What was in the money sections of the weekend’s papers? (14/06/2021)

Category: News

Your personal data for sale as pension fraudsters strike

Pension firms have been a regular target for fraudsters and hackers over the 12 months up to April 2021. The hackers breached the companies’ defences 68 times over the period, reports The Telegraph.

Cyber-criminals are targeting pension firms as they usually have up to date consumer data. They either use this data themselves or sell it to other criminals.

“You can go on to the dark web and see a list of prices for these kinds of data,” says Aon’s Paul McGlone. “The first generation of hackers would steal your data and use it in identity theft. But today a lot of them are stealing it and then selling it on to others.”

You should always be wary of scams, and you can find more on this here and here.

Has Covid wrecked your retirement plans?

The Office of National Statistics has said that workers over the age of fifty were most affected by redundancy during the pandemic.

The Financial Times also reports two out of five over-50s have had their career and retirement plans affected by the pandemic. They cite a survey from Legal & General to support this.

53-year-old reader Rosemary Hirsch tells the FT she lost her job in early 2019 and was about to start work again before the pandemic struck. She has occasional work but is already taking a small pension. She has also had to start taking small bits from occupational pensions she had built up over the years.

“I would have much rather left the pensions until later in life, but I’ve been out of work for two years now, with only small sums coming in,” she says.

Anyone worried about their retirement should have a chat with a financial planner.

Inflation is back, and so is the rush to buy gold

The Times reports that investors’ interest in gold has surged as the cost of living has rocketed at the fastest pace for years. Sales of gold almost doubled from April to May.

According to the article, gold is often described as the ultimate safe haven. Whenever stock markets are hit by economic turmoil, such as inflation, many investors take shelter in gold.

You can find our thoughts on gold here.

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