Personal Finance News

19 May

12.7 million Brits dipping into their savings to cover the rising cost of living

Nearly a quarter of UK adults (24%) are using their savings to cover the rising cost of living – equating to 12.7 million people across the UK. New research from UK credit provider Vanquis reveals most Brits (82%) are worried about rising prices, and more than half (53%) are cutting back on essentials as a […]

19 May

Fuel prices leave UK drivers £700 out of pocket

The latest hike in petrol costs is set to cost the average UK driver an extra £700 a year – more than 60 percent of their spare income. This is according to used car buying service, ChooseMyCar.com, who have used data on their most popular cars to calculate the costs of filling up tanks today, […]

16 May

£418 billion continues to languish in poor performing savings accounts

Analysis of the latest CACI market data by Paragon Bank shows that £418 billion of savers’ money continues to languish in savings accounts paying less than 0.1%. CACI’s database1, which captures savings data from more than 30 leading providers, showed that four out of five (80%) of non-ISA instant access accounts pay less than 0.1% in February, […]

10 May

The best savings accounts for business customers

It’s been a better few months for savers with interest rates on the up for the first time in a few years, but it’s not just personal customers who are benefitting from better savings deals, rates for business savings are looking healthier too. Many businesses keep too much money in their current account rather than […]

3 May

2 million mortgage borrowers face payment hikes of over £1,000 per year

With the Bank of England’s interest rate continuing to rise, Moneycomms research commissioned by TotallyMoney looks at the impact of an increase to 1% above its 2021 level of 0.1% on mortgage payments, using house price figures from HM Land Registry. With the UK’s median loan-to-value (LTV) ratio at 73.46, the research is broken down […]

28 Apr

Fraudsters target cost of living crisis

Cifas has warned that fraudsters will cash in on our demand for debt as prices rise. There were 360,000 fraud cases recorded on the National Fraud Database in 2021– back to pre-pandemic levels. Identity fraud made up 63% of all cases – up 22% in 2021 – 91% of it was online. 24% of identity […]

22 Apr

More than 90 per cent of drivers believe the Chancellor’s fuel duty cut has had no impact on their fuel bill

New research published by used car buying service, ChooseMyCar.com, has revealed that over 90 per cent of drivers believe the Chancellor’s reduction on fuel duty has had zero impact on their fuel bill. Spiralling fuel costs led Chancellor Rishi Sunak to cut the fuel duty by 5p a litre in a move that was widely […]

12 Apr

1 in 10 Brits deterred from applying for a mortgage due to a poor credit score

Poor credit scores have deterred one in 10 Britons from applying for a mortgage, according to new research by The Mortgage Lender (TML). The research also suggested evidence of a limited understanding of credit scores among the population. Nearly two-thirds (62%) of the 2,000 UK adults surveyed for the research said they did not know […]

11 Apr

6 out of 10 British people do not take financial advice before retiring

According to new researchfrom wealth manager, Brewin Dolphin, 60% of British retirees have started accessing their pension pot without taking any advice from a financial adviser prior to retiring. Additionally, 78% of British people who have retired do not receive ongoing advice on how they can fully use their pension pot as they spend or […]