Unclaimed assets: How can millennials keep track of their bank accounts?

Unclaimed assets: How can millennials keep track of their bank accounts?

How millennials can keep track of unclaimed assets

As millennials look to boost their bank balance and graduate to the next life stage, whether that’s buying a house, getting married or having children, it is essential they are doing all they can to make the most of their finances. But with pay packets squeezed and the cost of living high, it is also key to protect your money – and this means more than finding a high yielding savings account.

According to Josh Cousens of Monimine, which helps reunite lost financial assets with their owners, there are currently £25 billion of unclaimed assets in the UK.

“A common viewpoint is that lost money won’t affect you until later in life,” says Cousens. But there are several things that you can do now to seal your financial accounts and prevent money from slipping through the cracks.

“Unclaimed assets can materialise in an array of monetary accounts, including premium bonds, bank and building society accounts, stocks and shares, life insurance and pensions, rainy day savings, inheritances and savings and investment accounts.”

So what do millennials need to know about unclaimed money and how can they prevent their money slipping through the cracks?

Ensure you stay contactable

“The biggest issue surrounding unclaimed assets is failing to notify your financial provider when you change address,” Cousens says. “If you don’t state your new address, your correspondence will still be sent to the previous residence, and you won’t be contactable. Any outstanding money that lies within that account will then be considered unclaimed.”

This can be particularly troublesome for students, Cousens believes. “From university, to home, back to university and then to a new city, and it can be very easy to forget to keep your accounts informed of your current address.

“However, making the effort to speak with your financial providers and declaring your new address will pay dividends in the long run, when you still have access to all your money.”

Keep up with pension providers

“Another way people unwittingly lose money is through pension pots,” Cousens tells us. “Statistics published by Equiniti revealed that the average person will have at least six jobs in their lifetime. When an individual starts a new job, it can be easy to forget to notify the pension provider of the new company.

“Many people even take out a new pension and completely forget about the old one. If the provider is unable to contact you and you have forgotten about them, it’s very simple for owed money to become trapped and left unclaimed.”

Cousens recommends keeping a record of each job’s pension provider, to help stay on track.

Keep in touch…wherever you are in the world

“Many millennials embark on gap years abroad, both pre and post university and some even decide to stay abroad for longer periods,” says Cousens. “Amid all the fun and excitement of exploring new continents, keeping in communication with your financial providers at home can be easy to forget. But this is a mistake. It opens the trap door for your accounts to be labelled as dormant, and for money to trickle into the ‘unclaimed’ pot.”

Don’t put off writing a will

Cousens advises millennials to write a will.

“Many people share the belief that writing a will doesn’t need to happen until later on in life,” he says. “Even among older age groups not having a will is common – 78% of adults aged between 30 and 39 haven’t written a will for instance. But without a will, it can be easy to lose track of your finances. By organising your estate at a younger age, your finances will be secure. You’ll be able to decide where your money goes and have the peace of mind of knowing your family will be economically protected.”

Sophie Robson – Modern Young Finance.

Which Spanish cities are British expats choosing to live in?

Which Spanish cities are British expats choosing to live in?

411,000 British expats live on Spanish shores, allured by sunshine, siestas and sandy beaches. Having been a haven for British expatriation since the 1970s, Spain has always attracted UK citizens. Statistics reveal that Spain is the most popular European destination for British emigration.

The slower pace of life, inexpensive living costs and the relative ease of the Spanish language all manage to entice. Whilst a trustworthy healthcare, high life expectancy and the freshest fruit and veg also seduce Brits away from the Isles.

So … which particular Spanish cities are expats moving to, and why?

We have listed the five most favoured Spanish locations for British emigrants:

Barcelona

Barcelona is the capital of the autonomous Catalonia, and is renowned for its Gaudi inspired, ‘modernista’ architecture, stunning beaches and al-fresco lifestyle. Consistently dependable Mediterranean weather, explosions of culture and the cosmopolitan environment have been drawing Brits to the famous coastal city for decades. Barcelona is Spain’s second largest city and houses one of the worlds most exciting football teams. It leads Spanish employment rates and GDP per capita change.

