Planet Funds

Some parents are so desperate to see their children do well in sport they are splashing £3,000 a year on activities and equipment.

A poll by finance firm ING Direct has shown the extent to which mums and dads now go to to ensure kids stay active.

Many are splashing around £700 every 12 months on equipment, transport and other costs, but the most dedicated are spending far more than this.

A portion of 1,450 parents polled by the company are spending £3,000 a year, with some doing so because they believe their children can make it to the top of their sport.

Some mums and dads are cutting back on their own social lives so they can transport children to and from sport-related dates, the poll revealed.

ING Direct chief executive Johan de Wit said the Olympics could be inspiring some parents to plough money into childrens’ interests.

He added some mums and dads could be “shocked” by the size of some sports-related costs.

The same research showed Dame Kelly Holmes is top of the tree in terms of who is the most inspirational sports icon.

ING also said some parents said sport was seen as a good way of keeping children away from things like television and computer games.

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The European Union has told mobile phone companies they should reduce the fees they charge for routing calls that originate on networks other than their own.

Officials want firms to reduce these rates, known as ‘termination’ fees, by 70 per cent to 2011.

Commissioners told the industry call termination markets in the EU need a ‘regulatory plumber’.

Operators reacted by defending the reasons behind the charges and warning customers would be hit elsewhere as firms try to recoup lost revenue.

Telecommunication commissioner Viviane Reding said: "`Call termination markets in the EU need a regulatory plumber.

"Over the next three years, I expect greater consistency and coordination to bring the costs for mobile-phone calls down by around 70 percent.”

According to analyst ING, mobile companies operating in the EU get about 15 per cent of their income from termination charges.

Richard Feasey, Vodafone’s director of public policy, said reducing these charges could see some customers paying to receive calls – a practice already used in the US but not present in Europe.

According to the Commission, mobile termination rates are nine times more than the fee for completing a call on a fixed network.

This has been allowed in the past so mobile firms could get extra cash while building up their networks.

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Mobile phone operators are facing a challenge from Eurpean Union officials over the prices they charge for routing calls that don’t originate on their networks.

Regulators are proposing that  Vodafone Group, Deutsche Telekom AG and others slash such ‘termination’ fees by 70 per cent over the next three years.

Providers reacted by saying this could lead to a US-style system, with customers paying for received calls as companies recover lost revenue.

European telecommunication commissioner Viviane Reding said: "Call termination markets in the EU need a regulatory plumber. Over the next three years, I expect greater consistency and coordination to bring the costs for mobile-phone calls down by around 70 percent.”

The EU executive arm, the European Commission, also said differences in the rates between countries should be reduced.

The European Telecommunications Network Operators’ Association reacted by saying: "A radical change of cost methodology for mobile termination rates moreover risks having a detrimental effect on a highly competitive and innovative sector."

The GSM Association, which represents more than 700 operators, echoed this sentiment, saying a Europe-wide approach to setting rates was simply not needed.

It said costs vary across the continent because of differences in population density, licence fees and labour costs.

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The Department of Work and Pensions (DWP) is urging people who spent more than they should have during the holiday season to plan more carefully for their financial futures.

People who fail to plan for large expenditures may find themselves short of funds and struggling to make repayments, according to DWP.

More than 50 percent of Britons spend too much during Christmas.  People in the north-east, north-west and Wales encounter the greatest financial problems as a result.

Many people find it difficult to pay their bills after Christmas, says Susan Clarke of Jobcentre Plus.  This can put them in a very nerve-racking predicament.

People might reduce the level of stress that goes along with overspending by getting control of their financial matters.  A debt consolidation loan might be of help.

The DWP announced formation of a new unit to work on issues of child poverty.  Over the past ten years, government measures have helped to raise 600,000 children out of poverty. 

Dog lovers should be ready to cover the high cost of pet ownership.  More than five million Britons own at least one dog, according to Tesco Pet Insurance, and they need to watch their budget to make certain they can care for them.

A mere twelve percent of pet owners purchase insurance for their pets.  People who do not have insurance could face high fees from their veterinarians, according to the financial services provider. 

Caring for a pet can have a “hefty” price, according to company representative Allan Burns, who says he is concerned by many pet owners’ lack of preparation.

The company is offering a 20 percent discount to customers who purchase insurance for their pets over the internet and a 10 percent discount for those who contact the company over the phone.

Thirty-eight percent of pet owners admitted to Mintel, the marketing research firm, that they were not certain they could afford veterinary treatment for their pets, according to Tesco.

Moneyfacts suggests that some people with large vet bills might find a solution in debt consolidation loans.