Banking trade organisation UK Finance says more than five million Britons led a close to cashless lifestyle last year as contactless debit cards became the number one form of payment. Another two million Brits were using cash no more than once a month as the country continued to drift away from paying for things in …
Millennials – young people born between 1981 and 1996 – are wrong to be gambling on early inheritance of thousands of pounds to unlock the door to buying their first home says a new report by wealth manager Charles Stanley. The survey found that 1 in 7 expects to inherit money before they are 35, …
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Debt is a part of modern day life. We all have it to a greater or lesser degree, but what is your personal attitude to it? New research has shown that the average total debt per person in the UK, excluding student loans, is £6,936. This includes two credit cards with a total balance of …
Britain’s peers have said more should be done to help young people to buy their first home. The House Of Lords select committee on intergenerational fairness and provision has told the Financial Conduct Authority (FCA) that more should be done to help first-time buyers to set foot on the housing ladder. More support The Lords …
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A new report has recommended that every adult in Britain should get a basic weekly income of £48. Professor Guy Standing of the SOAS University of London claims the scheme could be paid for by the scrapping of more than 1,000 tax reliefs. Regardless of means He said every adult should receive the money ‘regardless …
An influential group of MPs is calling for the appointment of a regulator to stop bailiffs breaking the rules under which they are supposed to operate. The Parliamentary Justice Committee says bailiffs need to be stopped from breaking the rules – and sometimes even the law – while carrying out their duties. Dramatic rise The …
The StepChange debt charity received a plea for help every 48 seconds in 2018. The charity took a record 657,930 calls from new clients over the year – up by almost 38,000 on 2017. Devastating impact Chief executive Phil Andrew said: “This record level of demand shows the scale of the debt problem in the …
Hundreds of thousands of payday loan customers jointly owed £223 million in compensation from collapsed lenders Wage Day Advance and Juo have been told they will only receive a fraction of what they are owed. Borrowers who made complaints last year about being mis-sold were paid an average of £850. But both companies went into …
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There was a huge jump in the number of bank customers being scammed out of their savings in the second half of 2018. The number of scams soared by 45% and the amount of money stolen shot up from £93 million to £135 million. Victims The worst part about it was that the victims were …
Britain’s spending watchdog has criticised four of the country’s top regjulators, saying they need to prove they are offering enough protection to the people who need it. In a new report the National Audit Office (NAO) has said that while the Financial Conduct Authority (FCA), Ofgem, Ofwat and Ofcom all understand the ‘significant difficulties’ faced …
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