April 15th, 2024 | Andrew Hagger | News

Struggling to push through to payday? If so, you’re not alone. Thousands of workers across the UK are searching for additional streams of income and taking on second jobs. Amid the cost-of-living crisis, it’s worth holding onto your cash wherever possible.

Whether you’re working towards a savings goal, or you just need more cash, it’s worth learning some of the best tips and tricks to make your money go further.

5 ways to make your monthly pay last longer

1. Keep track of your spending

Firstly, it’s important to keep an eye on your outgoings and incomings too.

Using an online banking app like Monzo or Starling could give you real-time updates, spending reports and even notifications when you use your debit card either in person or online. If there’s anything that simplifies the process for you, take advantage of it!

Old-fashioned methods are just as effective. Keeping hold of your receipts or jotting down your spending in a notepad or calendar could give you a very useful visual understanding of where your money goes each month. From there, you can spot opportunities to save.

2. Save, if you can

Saving every month is a luxury in the cost-of-living crisis, but there are ways to make the process easier. Whether you open an easy-access savings account or opt for fixed rate bonds instead, simply opening a dedicated account could motivate you to kickstart the savings habit.

If you’ve got some wiggle room within your budget, it’s worth trying to save. It doesn’t matter how small you start out: over time, every effort you make will soon add up. You might be surprised by how much you could save in just a few months.

3. Think about investing

If you already have some money saved, it could be worth investing some to accumulate greater capital over time. Investing for the first time might feel daunting, especially if you’re not familiar with typical trading websites, strategies, and technical terms.

By using an accessible online trading platform, you could start stock trading at your own pace. There’s no set amount of money needed to start trading, since costs vary depending on the total value of investments required. These are decided by the brokerages, but could include stocks, bonds, cash, or partnership interests.

4. Unsubscribe

Next, if you’ve had that gym membership that you don’t use, it’s time to cancel it and make better use of your money. Likewise, if you’ve got a streaming subscription that you don’t use, it might be time to let go.

There’s no shame in purging your neglected subscriptions – and it’s certain that you could be better off after doing so. Try to limit unnecessary financial commitments or rolling monthly commitments, especially if you’re pressured by someone else.

5. Pay off your debt

Lastly, it’s never worth ignoring your debt when you’re trying to get through the month. Outstanding payments will only add more pressure to your budget and a weight on your shoulders too. Without that burden, you can focus on your current spending and future goals.

Talk to your bank or get in touch with a financial advisor if you’re struggling with debt. The sooner you can get things back under control, the sooner you can start making your monthly pay last longer.

April 8th, 2024 | Andrew Hagger | News

In 2023, millions of UK adults have been the target of fraudulent activity, with scams costing Brits a whopping £580m within the first six months of the year.

With an increase in fraudulent conduct across the country, it’s important for consumers to be vigilant at all times to avoid losing money.

This is specifically true when it comes to taking out car insurance. As the value of motors continues to rise, the higher price tags are fuelling fraudsters to trick people with alluring, budget-friendly scams.

Johnathan Such, head of sales at vehicle finance company First Response Finance, said: “From predatory lending schemes to identity theft, fraudsters are always coming up with new ways and tactics to gain money illicitly.

“No matter how financially savvy you are, anyone can fall victim to scammers, especially with the current cost of living crisis causing even the most sensible of judgements to slip.

“But with a few tips in mind, such as doing your research and verifying the legitimacy of car finance providers, you can ensure you’re always as wary and alert as can be.”

So, what are the red flags to watch out for when securing vehicle financing, and how can you prevent unwanted surprises?

Unrealistic offers

Unrealistic offers, including very low interest rates and lenient approval terms, should always raise alarm bells. Does a loan offer sound too good to be true? Then, unfortunately, it probably is.

Fraudsters might tempt you with an appealing offer that – at first glance – sounds way more affordable or convenient than those provided by reputable lenders. This is an easy tactic to lure consumers in, as you’ll be presented with a pocket-friendly solution that hides unsustainable terms and secret fees.

Top tip: “One of the best ways to avoid falling into the trap of unrealistic offers is to do plenty of research beforehand and compare your options,” Such explained. “In fact, having a broader idea of what reputable lenders in the car finance market are offering will allow you to identify plans that don’t look too legitimate.

