November 27th, 2024 | Andrew Hagger | News

With almost a third of UK adults feeling negatively about their financial situation, the conversation around financial wellbeing is more relevant than ever. Credit card brand Aqua has conducted a new piece of research, surveying over 5,000 UK residents to explore the prevalence of bad credit scores and financial mistakes across the nation, and to reveal what people’s biggest financial mistakes and learnings are. Aqua’s Commercial Director, Sharvan Selvam, has also shared insights into how people can start to take steps to improve their credit scores and overall financial wellbeing.

You can find the full research here: https://www.aquacard.co.uk/building-better-credit/financial-learnings-and-mistakes

Over one in 10 Brits feel ‘uncertain’ about their current financial situation

Despite the tricky financial landscape the UK is currently facing, Aqua’s research found that people predominantly still have positive emotions towards their financial situations with 15% of survey respondents expressing they feel ‘content’.

However, despite these positive sentiments, some of the UK population still feel unsure about their finances. The survey revealed that just over one in 10 (11%) Brits feel ‘uncertain’ about their current financial situation, and a further 9% feel ‘anxious’.

For Brits already feeling uncertain about their finances, having a low credit score can add to the strain. Among those with a bad credit score, 26% said it causes them stress, making it the most common response. However, feelings of frustration, anxiety, and concerns about the future are shared by 21% of respondents, highlighting the challenges many face. While these emotions are common, they also reflect a desire for greater financial stability and control.

However, a bad credit score doesn’t have to be a lasting challenge, and there are simple ways to improve it. After boosting their credit score, many Brits say they feel a lot more positive. The most common reaction is relief (35%), followed by feeling more in control (32%). Sharvan Selvam, Commercial Director at Aqua, says, “Improving your credit score might not always be top of mind, but it plays an important role in helping you reduce financial stress.”

Sharvan continues, “It’s incredibly encouraging to see so many people feeling more empowered and confident as a result of taking steps to boost their credit score, and that nearly a quarter of those we surveyed expressed a sense of pride in doing so. Building a stronger credit score is possible with small steps such as making credit repayments on time, which can be made easier by setting up a direct debit or repayment reminders.”

Only 21% of adults say they’ve never made a financial mistake, and impulsive purchases are found to be the most common mistake

With only 21% of UK adults claiming they’ve never made a financial mistake, it is evident that most people encounter some form of challenge at some point when managing their money.

Among those who admit to making a financial error, impulse buys appear to be the most common pitfall, with one in five falling into this financial trap. This can often lead people to spend outside of their means, and with 17% admitting to this mistake.

It’s not just overspending that is leaving people vulnerable – under-saving is almost as common. In fact, 16% of people admit their biggest mistake is not saving regularly enough.

November 25th, 2024 | Andrew Hagger | News

MyVoucherCodes money-saving expert, Sarah-Jane Outten, explains how she saves money by wrapping up her Christmas shopping early.

Overspending is easy at Christmas, but there are ways to avoid it and shopping early is one of those ways. Take a look at my helpful tips that will save you a few pounds this Christmas.

• Black Friday falls on the 29th of November this year, closely followed by Cyber Monday on the 2nd of December. It’s the perfect time to chip away at the kid’s Christmas It feels like Black Friday all month but retailers will be slashing prices on the 29th. Grab some bargains! However, Black Friday isn’t always the best price, check with price comparison sites like CamelCamelCamel, Price Runner, Rakuten and Google Shopping.

• Toys sales are on the Even though lots of kids have gone digital, toys are always popular. If your little one is asking Santa to bring a toy that’s a big hit this year, get in early! The most popular toys of the year often sell fast, don’t bust a gut trying to find it on Christmas Eve! Retailers want to boost profits as early as possible, so the best deals are available now.

• Buyer’s regret is Nothing is worse than leaving Christmas shopping to the last minute only to realise the gift you need is sold out or won’t be delivered in time. And the chances are the closer you get to Christmas the higher the price.

• Avoid expensive delivery charges. Leaving purchases last minute means spending extra on delivery. If you aren’t in a hurry you can afford to choose the cheaper and free delivery options. Make sure those pressies arrive before Santa!

• Festive foodies need to shop early this year. The supermarkets are laden with Christmas treats and booze right now, at special prices. From Baileys on Clubcard prices to discounted selection boxes and stocking As Christmas approaches, some of these offers get removed, and deals aren’t usually as good. Stock up in advance, but make sure you hide the goodies, even if that’s just from yourself!

