Cost of Living News
Stories on how broader economic changes can affect students and young adults — filtered for things that have a direct impact, such as food prices and rent inflation.
38 articles
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.
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.
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.
Kebab firm fined £500k for selling lamb that was mostly skin and fat
Kismet Kebabs have been found guilty of considerable dishonesty for selling low-quality lamb. The firm was fined £500k by Swansea Crown Court. This case highlights the importance of food quality and consumer protection.
Key takeaway: Kismet Kebabs fined £500k for selling low-quality lamb
AI shopping scams: Don't trust ChatGPT's shopping tips
You're probably using ChatGPT to get shopping recommendations, but did you know that some of these suggestions might be scams? Fake websites are being created to take advantage of unsuspecting buyers who trust AI tools. This could cost you money and compromise your personal data.
Key takeaway: Be cautious when using ChatGPT for shopping recommendations, as some suggestions may lead to fake websites and scams.
Simple rule to stop impulse spending
The 48-hour rule is a straightforward technique to help people avoid making impulsive purchases. By waiting 48 hours before buying something non-essential, individuals can determine if the item is something they truly need or just a want. This rule can help people save money and make more intentional spending decisions.
Key takeaway: Waiting 48 hours before buying something non-essential can help you avoid impulse spending.
Bank branch closures leave customers frustrated
The closure of high street bank branches and outages of mobile banking apps are causing frustration among customers, who still prefer to access banking services in person. A recent poll found that most Britons want to keep high street branches open. The issue has significant implications for students and young adults who rely on these services.
Key takeaway: Mobile banking app outages and high street branch closures are leaving customers without access to essential banking services.
Northern England Oyster Card Could Save Commuters £276 a Year
A proposed Oyster-style card for northern England could save commuters up to £276 a year. The card would allow users to tap in and out across different transport networks, with fares automatically capped at the cheapest available rate. This could make travel around the north of England easier and cheaper.
Key takeaway: Commuters in northern England could save up to £276 a year with a proposed Oyster-style travel card.
The 48-hour rule to curb impulse spending
Waiting 48 hours before buying can help you avoid unnecessary purchases. This simple hack can save you money and help you make more thoughtful financial decisions. It's especially useful for students on a tight budget.
Key takeaway: The 48-hour rule can help you save money by reducing impulse spending.
Travel insurance: Don't let price be the only factor
Students often prioritise cheap travel insurance, but this approach can lead to financial losses if the policy doesn't cover essential needs. A recent study emphasises the importance of balancing cost with comprehensive coverage. Travel insurance is a crucial consideration for students planning trips abroad.
Key takeaway: Students should prioritise comprehensive coverage over low premiums when choosing travel insurance.
Fish and Chips Price Rise
The price of cod has skyrocketed, earning it the nickname 'white gold'. This surge is forcing chippies to consider alternative fish species. Your fish and chips might soon be made with a different type of fish.
Key takeaway: The price of cod has risen sharply, potentially changing the fish used in your favourite takeaway.