“Also, if you are considering a very advantageous offer, getting the lender to put everything in writing is crucial. If the lender has honest intentions, they will have no trouble outlining the plan’s specifics on paper, eliminating the risk of fraudulent surprises in the long run.

“If they hesitate or are very vague in their wording, don’t commit to anything – it’s best to simply walk away.”

Upfront fees

Generally speaking, reliable lenders don’t ask for upfront fees when you take out car finance. If they do, they might have a policy that grants you a full refund should you decide to cancel the arrangement within a specific timeframe.

Scammers might ask for advance fees to cover loan and insurance costs without even bothering with credit checks or loan approval schemes.

In this scenario, you can expect to lose the money and never hear back from the illicit provider. And if they ask for your credit card details, it could even lead to more serious problems.

Top tip: If you’re asked to pay a sum of money to access your car finance loan, always read the small print before sending over any funds.

Should a reliable lender require an upfront fee to ‘unlock’ your loan, they’ll be very transparent about the charges, providing you with a detailed breakdown explaining their purpose.

If you still don’t feel comfortable making the payment or can’t cover the expenses yet, it’s completely fine. Just browse for other lenders that better suit your needs.

Rushing you into making a decision

Another common fraudulent tactic is to pressurise customers into making a rushed, impulsive decision.

For example, scammers might emphasise that they’re providing you with a time-sensitive, exclusive offer that needs to be accepted as soon as possible, forcing you to commit to their fraudulent proposal.

Reputable lenders, instead, will take a slower approach. They’ll provide you with plenty of time to review the agreement and encourage you to ask any questions you may have. They’ll also carry out some checks before finalising the deal, so be cautious when a lender tries to rush you into making a decision.

Top tip: “Buying a car and taking out a loan to cover the expenses is a significant commitment,” Such said. “Legitimate lenders understand that and would never put pressure on their customers to commit to a deal until they are happy and comfortable.

“So, if you feel like you’re being pressurised into accepting an offer, try to keep a cool head and take a step back. If you’ve not been given the time to review all the options and paperwork, then there might be something that’s not quite right.”

Unlicensed lender

Taking out a car loan from an unlicensed lender can be extremely risky. In fact, as opposed to licensed loan providers, they aren’t subject to specific regulations that protect the customer’s interests, increasing the risk of fraud.

Unlicensed lenders are freer to carry out their illicit operations, whether that’s disappearing with upfront fees or stealing your personal information, which can lead to identity theft. So, what can you do to prevent this?

Top tip: To check if a lender is reliable, visit the Financial Conduct Authority’s (FCA) website. Legitimate lenders are registered with the FCA and can be searched for here.

It’s also wise to do your own research and check out customer reviews online so that you have all the information you need to choose the right lender.

April 2nd, 2024 | Andrew Hagger | News

As we head into the new tax year, and with lots of new changes coming from 6^th April, it’s important to stay clued up on how to make your money work as hard as possible.

From making sure you’re maximising available allowances to having your financial plans in order, David Murray, Financial Planning Expert at abrdn, shares his top tips on how to manage your money and make adjustments for the end of the tax year.

1. Get to know your spending and saving habits

First things first, be clear about what you’re looking for financially in the new tax year. Setting financial goals might seem a bit daunting but having a rough idea of what you’re saving for will mean it is more likely to happen. This doesn’t have to be your whole life plan written out – just some goals in mind to work towards and aim for.

A good budget is the cornerstone of any strong financial practice – understanding exactly where your money is going is essential when it comes to successful saving and can also help map out any debt repayments you may have.

There are many free money management apps you can download onto your phone that could be a convenient and powerful way to track your saving and spending habits and think about money in the right way. Alternatively, some banks provide useful online tools to keep tabs on your spending, so it’s worth seeing what your bank offers.

2. Make the most of your ISA allowances – before the new tax year

ISAs are one of the most tax-efficient ways you can save and invest as there’s no income tax, personal tax on dividends or capital gains tax to pay on any investment growth, interest you earn or money you take from it.

Currently you can save up to £20,000 in ISA products completely tax free in any tax year – meaning they are a very tax-efficient option for your savings and investments. While savers have been able to open and contribute to multiple ISAs in one tax year, they’ve never been able to do so through more than one of the same type of ISA.