• Ask for a gift receipt. Just because you are getting ahead of time, it doesn’t mean you won’t be able to return Ask the retailer for a gift receipt and you should be good to return your goods after Christmas.

• Use a discount code. There are excellent discount codes available right now. Don’t assume the best discount codes will available closer to MyVoucherCodes is seeing excellent discount codes from top retailers such as GHD, Boots, Goldsmiths, and Adidas that are available right now.

And finally, it’s not just money that’s worth saving – it’s your sanity too! As we roll into December the shops will become incredibly busy. Avoid the long queues and the hot and sweaty fights over the last tin of festive biscuits. There’s no need to scramble for the last parking spot, stand on the bus or risk a rail replacement service. You can have everything wrapped up by the start of December and all you need to do is enjoy a mulled wine with your favourite Christmas movie.

November 25th, 2024 | Andrew Hagger | News

A new study has revealed that most Brits overestimate their broadband needs, leaving them overpaying for packages. One-third (34%) of internet users pay for speeds in excess of 150Mbps, but just a fifth (21%) actually needs broadband as fast as this.

The research states that 50 megabits per second (Mbps) is the broadband speed most users require, suitable for almost half (46%) of Brits. Users are now being encouraged to check the speeds that work for them to avoid overpaying for their internet or struggling with lagging loading times.

The figures come from Go.Compare, which surveyed the public on how they use their broadband and the speeds they pay for. It used this to work out what speeds they actually need.

The comparison site says that most Brits (one-fifth) pay between £25 and £29 per month for their broadband, while slightly fewer (16%) spend just under this, at £20 to £24 per month.[1] However, a similar percentage (15%) said their package falls in the highest price bracket of £40 or higher, whereas just 1% said their price is in the lowest range of less than £10.

Older users are the most likely to pay these higher prices. According to the study, 18% of those aged 40 to 54 spend over £39 per month on their broadband, as well as 17% of those aged over 54. In contrast, just 7% of under-25s pay these prices. Younger Brits are more likely to pay the least for their broadband, with 5% of this age group spending under £10 per month, compared to only 1.5% of over 54s.

This follows the news that 9.5 million UK households are overpaying for broadband, equivalent to just over a third (34%) of all broadband users.[2] This translates to a jaw-dropping £637 million overspent on unneeded speeds each year.

Matt Sanders, a broadband expert at Go.Compare, says: “Our latest research suggests that a large chunk of the country is spending more than it needs to on broadband, which is a real kick in the teeth when times are so tight.

“Everyone’s broadband needs are different, so it can be difficult to know what speeds you actually need. The key factors to keep in mind are the number of people in your household and what you tend to use your broadband for. Certain activities like online gaming and streaming 4K videos need faster speeds to run smoothly, and these speeds will be diluted if multiple devices are using the internet at once.

“So, if you live alone and only use the internet for general browsing like emails and shopping, you should be able to manage on relatively slow speeds. But, if your household is a family of four with multiple devices on the go, you might need to get faster speeds so that everyone can use the internet at once without being slowed down.”

More information on the different speeds needed for broadband users can be found on Go.Compare’s website.

November 22nd, 2024 | Andrew Hagger | News

Leeds Building Society has revealed the top 20 Christmas traditions with some surprising findings. Despite our social media feeds being swamped with images of the Elf of the Shelf and his increasingly inventive escapades, shockingly only 9% of Brits welcome him into their homes.

However festive outings like Christmas markets (44%) and seasonal parties (33%) are topping the charts as survey respondents selected these as their non-negotiables for getting into the Christmas spirit.

Advent calendars continue to be popular, with 28% of respondents saying they are planning to gift their loved ones with multiple varieties, ranging from edible treats to beauty products, coffee beans to Lego, and everything in between.

The full festive top 20 is available here.

With most households planning to take on four activities in the countdown to Christmas, the average spend on making magical memories over the festive period is £125. And that is on top of the cost of gifts and food.

To help families adopt a new tradition of getting into a good savings habit for Christmas, Leeds Building Society has created a downloadable checklist to help families uncover how much money they need to set aside for the festive season.

Catherine Wray, Leeds Building Society’s Senior Manager for Savings said:

“How we handle our holiday season spending can set the tone for how much we can relax and enjoy the festive magic with our loved ones. So, starting a new Christmas tradition of saving will help take the pressure off families and get ahead for Christmas 2025.

