Latest News
Financial and other news tailored to UK students and young adults, explained without unnecessary jargon.
Mortgage deals surge
Despite expectations of a slowdown, the mortgage market has seen a surprising increase in available deals, with hundreds more options now on the market compared to early May. This development could provide more choices for prospective homebuyers. According to Moneyfacts, the 'churn' of mortgage products has been calming down.
Key takeaway: The number of mortgage deals available has surged, offering more options for homebuyers.
You may be saving to give up work without realising it
A recent study has found that millions of people in the UK may be saving for retirement without realising it. This could have significant implications for their financial futures. The report highlights the importance of checking your savings and making the most of free money.
Key takeaway: You could be saving for retirement without even realising it, and that's not all - you might also be missing out on free money that could boost your savings.
Pension delays hit families hard
A widow was left distressed by a nine-month delay in receiving her husband's pension, managed by outsourcing firm Capita. This case highlights the struggles people face when dealing with pension delays. The delay had a significant impact on the widow's financial situation.
Key takeaway: Pension delays can have a devastating impact on families, as seen in the case of a widow who waited nine months for her husband's pension.
Bailiff regulation delayed
The Enforcement Conduct Board has criticised the lack of 'visible progress' on regulating bailiffs, despite a government pledge to legislate last year. The industry collects over £1bn a year from indebted Britons. The delay has raised concerns about harmful practices.
Key takeaway: The UK government's delay in regulating bailiffs has left millions of indebted Britons vulnerable to harmful practices.
ScottishPower sent cheques to the wrong person
ScottishPower sent six cheques addressed to a deceased person, causing distress. The company owed a £430 credit on the electricity account but sent a cheque in the wrong name. A debt collection letter was also sent demanding £130 for a gas account.
Key takeaway: Energy companies must handle accounts of deceased customers carefully to avoid causing distress to their relatives.
Monzo launches credit card for thin-file borrowers
Monzo's Flex payment option aims to help people rebuild their credit file, but it may not be suitable for students. The credit card market is becoming increasingly competitive, with new products emerging to cater to different demographics. Students may benefit from this trend, but should be cautious of the terms and conditions.
Key takeaway: Monzo's new credit card offers a flexible payment option for customers with limited credit history, but students should be aware of the potential risks and fees.
AI-powered insurance scams hit £230m
You might think insurance scams are something that happen to others, but the increasing use of AI is making it easier for scammers to fake claims. Aviva detected over 18,400 suspect claims last year, with a combined value of £233m. The insurer is now using advanced technology to spot and prevent these scams.
Key takeaway: Insurance scammers are using AI to fake claims, costing the industry £230m.
University funding faces £2.4bn shortfall
The post-18 system is facing a significant challenge due to demographic changes, with a predicted £2.4bn shortfall in university funding. This has implications for students and the higher education sector as a whole. The issue arises from a decline in the number of 18-year-olds, which will lead to a reduction in tuition fee income.
Key takeaway: University funding is facing a significant shortfall due to demographic changes.
Revolut offers 5% savings rate for new customers
Revolut is offering a 5% savings rate for new customers who sign up before August 4. This deal allows customers to earn interest on their savings with no minimum balance requirement. The offer is open to new customers only.
Key takeaway: New Revolut customers can earn 5% interest on their savings with no minimum balance requirement until August 4.
Meta fraud cases soar
A recent revelation from Lloyds Bank indicates that a staggering two thirds of their fraud cases begin on Meta platforms. This includes scams such as ticket fraud, wedding photobooths, and tattoo deposits. The bank is warning customers to be vigilant online.
Key takeaway: Be cautious of online scams, especially those originating from social media platforms like Meta.
M&S launches traineeship for 1,000 young people
M&S has launched a new traineeship programme aimed at providing opportunities for 1,000 young people. This initiative seeks to address the growing challenge of youth unemployment and lack of engagement in education, employment, or training. The programme is set to make a positive impact on young individuals looking to gain work experience and skills.
Key takeaway: M&S is offering 1,000 young people a chance to gain valuable work experience and skills through its new traineeship programme.
Butterfly blocks tax-break trees
The northern brown argus butterfly has successfully blocked a commercial forest project on the English-Scottish border, which could have provided significant tax savings for wealthy investors. The project was intended to take advantage of tax breaks for woodland investments. This move highlights the potential conflict between conservation efforts and financial planning strategies.
Key takeaway: A small butterfly species has halted a massive tree-planting scheme that could have saved wealthy investors millions in inheritance tax.