But from 6^th April 2024, the new tax year, ISAs will become a bit more flexible. This includes the ability to be able to open and contribute to more than one of the same type of ISA. So, you could open and contribute to two stocks and shares ISA offered by different providers in the same tax year, for example. This wasn’t allowed before.

The annual allowance – which works on a ‘use it or lose it’ basis – will remain unchanged at £20,000 across all of the ISA products. So, if you’ve not invested more than £20,000 into an ISA in the last 12 months, or you’ve not opened or used one at all, you’re at risk of missing out on the tax-free benefits they bring. If you’re able to put some money away into savings before 6^th April this year, it’s a good idea to save into ISAs. After 6^th April, the new tax year starts, and the £20,000 tax-free limit begins again.

Whether it be a Cash ISA for an emergency fund, a Lifetime ISA which could help you save for your first home (and save for retirement), or a Stocks & Shares ISA for slightly longer-term goals, there are various options to choose from.

Also, if you want to save for your children or grandchildren, they get their own Junior ISA allowance of £9,000 in addition to the £20,000 allowance you’ll have. So a family of four could shelter up to £58,000 of their savings and investments each year from the taxman.

And keep an eye out for more announcements on the brand new UK ISA. While we’re yet to find out how this will work in practice, this will offer an extra £5,000 tax-free allowance each year alongside the usual tax advantages of an ISA to give savers a further boost.

3. Don’t forget about your pension

Your pension is a tax-efficient way to save for your future thanks to the tax relief you receive on any of the contributions you make to it. It’s also a good way to reduce your taxable income, and you may even be able to benefit from matching contributions from your employer.

You can normally contribute as much as you earn each tax year into your pension, up to the annual allowance of £60,000, and benefit from tax relief on your contributions.

The way tax relief is applied depends on the type of pension scheme you’re in and how you make payments. In a lot of workplace schemes, your employer deducts your pension contributions from your salary before tax is collected – known as salary sacrifice.

So there’s no need for you to claim tax relief yourself. But in other schemes you may need to claim the tax relief from HM Revenue and Customs. If you’re not sure how your pension plan works, speak to your employer, your provider, or a financial planner.

As of 6th April 2024, there will no longer be a maximum amount of pension savings that you can build up over your lifetime. The limit, known as the Lifetime Allowance (LTA), is currently £1,073,100. Any excess was previously taxed at a maximum of 55% but from the new tax year this will no longer be the case.

4. Get to grips with new changes to the CGT allowance

Don’t forget about your capital gains tax (CGT) allowance and how this will change. CGT is paid on any gains you make when you sell an asset – for example, if you make a profit when you sell a second property or investments that aren’t held in an ISA or pension.

However, you have an annual CGT ‘exempt allowance’ within which no tax is due. The government has announced that the CGT annual exempt amount will reduce from £6,000 to £3,000 from 6^th April 2024.

If you’re affected by the change at the turn of the tax year, you might consider holding any investments within a tax-efficient option, like a stocks and shares ISA or your pension, so that the value can grow without attracting CGT. Tax planning can be complex and in a world of shrinking allowances, knowing all the allowances and reliefs you could make use of and the best way to do that, can be easier with specialist advice.

Remember too that how much income tax you pay in each tax year depends on how much of your income is above your Personal Allowance and how much of your income falls within each tax band.

5. Stay ahead of the game!

It’s very easy to fall into the trap of not prioritising taking control of your finances and tax planning.

However, it’s worth considering how you, and your finances, might benefit from being an early bird in the new tax year. For example, you may achieve better outcomes if you feed money into a Stocks & Shares ISA gradually over the course of the year, than if you fill it fully just before tax year end.

And if you’re at all unsure about what you should be doing, get support from a financial adviser.

March 26th, 2024 | Andrew Hagger | News

M&S Travel Money’s latest insight, ahead of the Easter holiday period, reveals the value of the pound has increased against all of the top ten currency destinations over the last 12 months, meaning families heading away for the Easter break, may see their travel money go that little bit further, compared to the same time last year.

While sterling has gained an average of eight per cent across the ten most popular currency destinations and as much as 16 per cent on the eighth most popular currency (the Japanese Yen), the Eurozone remains the most popular destination, despite the smallest sterling gain, of just four per cent year-on-year.