“It can be tempting to show our family and friends how much they mean to us by spending money on making memories, and it pays to take time out to plan your budget. Our Christmas spending checklist will allow families to work out how much they will need to ringfence to cover the cost of their seasonal spending.

“Starting a new habit of saving little and often will mean that by the time we get to next Christmas, families will reap the benefits of their savings.”

The activity hitting festive budgets hardest is buying tickets for a pantomime, for which respondents are budgeting £46 each, while on the other hand, the cost of building a gingerbread house with the family is expected to add just £13 to the total seasonal spend, proving that there are options to suit every budget at whatever stage they are at in their savings journey.

Catherine’s top tips for Christmas savings can be found here.

November 13th, 2024 | Andrew Hagger | News

Black Friday continues to be the biggest shopping event of the year, with retailers
slashing prices in-store and online. A recent survey by MyVoucherCodes revealed
that 37% of Brits will shop online this Black Friday.

40% of shoppers said they would wait until Black Friday to nab the ultimate bargain,
and 80% of Brits splashed the cash between 9 and 10 a.m. on Black Friday, which
falls on November 29th this year.

56% of Black Friday shoppers will be searching for Christmas presents on Black
Friday and 46% will be finding the perfect gift for their partners. Whilst men will be
treating themselves this year. 71% of men said they would buy for themselves
compared to 42% of women.

Sarah-Jane Outten, the shopping expert for MyVoucherCodes said, “I’ve noticed that
shoppers are becoming more savvy every year. Not only do they shop online to
access bargains, but they also use discount codes. 56% of those asked use discount
codes all year, ensuring they always get the cheapest prices.”

Sarah-Jane went on to say:
● Plan ahead for Black Friday, and make a list of items you need. This will help
to avoid getting swayed by impulse buys. It’s not a bargain if you don’t need it!

● Remember that just because it’s Black Friday, it doesn’t always mean it’s the
cheapest price. Check price comparison sites such as CamelCamelCamel, or
Price Runner to find out the lowest price the product has been and when.

● Take the RRP price with a pinch of salt. Retailers have historically inflated
prices around Black Friday to make shoppers think they are getting a better
bargain than they are.

November 12th, 2024 | Andrew Hagger | News

With just six weeks to go, the festive season will be here before we know it. And with this, usually comes financial pressures of present giving, decorations, food costs and extra social events.

So, Hodge is sharing three saving tips and hacks for people who aren’t feeling prepared for the season ahead. Hodge has revealed the optimal ways to put money aside from upcoming paydays, and how to be better prepared for 2025.

Christie Cook, managing director of retail at Hodge says: “In an ideal situation, we’d all like to be entering autumn with money set aside for Christmas and the costly festive season. But with rising energy and domestic bills and cost of living concerns this year, more of us than ever might be feeling unprepared and are yet to save for December’s higher outgoings. And, given it’s just around the corner, for those paid weekly, there are just 13 paydays left until Christmas, and for those paid monthly, there are only 3 paydays left from September – November.”

According to Hodge’s research, data from 2023 suggests the average spending per head during the Christmas period is £767.54. This figure could also likely rise to well over £1000 for families who have more presents to buy or mouths to feed.

Hodge’s three Christmas saving tips and hacks:

1. Put aside money from every pay day from now
   “If you haven’t already got money aside for Christmas, then to have the average £770 aside for Christmas, you would need to save £257 in September, October and November if you’re paid monthly. Or £59 weekly for the next 13 weeks.. Obviously, that’s an awful lot to suddenly need to start saving and for many, certainly not possible. So, it might be better to start with a list of what needs to be bought for Christmas and then reviewing what you could realistically take out each pay day.”
2. Consider the ‘50 30 20 saving method’ for budgeting
   Waiting until December to do all your festive spending can put pressure on finances for the whole month, and impact your January bank balance too. Christie says if you’re in a position to be able to do so, it would be ideal to front-load these payments: “With a saving method like the ‘50 30 20’, it will make December itself less costly. This leaves you with more money for the longer wait for January payday (especially if you’re paid early in December!), and also to have extra funds for unprecedented costs during this time. Saving methods like these can reduce the last minute pressure and overwhelm that comes with one-off costs like Christmas, car insurance, or a holiday.”

For someone paid monthly and budgeting for a Christmas spend of £800 for example, this would mean taking £400 out of September’s paycheck, £240 in October, and £160 in November.

