes to inheritance tax (IHT) planning, term assurance can be a game-changer. This life insurance product pays a lump sum if the insured person passes away during the set term. If they outlive the policy, there’s no payout. So, why consider term assurance? Affordable Family Protection Term life insurance is often the most
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A financial planner can offer valuable expertise that goes beyond just recommending financial products. This expertise can help business owners make the most of their money both in and out of their business. Let’s look at a few ways a financial planner can provide significant value. Maximising Pensions Some may be aware that when a
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Lately, there has been a lot of talk about tax and rule changes being announced in the budget on October 30th. You might have heard people expressing worry and making guesses, whether on the news or in conversations with friends. This has been a common topic of discussion lately. However, much of the concern comes
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Retirement means big changes in your life, not just stopping work. Saving money is important, but you also need to think about how retirement might make you feel. Some people find it stressful, others find it happy. Many of us worry about money, but if you understand how your money affects your happiness, retirement might
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Don’t miss out on the chance to increase your State Pension before April 5, 2025. The government is offering a special deal that allows you to fill in any gaps in your National Insurance contributions to boost your pension. You can now go back as far as 2006 to make up for missing years, thanks
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