America remains the second most popular destination, with UK holidaymakers benefitting from the pound increasing six per cent on the US dollar. Sterling has also gained six per cent against the Barbadian dollar, which moves into the top ten currency destinations this year. Turkey, which featured in the top ten destinations last Easter (ninth place), has moved out of the top ten this year.

For those looking to travel a little further, some of the largest sterling gains can be seen on long-haul destination currencies. For example, sterling has gained seven per cent on the Australian Dollar, the third most popular destination. New Zealand has also grown in popularity for UK travellers over the last 12 months, moving up three places to seventh place – with the pound gaining eight per cent on the New Zealand dollar year-on-year.

Sterling has also increased seven per cent on the UAE Dirham, which is in fifth place, having moved down just one place, from fourth, on the same period in 2023.

Sterling movements against M&S Travel Money’s top ten currencies:

With year-on-year sterling gains on many currency destinations, holidaymakers should see their travel money go further, which could help offset an increase in the cost of travelling to that longed for holiday.

The amount spent on travel⁴ has gradually risen over the last few years, surpassing pre-pandemic levels, according to M&S Credit Card customer data, with travel spend in 2023 up by 18 per cent year-on-year and the number of travel transactions up by 14 per cent over the same period.  So far, 2024 is also showing year-on-year growth in travel spend and travel transactions.

Nic Moran, M&S Travel Money, said: “We would always encourage holidaymakers to consider the total cost of their holiday, including exchange rates and local costs, so it’s great to see that sterling has gained on all of our most popular currencies, as families looking to jet off this Easter may see their budget go that little bit further.

“And while many of us are looking for ways to save and make our money go further, our data also shows that families are still looking to create new memories with their family by enjoying a well-earned holiday, continuing to spend more on travel, year-on-year.”

Nic’s top travel money tips:

• Plan spending money early: Get your spending money organised ahead of time; order your currency online, or visit a high street bureau de change, to secure a rate in advance – and travel with both local currency and a credit card, to ensure you’re covered for all eventualities.

• Don’t leave yourself short when it comes to currency: Ensure you have enough cash for snacks, taxis and tipping, ATMs may not always be readily available.
• Consider local costs when budgeting: ensure you factor in the cost of things like meals, shopping and tipping; sterling gains on some destinations can mean your holiday budget goes further on arrival.

The M&S in-store travel money bureaux, alongside its euro and dollar Click & Collect travel money service, means an M&S currency service is available in more than 450 M&S stores. The service offers a Click & Collect facility, so customers can order using their Smartphone or tablet – whether at home or in-store – and collect in as little as 15 minutes.

March 26th, 2024 | Andrew Hagger | Uncategorized

TotallyMoney has calculated the cost of using some of the most popular credit cards to withdraw cash when travelling, and warns the 2 million UK holidaymakers heading abroad this Easter to use the right card:

• Some providers will charge a huge £4.59 in fees on £20 withdrawal. In real terms, this represents a 22.95% charge
• For larger transactions, the representative charge decreases, but can still add a huge £7.99 on a £100 equivalent cash withdrawal
• Two million people plan to go away this Easter†, and more than half of Brits are setting their sights on jetting off later this year, with the average person spending £227 per week abroad
• There are alternative options available, which offer customers free withdrawals abroad

Below, TotallyMoney calculates the cost of credit card cash withdrawal fees and provides three top travel money tips, with supporting insights from independent personal finance expert, Andrew Hagger.

TotallyMoney’s travel money trifecta

TotallyMoney CEO, Alastair Douglas shares three top tips for making your travel money go further:

1. Pack the right card
   “Before you go away, double check how much your bank will charge you for using your card abroad. If you’re lucky, you might already have a fee-free option in your wallet — so make sure you stick to using that one. If not, and you’re planning on using credit, then consider applying for a Halifax Clarity or Barclaycard Rewards card —specifically for overseas use. Both offer fee-free purchase and cash withdrawal transactions abroad. Alternatively, current accounts with Chase, Starling and Monzo will all let you withdraw cash for free when abroad.”