 

Costa Del Sol

On the Southern edge of Spain, the ‘Coast of the Sun’ encapsulates national history, gastronomic delights and fantastic views – the Northern mountains of Africa can be spotted on a clear summers day. The affluent Marbella has been dubbed the ‘millionaires’ playground,’ and plays host to designer shops and luxury yachts. But elsewhere, the Costa Del Sol offers economical living costs, gorgeous beaches and outstanding local produce. A short drive inland meets traditional, rustic Spain in all its beauty, with whitewashed buildings and orange trees.

 

Madrid

Being the third largest city in Europe and the capital of Spain, Madrid has obvious selling points. The beautiful city offers an abundance of opportunities, arguably more inviting for career prospects than retirement, but the city’s embedded Spanish roots appeal to all. Although Madrid doesn’t boast a coastline like its counterparts, the tan-worthy climate is still felt in the city.  Boasting two of Europe’s footballing giants, there is plenty of sporting entertainment in the city. Whilst the perfect juxtaposition of heritage and modern makes Madrid the place to be.

 

Costa Blanca

British expats have been arriving at the ‘White Coast’ for years, because of the laid back lifestyle, spontaneous ‘fiestas’ and bustling markets. The stretch of coastline is one of Europe’s most visited areas for a good reason – its lively atmosphere is perfect for any ‘socialites’ and the beaches are some of the most popular in the country. Away from the noise and nestled within the metropolitan maze, lies the elegance of classical architecture and old-world Spain.

 

Valencia

Sometimes overshadowed by the larger Barcelona and Madrid, people forget about Valencia, Spain’s third largest city that has plenty to offer itself. Weddings of futuristic construction and a characterful old quarter is a magnificent consequence. The Turia Gardens are esteemed for their large open spaces, fountains and plethora of outdoor activities. The perimeter of the park equates to 18km, perfect for bicycle enthusiasts. Valencia is blessed with its own unique culture and brags highly acclaimed nightlife and cuisine, particularly its paella!

Have you left Britain for Spain? Which city did you decide to move to?

Josh Cousens – Monimine

Have you lost unclaimed funds through your pension pot?

Have you lost unclaimed funds through your pension pot?

unclaimed funds in a pension pot

Retirement traditionally marks the end of employment, and it should be the time to take a load off, without stress. After 40 years at work, the last thing you want to be worried about is unclaimed funds in your pension pot. But almost 5.5 million pension records are waiting to be claimed!

At an estimated £400 million in unclaimed pensions savings, it accounts for one the largest contributors of lost assets.  

So why is this cash going missing?

The most common problem is when an individual is unable to inform their pension provider of their new address. If the provider is unable to contact the policy holder via their address, money can quickly slip through the cracks and become forgotten about. The financial institution will then class these customers as missing, or ‘gone away.’

Many people struggle adjusting to a lower income after work, so it’s vital to safeguard your pensions. If you’re not enjoying your full pension benefits, you may be forced into an arduous retirement, rather than a comfortable one.

Statistics published by Equiniti revealed that the average person will have at least six jobs in their lifetime. When an individual leaves one job for another, it can be easy to forget to notify your pension provider of your new company. Many people even take out a new pension and completely forget about the old one. If the provider is unable to contact you and you have forgotten about them, it is very simple for owed money to become trapped and left unclaimed.

Things became more complicated when companies began to move their pensions over to financial institutions, opposed to storing them in-house. The combination of businesses and financial companies make it a much more complex process to get your money back.

Although unlikely, your company may not have even told you that you were paying into a company pension scheme!

Our advice would be to ensure that you’re on top of all your pension policies, guaranteeing that they have all your relevant contact details and employment histories.

However … not enough is being done by pension providers to track individuals with outstanding policies.

If you think that you might have a sum of outstanding money owed to you through a pension scheme. Monimine allow you to search for unclaimed assets for FREE. Simply enter your details into the registration, and if your information matches with the data we have collated from UK financial institutions, we can help you to reconnect with your money.  www.monimine.com

Josh Cousens – Monimine

Where do UK expats go, and how do they lose unclaimed assets?

Where do UK expats go, and how do they lose unclaimed assets?

why UK expats lose unclaimed assets

Did you know that Great Britain has the eighth highest expatriation levels in the world? A massive 5.5 million Brits live abroad, which is 7.7% of the total UK population. So why do so many British residents pack their bags, where do they tend to move to, and how do they leave unclaimed assets behind?

