Nine million people would save £100 more a month if the cost of stock market saving was ‘more transparent and fair’, according to a study by True and Fair campaigners, SCM Private. Read the full article here.
Savers in the UK are being ripped off to the tune of £18.5 billion a year.
That’s thanks to hidden investment and pension fund charges, coupled with portfolio turnover and transaction costs – but many are totally unaware of these hidden charges and what they are really paying. I believe it is time for a fundamental change.
Many people do not realise there are hidden fees when investing your hard-earned money in ISAs, pensions and other investments. Addressing this practice is crucial, especially when nearly half of the UK workforce is not saving enough for retirement and every effort has to be taken to encourage saving.