2. Go large
   “If you need to use your credit card for ATM withdrawals abroad, avoid using it for multiple, low value cash transactions — and instead consider taking out fewer but larger amounts. That way, you can avoid lots of withdrawal fees, which quickly adds up. Let’s say you take out £200 in one go, to cover you for four days, you might incur up to £15.98 in charges. On the other hand, if you take out £50 per day over the four day long weekend, you could end up paying the bank £31.96 — which is twice as much!”
3. Shop local
   “Whenever you’re paying by card, or withdrawing cash, and you’re asked if you’d like to pay in the local currency, you should almost always pick the local currency. Choosing to pay in pounds sterling will lead to currency conversion fees set by the ATM operator or vendor — and worryingly, there’s no limit to how much they can charge.”

 Andrew Hagger, Personal Finance Expert, and founder of Moneycomms adds:

“Although credit cards are useful in helping you manage your day to day cash flow and cope with unexpected expenses, using them to take cash out at ATMs overseas can be an extremely expensive way of funding your holiday spending.

“Consider a fee-free credit card or a low cost debit card as an alternative if you don’t want to see a big chunk of your overseas holiday budget swallowed up by cash withdrawal and non-sterling charges.”

March 26th, 2024 | Andrew Hagger | Uncategorized

A new survey has officially crowned the Volkswagen Golf as the country’s favourite car from the noughties. One in 10 picked the Golf as the car they love the most from the decade, placing it above every other model on the list. It was closely followed by the MINI (7.4%) and the Ford Focus (5.3%).

Car-changing marketplace Carwow asked car enthusiasts about their favourite vehicles from the noughties that are still on the road today. The results suggested that the nation has an affinity for the Golf, as well as other cars by VW, Ford and Vauxhall. The top 10 contained two models by each of these manufacturers, including the VW Polo, the Ford Fiesta and the Vauxhall Astra.

The UK’s top 10 favourite noughties cars:

1. Volkswagen Golf

2. Mini hatchback

3. Ford Focus

4. Land Rover Freelander

5. Ford Fiesta

6. Toyota Yaris

7. Vauxhall Corsa

8. Vauxhall Astra

9. Volkswagen Polo

10. Honda Jazz

While most drivers declared the Golf as their favourite, older motorists felt more affection for the Land Rover Freelander. Overall, 7% of over 54s picked it as their favourite from the decade, more than any other model. Women preferred the Mini, with 10.1% naming it their first choice, and only 7.9% selecting the Golf.

Carwow also investigated which of our noughties favourites are now worth the most. It says that fans of the Golf can expect to pay an average of £1,651 to get hold of a noughties model, with one of the most valuable versions being the 2009 hatchback, which has a median Cap value of £6,100.

However, it found the Honda Jazz to be one of the most valuable noughties favourites overall, holding an average value of £2,052.

In contrast, the Vauxhall Corsa was named the cheapest car out of the top 10 with an average value of £691, closely followed by the Vauxhall Astra at just £759. Carwow said that some versions are available for even less, revealing that the 2002 Corsa Hatchback has a median Cap value of just £340, perhaps showing that Vauxhall is the decade’s champion of cheap and cheerful wheels.

John Rawlings, Consumer Editor at Carwow, said: “Now that we’re over 10 years removed from the noughties, it’s enjoyable to look back on our favourite cars from this era and see which are holding their value. The VW Golf is clearly a favourite of the decade, with some versions now being worth over £6,000, although it looks like the Honda Jazz is generally the most valuable on average.

“If you own one of these noughties favourites and are considering changing your vehicle, now may be a good time to sell up, as there’s plenty of money to be made based on their current valuations. Don’t worry if you were hoping to snap up an old classic from this time though, as there are many with a lower price tag available, too.”

Out of the UK’s favourites from the noughties, Ford has the most vehicles still on the road today. There are currently around 328,519 Ford Fiestas on UK roads, more than any other noughties car, as well as 276,629 Ford Focuses. The VW Golf is close behind with 245,111 still on the road, while the Vauxhall Corsa and Astra each have just under 200,000 vehicles in use.

Find out more about the nation’s favourite noughties cars on Carwow’s website.

March 26th, 2024 | Andrew Hagger | News

A new report has revealed the average age of first-time home buyers in the UK compared to three decades ago.

The research, conducted by Go.Compare home insurance, investigates government data on first-time buyer trends. It shared that the average age of first-time home buyers is 33, the same as it was in 1990,[1]  despite inflation and the ongoing cost of living crisis. The insurance comparison site also revealed that the average age for all mortgage borrowers is 36, which has increased by two years since 1990.