The Telegraph quoted that at least 400 UK citizens leave the British Isles every day. That’s enough to fill 10 double decker buses … But where are these people going?

Well … a lot of the departing Brits are heading down under, to Australia, with 1.2 million UK citizens living in Oz. According to the expats, the ‘Aussie’ dream appeals for a number of reasons. These include a better quality of life, stunning beaches, warmer climates and the al-fresco lifestyle. For skilled workers, the employment opportunities are another weighty pulling factor, with hefty salary offers.

The North American continent is the next most popular destination for expats. The USA currently houses 701,000 Brits, whilst Canada isn’t far behind with 675,000. Cheaper real estate prices, spectacular scenery and knowing what to expect with the weather are all attractions.

Of course, not all of the expats emigrate across vast oceans to the other side of the world. Spain (411,000 Brits) and Ireland (397,000) are still both very popular locations for Brits to live out their days. These both offer their own individual enticements, which have been drawing people from the UK across Europe.

Below is a complete table of the most popular country’s British citizens have emigrated to:

Country of Residence Number of UK Emigrants
Australia 1,208,000
USA 701,000
Canada 675,000
Spain 411,000
Ireland 397,000
New Zealand 268,000
France 173,000
Germany 155,000

 

So why are UK expats and emigrants losing unclaimed money?

When an individual or family packs up their home to move abroad, a breakdown in communication is easy to occur. Particularly when in all the excitement of moving, you forget to notify your financial accounts of your change in circumstance.

Financial providers will find it extremely difficult to contact you, because of their traditional methods of communication. It is also very expensive for them to trace people. When you are unable to liaise with your providers, your accounts will become inactive and dormant. Subsequently, this leads to your outstanding assets becoming trapped within these accounts. This is where your unclaimed money comes from.

Monimine utilise an innovative, digital platform and expert researchers, to ensure that we find your unclaimed assets. If you are a UK expatriate and think you might have lost money, start your search today at monimine.com for FREE.  If we match your details with an outstanding asset, we can reunite you with the money that belongs to you.

Josh Cousens – Monimine

Why Changing Address Prevents Missing Money …

Why Changing Address Prevents Missing Money …

changing address prevents missing money

The moving house headaches are never enjoyable. With so much to organise, it can be easy to forget the finer details. However, failing to notify certain people of your change in address can be the catalyst for missing money.

Once the furniture is unpacked and the bedrooms have been chosen, you need to figure out who to inform of your new address. This can seem like a daunting prospect, so we have decided to help you out and have made a comprehensive list of everybody you need to notify. By letting all these people know where you’re now living, you will minimise the risk of missing money:

Personal Checklist
  1. Family
  2. Friends
  3. Employer

Government Checklist

  1. HMRC/Inland Revenue
  2. Electoral Register
  3. Local Council
  4. Child Benefit
  5. DWP

Financial Checklist

  1. Current Account
  2. Travel Insurance
  3. Credit Cards
  4. Savings Accounts
  5. Hire Purchase Providers
  6. Pension
  7. Student Loans Company
  8. Home Insurance
  9. Loyalty Cards
  10. Car Insurance
  11. Share Register
  12. Life Insurance
  13. Premium Bonds

Utilities Checklist

  1. Water
  2. Gas
  3. Electricity
  4. Landline
  5. TV Licence
  6. Digital TV
  7. Broadband
  8. Mobile Phone

Motoring Checklist

  1. DVLA
  2. Vehicle Registration
  3. Breakdown Cover

Health Checklist

  1. Doctor
  2. Dentist
  3. Optician
  4. Vet

Entertainment Checklist

  1. Film/TV Rental
  2. Gym/Sports Clubs
  3. Newsagent
  4. Magazine Subscriptions

Miscellaneous

  1. Library
  2. Solicitor
  3. Trade Unions/Professional Bodies
  4. Schools
  5. College/Universities
  6. Pet Micro-Chipping Services
  7. Milkman
  8. Cleaner
  9. Window Cleaner
  10. Gardener
  11. Supported Charities

We know that this is a hefty list to be ringing, especially when you are trying to settle into your new home. However, a short phone call will limit the chances of missing money slipping through the cracks of your accounts.

Josh Cousens – Monimine