Latest News
Financial and other news tailored to UK students and young adults, explained without unnecessary jargon.
Accelerated degrees get a boost
The Lifelong Learning Entitlement could make accelerated degrees more appealing to students. This entitlement may provide a flexible and affordable way to pursue higher education. As a result, students may be able to complete their degrees in a shorter amount of time.
Key takeaway: The Lifelong Learning Entitlement could make accelerated degrees a more attractive option for students.
Pension income gap revealed
A recent report has revealed that three-quarters of workers are not on track for a 'moderate' pension income. The report suggests that a moderate lifestyle in retirement costs £32,700 for one person and £45,400 for two. This has significant implications for workers who are not planning for their retirement.
Key takeaway: Three-quarters of workers are not on track for a 'moderate' pension income.
Retirement savings gap revealed
The amount needed for a comfortable retirement is higher than many people think, with experts warning that a significant gap in savings could lead to a financial 'cliff edge' for many Brits. This gap could have serious implications for students and young adults who are just starting to think about their retirement savings. The pensions industry body has called for increased awareness and action to address this issue.
Key takeaway: The financial 'cliff edge' in retirement could affect anyone who hasn't saved enough for a comfortable post-work life.
Water firm fined £1.8m over parasite outbreak
The £1.8m fine is a surprise given the water firm's claims of prioritising customer safety. The outbreak occurred in Devon, leaving many people affected. The incident highlights the importance of water safety.
Key takeaway: A water firm has been fined £1.8m for a parasite outbreak.
Graduates' debt used to fund older people's lifestyles
Student representatives have told an official inquiry that many young people are struggling with 'harrowing' debt, likening the situation to finance scandals like car finance and payment protection insurance (PPI) mis-selling. The issue has sparked concerns about the fairness of the student loan system.
Key takeaway: Graduates are being unfairly used as 'cash cows' to fund measures benefiting older people, such as the state pension triple lock.
Mortgage approvals surge to highest level in over a year
Despite expectations of further interest rate increases, UK mortgage approvals for house purchases have surged to their highest level in over a year. This could have indirect implications for students and young adults, particularly those planning to enter the housing market. Economists are anticipating further interest rate increases later this year.
Key takeaway: The surge in mortgage approvals doesn't directly affect most students, but it could impact those planning to buy a home in the near future.
University degrees not worth it? 34% of people think so
The latest British Social Attitudes survey reveals a significant shift in attitudes towards university degrees. Younger graduates, who have experienced the fee system, are more disillusioned than those who did not pay fees. This trend raises questions about the value of a degree in today's economy.
Key takeaway: The perception that a university degree is not worth the investment is growing, with 34% of people now holding this view.
UK Mortgage Approvals Soar to 1-Year High
Mortgage approvals for house purchases in the UK have reached their highest level in over a year. Economists are anticipating further interest rate increases later this year. This development may impact students and young adults planning to buy or rent a home.
Key takeaway: Mortgage approvals have reached a 1-year high, but rising interest rates may increase costs for homebuyers and renters.
Post Office scandal victim receives OBE
A 92-year-old woman, who was affected by the Post Office scandal, has been awarded an OBE. She dedicated the honour to 'all sub-postmasters we have lost'. The Post Office scandal involved incorrect accusations of theft against sub-postmasters.
Key takeaway: A 92-year-old victim of the Post Office scandal has received an OBE for her efforts in bringing attention to the issue.
High salaries don't guarantee financial security
A recent study has found that people earning high salaries may still feel financially squeezed due to increased personal spending and higher taxes. This has significant implications for UK students and young adults. The study highlights that bigger salaries don't necessarily lead to financial security.
Key takeaway: Earning a high salary doesn't guarantee financial security due to increased spending and taxes.
Mortgage approvals hit 15-month high
The Bank of England has reported a significant increase in mortgage approvals for house purchases. In April, 65,945 mortgage approvals were recorded. This is the highest number of approvals in 15 months.
Key takeaway: Mortgage approvals have reached a 15-month high, which could have implications for the housing market and students and young adults looking to buy or rent a property.
DVLA revokes driving licence after voluntary surrender
A person with a spinal cord injury surrendered their driving licence to the DVLA, but instead of simply accepting the surrender, the agency revoked it. This has made it much harder for the person to get their licence back. They are now facing additional hurdles, including a medical driving assessment.
Key takeaway: The DVLA's decision to revoke a driving licence after voluntary surrender can cause significant difficulties in getting it back.