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Government helps those on low incomes to save

Help-to-Save Scheme officially launches

 
A new savings account has been launched by the UK Government in a bid to encourage low-paid households to save for a rainy day.  
 
Via a Help-to-Save account, an estimated 3.5 million people on working tax credits or universal credits will be given a 50% bonus on every £1 saved over a four-year period. 
 

Generous Brits are at risk of losing £9.1 billion to their mates

Half of those who lend to friends and family say they won’t get it back

 
According to price comparison site Finder, people across the UK loaned £16.6 billion to friends and family last year, but 55% don’t believe they will get all of their money back.
 

What are the financial benefits to being married?

What changes financially after your wedding day?

 
Marriage is falling out of favour, but we wondered, is there any benefit to getting married? Back in 2017, the Independent claimed that the average cost of a wedding was around £27,161, just short of the average yearly wage of £28,000 [Office of National Statistics]
 
So what reasons are there to get married (apart from a big party)?

Report from Money Advice Service links mental health and debt

Over half of adults questioned have experienced mental health concerns due to financial worry

 
According to research from the Money Advice Service more than 55% of adults have struggled with their wellbeing because of money problems at some point in their lives.
 

Consumer spending rises 5.1 per cent year on year in May

BarclayCard say good weather caused rise in non-essential expenditure

 
Barclaycard has released a report that claims the hot weather over the early May bank holiday encouraged shoppers to head out and about, with an increase in consumer spending of 5.1%.
 

Report highlights high cost of rent-to-own

FCA investigation finds rent to own consumers paying hundreds more for appliances

 
The Financial Conduct Authority has released a report on rent to own (RTO) retailers, as part of their investigation into high-cost credit. RTO companies provide household appliances that are in effect “rented” for a period of time, with buyers making weekly or monthly payments until the full amount of the credit agreement has been settled.
 

Over 65’s to owe £86bn by the end of the year

Research finds older borrowers are failing to pay off debts before retirement age 

 
A new study commissioned by More2Life has found that overall debt for over-65s has grown to 35bn in three years and is expected to surpass last year's figure of £78bn. This figure includes all types of secured and unsecured debt including mortgages, credit cards, car finance and payday loans.
 

DAF chosen for community fund

Debt Advice Foundation has been chosen as one of the latest beneficiaries of the Co-op’s local community fund

 
We are asking for Co-op customers to help us raise money for our financial capability education programme, DebtAware
 

Over half of those in debt not seeking help

Only 4 in 10 struggling with finances seek assistance

A poll from Nationwide Building Society has found that most of those struggling with debt manage it alone. 
 

Unsolicited calls from Debt Advice Foundation

Have you had a call from us that you didn’t ask for?

 
We have posted this previously but we have had an influx of new complaints today. Please be aware that a fraudster is calling members of the public pretending to be from Debt Advice Foundation.