The proportion of first-time buyers under the age of 25 has also decreased by 18.1% and increased by 9.5% in 35 to 44-year-olds. Although the average age of first-time home buyers is the same as in 1990, the figures suggest it’s not as easy for under 25s to invest in a home.

The average age of Brits buying a modern home is 36, compared to 37 for those buying an older property. The insurance comparison site’s research also shows that the UK prefers older houses, with 64% saying an older build would be their dream home if cost were not an issue.[2]

Its data has further revealed the median cost for home insurance policies, showing that, on average, older properties are pricier to insure compared to new builds.

The average annual cost for all insurance policies combined amounts to £185 for an older build, £39 more than for a new build. When looking at different insurance policies individually, buildings only cover is revealed to have the biggest price difference, with it costing £62 more on average for old buildings.[3]

Ceri McMillan, home insurance expert at Go.Compare, says: “The data clearly shows that older properties cost more insurance-wise, even though they’re the UK’s preference for a home. However, there are many ways to get the cost of insurance down, such as looking after and updating your home, or combining buildings and contents insurance to get a discount.

“It’s interesting to see that the average age of a first-time buyer has not changed much over the years.

But in the cost of living crisis, buying a house can be a difficult prospect, especially as the expenses don’t stop after the purchase. All the more reason to consider the different long-term costs between old and new builds, as well as the different types of insurance available.”

For more information, visit the Go.Compare website.

March 20th, 2024 | Andrew Hagger | News

Most UK adults are unaware of a major shake-up of an ISA rules coming in April 2024 that could make it easier for them to get better deals and create more ‘balanced’ investment portfolios, according to new research commissioned by Wesleyan Assurance Society.

A raft of ISA rule changes designed to simplify the scheme and encourage more people to invest tax free were announced by the Chancellor in his Autumn Statement in November 2023.

This includes allowing investors to open multiple ISAs of the same type every tax year. The reforms are designed to incentivise ISA use by giving savers more flexibility with their money – enabling them to create ISA portfolios better suited to their needs, and making seeking better returns easier.

But new research conducted on behalf of financial mutual Wesleyan found 78% of 2,000 UK adults surveyed don’t know about the rule change to allow multiple ISAs of the same type to be opened within the same tax year. Although, when told about the imminent shake up, almost a third (31%) said the changes would make them want to invest more money into ISAs.

The survey also uncovered enduring misconceptions around ISAs that could mean savers are missing out on the potential benefits.

Seven in ten (70%) of the UK adults surveyed don’t know the different types of ISAs available work.

Of those who don’t hold ISAs, close to half (45%) believe you need large sums of money to open an ISA and more than one in five (22%) say they don’t want to lock their money away where they can’t access it.

In reality, you can typically open an ISA online, with low minimum subscriptions, and there are options available that allow you to withdraw your money at any time.

Toby Hester, Deputy Chief Product Officer at Wesleyan Assurance Society said: “The changes to ISA rules announced in the Autumn Statement are a welcome step towards providing more flexibility for investors but could have gone further.

“Being able to open more than one ISA of the same type and switch between providers will give people the freedom to shop around for better deals and achieve better returns on their investment.

“And it means they can create a portfolio of ISA investments that’s more varied and balanced to their needs, which can provide more security and peace of mind during times of market volatility.”

The research found that more than two-fifths of UK adults surveyed (42%) have invested in ISAs, with more than three quarters (76%) of them opting for Cash ISAs and 29% choosing Stocks & Shares ISAs.

They are investing in ISAs to benefit from the tax advantages (51%), to grow their money (33%) and invest for their retirement (25%).

Toby Hester added: “ISAs are an extremely powerful savings and investment tool, so it’s concerning that that there are still so many misconceptions around ISAs, which means many are missing out.

“I’d urge savers to take a good look at how they can make the most of the new flexibilities as soon as possible to maximise the time they have to benefit.”

The value of your investments can go down as well as up and you may get back less than you put in.

March 18th, 2024 | Andrew Hagger | News

With Easter holidays on the horizon, new research¹ from American Express has found that the average UK family will spend £3,045 entertaining children during the school holidays in 2024.

