Good morning and welcome to your Morning Briefing for Thursday 14 August 2025. To get this in your inbox every morning click here.
Aviva profit up 22% as capital-light businesses drive growth
Aviva has delivered a 22% rise in operating profit to £1.07bn for the first half of 2025, supported by strong momentum in its capital-light businesses and resilient general insurance performance.
Two-thirds of the group’s operating profit now comes from areas such as wealth, health and general insurance.
Chief executive Amanda Blanc said this reflects the company’s strategic focus and “track record of delivery”.
UK economy grows 0.3% in Q2 but momentum slows
UK economic growth eased between April and June but still beat expectations, according to the Office for National Statistics (ONS).
Gross domestic product (GDP) expanded by 0.3% in the second quarter, down from 0.7% in the first three months of the year.
Economists had forecast growth of just 0.1%. Services were the biggest contributor, with the construction sector also expanding.
Claire Trott: Retirement planning is an ultra-marathon, not a sprint
Retirement planning is a little longer than most other investments: usually 40 years-plus planning and then the time you spend in retirement on top of this. Over those 40 years, the change can be infinite, writes Claire Trott, head of advice at St James’s Place.
When I was 21 and starting my first real job, I had very different plans to the ones I have now, 25 years later. I was renting, in a new relationship, really needed a car and cat free.
Look at me now: too many cars, too many cats (plus a husband) and I own my house outright. Who would have known? All those changes have made me reconsider how my retirement might look and when I might want to start to wind down to take advantage of all those hard-saved monies.
Quote Of The Day
Hindsight is a wonderful thing, and when it comes to your hard-earned money, feeling like you’ve missed out on a chance to maximise your savings can be a tough pill to swallow
-Chris Henderson, Save and Pay Director at Tesco Bank, comments on new National Financial Awareness Day research showing that over a quarter of Brits regret not starting to save earlier.
Stat Attack
Today is National Financial Awareness Day—a day dedicated to building the financial principles and practices that can create a solid foundation from now through retirement. It promotes sound investment habits so people can make their money work for them.
However, research shows that many people still make poor financial decisions or lack adequate financial education.
Tesco Bank’s latest study found that 29% of people regret not starting to save sooner. When asked about their biggest savings regrets:
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12% said not having an emergency savings pot.
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11% regretted not taking advantage of cash ISAs.
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11% wished they had learned more about how to build their savings.
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10% regretted having no savings goals.
Meanwhile, research by fintech firm Raisin revealed that millions of children are growing up without access to vital money management skills:
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14 million children receive little to no formal financial education.
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99% of primary school children are unable to understand basic financial concepts.
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64% of young people turn to their parents for advice or information when making financial or investment decisions.
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39% of adults admit to feeling unconfident about managing their money.
Source:Tesco Bank/Raisin UK
In Other News
Paymentshield has doubled the size of its national account management team to strengthen ties with distribution partners, appointing John Price, Neil Parfitt and Sarah Jackson alongside Dean Marson.
The expanded team, supported by four key account managers and eight business development managers, will focus on specific partner panels to build deep expertise in each network’s processes. Additional key account managers will work exclusively with directly authorised firms.
Distribution director Emma Green said the restructure, rolling out 1 September, will help partners grow GI penetration, meet Consumer Duty requirements and improve client access to advice and quality products.
Sarasin & Partners has appointed Tom Vernon as head of its £4.9bn private clients team, succeeding Jamie Black, who remains a senior partner and CEO of subsidiary Sarasin Asset Management.
Vernon, who joined in 2006, manages portfolios for UK and international private clients and charities, and sits on the firm’s Investment Strategy Group. He will lead a team serving over 850 clients, focusing on service quality and investment expertise.
Black, who led the team for more than 20 years, will continue managing clients and overseeing US operations.
Managing partner Guy Matthews said Vernon’s appointment “reflects the depth of talent and expertise” in the team, while praising Black’s “steady leadership” and client commitment.
Stocks take a breather, Fed rate-cut drumbeat weighs on dollar (Reuters)
Tax data allays fears of non-dom exodus from UK (Financial Times)
From Gucci to Rolex: The rise and fall of luxury in music (Bloomberg)
Did You See?
If it’s not the 1980s images of cigars and red braces that investing evokes, it’s coke-addled day traders glued to screens and fortunes made or lost in a heartbeat. Not sensible long-term wealth building, writes Faith Liversedge, a marketing consultant.
The language immediately puts people on the defensive, associating investing with speculation rather than systematic saving.
So we need new words. Why not ‘growth accounts’? Boring yes, but instead of emphasising the complexity and risk, we need to get comfortable with rebranding the simplicity of regular investing and the power of time – that compounding thing I wish I’d taken note of when someone told me about it in a bar in 1998 (fun times).
There’s a deeper issue too. Saving – let alone investing – is increasingly seen as something that ‘other people’ do. Not just ‘wealthy’ people, but sensible, prudent people who get a kick out of spreadsheets and compound interest calculations in the same way some people enjoy tracking their steps or counting calories. For most people though, saving doesn’t spark joy.
