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 […]
Read MoreOver 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. 38% pointed the finger at debt as the biggest financial issue linked to […]
Read MoreBarclayCard 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%. Non-essential expenditure increased 4.6%, its highest level of growth in 14 months. The data showed […]
Read MoreFCA 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 […]
Read MoreResearch 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, […]
Read MoreOnly 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. The lender commissioned the report to encourage people in problematic debt to ask for help earlier and they questioned over 2,000 UK adults. Of those interviewed 29% felt […]
Read MoreIndividual Voluntary Arrangements reach highest levels since they were introduced in 1986 A release from the Insolvency Service has shown that the number of people becoming insolvent in England and Wales has reached the highest levels since 2012. There were 27,388 individual insolvencies in Q1 2018, which is 8.5% higher than in the same quarter […]
Read MoreFCA warning as £3.5 million lost to loan fee fraud in 2017 The FCA has issued a warning that there is an increased risk of scammers targeting those searching for a loan. In 2017 there was a 44% jump in reports of loan fee fraud made to the Financial Conduct Authority, where fraudsters contact those […]
Read MoreDebt Advice Foundation aims to get people to “Talk Money” Launching Monday 13 November, FinCap Week will celebrate, showcase and amplify the work underway to improve financial capability in the UK and ultimately, to improve financial well-being. Debt Advice Foundation aims to improve financial capability in children through its financial education programme DebtAware. DebtAware has […]
Read MoreThe Bank of England has raised the official bank rate from 0.25% to 0.5%. The decision, which was passed by the central bank’s Monetary Policy Committee by 7 votes to 2, is the first rate rise in over a decade. Governor of the Bank of England Mark Carney stated that Brexit negotiations would play a […]
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