The total comprises sports activities, clubs, toys, books, magazines, games consoles, tech devices, meals out, days out, TV subscriptions and films. The figure is per child so families with multiple children could end up spending more.

School holidays are a time for many children to relax from school, make new memories, discover new interests and spend quality time with family. With that in mind, 43% of parents say they expect to spend more entertaining kids during the school holidays, compared with term time (with only 7% spending less).

Digital dreamers

Tech leads the charge when it comes to keeping kids entertained. In 2024, British parents plan to spend an average of £401 on tech devices like phones, laptops and tablets to keep children busy out of term time. Clubs come in second, with parents expecting to spend £366 this year which includes the likes of sports clubs, drama, dance, music and more.

Parents said that entertaining kids outside the home is the biggest factor behind school holiday spend (59%). With that in mind, over half (59%) of UK parents will be spending money on the likes of cinema tickets and days out.

38% of parents are motivated to spend on entertainment as a way of having bonding time with children. Eating out is the most popular bonding activity, with just under half (47%) of parents saying they will take their children out for food to spend quality time with them. Other popular bonding activities include watching films and television (39%), cooking together (36%), and various outdoor activities like hiking and camping (35%).

Dave Edwards, Vice President, American Express: “Keeping kids entertained over the school holidays might not always be easy but our data shows it is a focus of many parents’ spending, whether it’s a meal out with the family, a sports club, or a games console. We know our Cardmembers, many of whom are parents, value entertainment and experiences, and our Cards offer that – from access to Amex^® Experiences, to cashback and tailored offers.”

March 18th, 2024 | Andrew Hagger | News

With price hikes expected across broadband packages in the next few weeks, Go.Compare broadband is warning customers to review the terms and conditions of their current agreements, to see if they can negotiate a better deal.

The average price rise expected this April is 7.7%, with some broadband providers increasing their tariffs by up to 8.8%. The increases come into force every year and in 2023, some households faced annual increases of 14.4%.

The comparison site has provided a breakdown of the top five providers and their expected price increases in April 2024:

• Sky and NOW: 6.7% average increase across some broadband, phone and tv packages.
• Virgin Media and O2: 8.8% increase (New customers who joined after Feb 8th, 2024, are exempt until April 2025).
• Vodafone: 7.9% increase.
• BT: 7.9% increase.
• TalkTalk: 7.7% increase. 

Virgin Media is the only provider in the top five who has increased its prices based on inflation (RPI) + 3.9%, where others base the price increase on Consumer Price Index (CPI) + 3.9%.   There are exclusions on all of these price increases, which will depend on the broadband package and when customers started their contract.

There are also a number of providers who are offering a fixed price guarantee, meaning that they have committed to not increase their prices rises within the initial term of the agreement. These include Zen Internet, Cuckoo, Zzoomm, Hyperoptic and Trooli.

Catherine Hiley, broadband spokesperson at Go.Compare, said: “While the price hikes expected this April aren’t as high as those we saw in 2023, these increases are still a difficult pill to swallow when consumers are facing increased energy bills, mortgage payments and other outgoings.”

The comparison site is now encouraging anyone who is out of contract with their current provider to review the market and see if they can find a better deal elsewhere: Catherine continued: “Anyone who is out of their contract with their current provider can switch easily, and without being penalised. These bill payers could already be paying a lot more than they should be for their broadband, even without the additional hikes so it’s absolutely worth doing a comparison to see how your current deal stacks up.

“For those who are still in a contract, price increases are unfortunately written into broadband agreements. But we would still recommend reviewing the terms of your existing agreement and if you’re unhappy, contact your provider as you may be able to haggle on the price rise, or ask about an early termination fee amount.  Many providers add an early termination fee into their contracts to stop people leaving providers, but even with this fee, it may still be worthwhile to pay this and switch to a better deal.”

In fact, recent research from Go.Compare* has found that broadband and TV packages were the most popular bills to barter with 59% of those who currently barter on their bills saying that they like to strike a deal with their broadband provider.

For more information about broadband packages and how to shop around for them, visit:  https://www.gocompare.com/broadband/how-to-avoid-broadband-price-increases/.

https://www.cable.co.uk/broadband/check-my-area also offers a fast and easy way for people to see what deals are available for their specific postcode.