At our #BritMumsBudget Twitter conversation we chatted with experts from NatWest about what the budget means for you and your family. Sponsored by NatWest, this Twitter Conversation formed part of the special Budget edition of NatWest Money Clip, which helps you make sense of financial news and simplifies what it means for your family finances.
Economists from NatWest were on hand to answer your questions on Twitter and continue to share helpful tips on the NatWest website hub, www.NatWest.com/budget2016.
So what topics and issues were important to mums and families for this budget? See what influential tweeters said, and leave a comment, telling us whether it?s the same for you.
Housing remains top of the list for families
Housing was the first thing on mums? minds during our chat. Buying a first home or moving up the property ladder remains a family goal, but one that?s increasingly out of reach. While the Government described a Lifetime ISA that under-40s can use to save for retirement or to buy a first home (see more below), that won?t help everyone.
Would LOVE to think that in 5 years time I will start seeing myself get on the property ladder! @Luckysammyg
If I had money, I would build houses with granny flats and annexes @kateonthinice
This would work for grown up children not just parents! https://t.co/JSa3lnCZYu @goriami
I have given up worrying about any potential future home ownership. @peacockfeather
My partner is self employed, I stay at home. It?s almost impossible [to get onto property ladder]. We have looked into it and renting is expensive too @29niknak29
We can?t afford to even save a 5% deposit. Prices are just ridiculous. £200k for a 2 bed @maxandmummyblog
We own but can?t afford to move up the ladder @ChelseaMamma
My partner works and I?m a stay-at-home mum and it feels impossible to own a home. @MayersCassie
This is such a big issue in my family atm! So difficult to get onto the housing ladder! @ajmajor
We need to leave enough arable land to be able to feed the population sustainably @LovesBeingMummy
The more houses that the government helps to build, the more likely affordability can improve @NatWest_Help
Income tax ? what mums think
Everyone is concerned about paying more tax; some mums just want to ensure our taxes support programmes essential to them, such as the NHS. The Government said the Personal Allowance will increase to £11,500, and the higher rate threshold will rise to £45,000 in April 2017.
Working families are always affected in some way. The harder you work the more they tax! @Beckielise
Higher personal allowance on income tax, have to have the money to save it! @Beckelise
Personally would be happy for slight increase in income tax if I got better NHS and better childcare @peacockfeather
Pensions
There were no announcements about pension changes, the main focus for savers was the Lifetime ISA, said @NatWest_Help. Even so, pensions remain a hot topic for families ? and a source of confusion. Some of the questions mums had:
- What pension options are there for me being self-employed & nearly 40? @jibberjabberuk
- Are we better just saving or putting money into a pension if we don?t have much to start with @goriami
- Who can advise you if you are totally bamboozled by pensions? @kateonthinice
- I haven?t opted in to a pension as I only work 10 hours a week, should I? @Luckysammyg
Constant changes to pensions makes me nervous for what they might do in future, no stability @DGraceLloyd
The new Lifetime ISA ? welcome but?.
This ISA seems too good to be true, what?s the catch? @kirankaur1985
This Lifetime ISA sounds great for us as self-employed young parents! @DGraceLloyds
Lifetime ISA is all very well if one has anything spare to save @peacockfeather
Guess I best open a lifetime ISA soon as I?m nearly 40! @domestigoddesq
Our relationship to saving and spending is complicated
Saving money remains a goal, as well as teaching kids to manage their money. The amount you can save each year into ISAs will be increased from £15,240 to £20,000 from April 2017 @NatWest_Help
Would like to see higher thresholds on tax-free saving! @Beckielise
We?re saving in our mortgage offset as get better effective interest rate than savings accounts @katedavis
I?d like to see better savings rate for kids @CaraB81
ISAs confuse me; I prefer the safety of instant access savings account because I understand them
@CarlaRSTOATSblog
I work to live, no money for saving or spending @MyTwoMums
Hopefully it?ll make people think a bit more about what they are buying @mummascribbles
With things like Lifetime ISA announced but not until April 2017. Could it all change by then? @DGraceLLoyd
Q. As a young mum to 2 children what are your suggestions for the best savings scheme for them @Tantrums2Smiles A. The MoneySense programme can help kids work towards their financial future https://t.co/gzLlWAW1oU @NatWest_Help
Hurrah for the sugar tax
The Government said they will double the dedicated funding for sport in primary schools, paid for by a levy on soft drinks. Mum cheered, but remained skeptical that it would address the larger issue of obesity.
It is a good thing, but why is it only soft drinks? @DoniMFS
They need to fund more fun outside activities for all school children @thesoupdragon44
Great that it?s supporting sports ? really not sure it?ll make a huge difference to childhood obesity though @mummascribbles
Great news re sugar tax @gambofi
The last words
I would also like to see less emphasis on free childcare, and more emphasis on supporting families directly @goriami
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