1. Plan for 2025 now for less noticeable impact by putting aside £77 a month
   Christie suggests setting out an annual saving plan to make Christmas costs feel like less of a burden: “Rainy day funds and saving for unknown eventualities like car problems or property damage is good. But being prepared for planned outgoings should be prioritised. One recurring cost we can all plan for is Christmas and gifting for loved one’s birthdays throughout the year for example.” Based on the average Christmas spend of £770, if you put aside around £80 a month from February – November, it would mean no Christmas saving needed in January 2025, or December next year, and reduces the pressure at the last minute.

November 12th, 2024 | Andrew Hagger | News

New research has found that 9.5 million households in the UK are paying for broadband speeds they don’t need. Just over a third (34%) of internet users overpay for their broadband packages, equal to an estimated £53 million spent on unused speeds each month. This translates to a jaw-dropping £637 million over the course of a year.

The figures come from Go.Compare, which surveyed users on their internet habits and the broadband speeds they pay for. After calculating the speeds households would actually require based on their usage, it revealed just how much they could be overpaying.

The comparison site says that those who overpay spend an average of £5.58 per month more than they need to on their broadband. This means £66.96 is wasted over 12 months – enough to cover a streamer’s standard Netflix subscription for a year.

According to the findings, the majority of Brits pay for some of the fastest broadband speeds. Around a third (34%) have speeds of over 150 megabits per second (Mbps), but it’s estimated that just a fifth (21%) of internet users actually need broadband as fast as this.

Similarly, more than a quarter (27%) pay for speeds between 51 and 100Mbps, but only 12% of internet users need speeds in this range. Meanwhile, only 3% of the country settles for the slowest speeds of 15Mbps or less, yet this would be enough for 13% of users.

Users who only need 15Mbps also tend to overpay the most, as just 4% of these users said they pay for speeds around this level. One in 10 of these users stated that they pay for some of the fastest speeds at over 150Mbps – despite the slowest offerings being enough for their usage. As a result, they overspend by £9 per month, equating to £113 being wasted every year.

Matt Sanders, broadband expert at Go.Compare, says: “Our latest research suggests that a large chunk of the country is spending more than it needs to on broadband, which is a real kick in the teeth when times are so tight.

“Everyone’s broadband needs are different, so it can be difficult to know what speeds you actually need. The key factors to keep in mind are the number of people in your household and what you tend to use your broadband for. Certain activities like online gaming and streaming 4K videos need faster speeds to run smoothly, and these speeds will be diluted if multiple devices are using the internet at once.

“So, if you live alone and only use the internet for general browsing like emails and shopping, you should be able to manage on relatively slow speeds. But, if your household is a family of four with multiple devices on the go, you might need to get faster speeds so that everyone can use the internet at once without being slowed down.”

More information on the different speeds needed for broadband users can be found on Go.Compare’s website.

-​​ENDS-

November 11th, 2024 | Andrew Hagger | News

New research from Leeds Building Society has revealed that savers will potentially miss out on more than £56,500 in tax-free savings through the planned 12-year freezing of the ISA allowance threshold.

Whilst only 16.9% of savers used the full amount of their tax-free allowance last year, many people had hoped that the Chancellor would finally raise the £20,000 ISA allowance, which has stayed the same for seven years, as part of the Autumn Budget.

However, the government’s decision to keep the ISA allowance the same for a further six years will mean by 2030 the threshold will have been frozen for 12 years, whilst CPI has continued to increase. Increasing the ISA allowance, even by a small amount, would be a way to give something back to savers.

Although savers may be relieved that the Chancellor has not placed any restrictions on how much money can be saved in total in ISAs, this means the value of their savings has decreased in real terms, as inflation has pushed up the cost of living.

Up to the end of the last tax year, just over £11,000 in tax-free savings has been ‘lost’ through the ISA allowance limit not keeping up with CPI, with a further £45,500 forecast to fall victim to inflation by the end of the 2029/30 tax year.

Leeds Building Society is encouraging savers to review their finances to ensure they are maximising any returns on savings. Even with the allowance capped, savers would be wise to maximise their ISA allowance where possible.

Catherine Wray, Senior Manager for Savings at Leeds Building Society, said: “ISAs are very popular with our customers and the population more broadly, allowing them to make the most of their savings without worrying about paying tax.

“Taxes are clearly an important part of life – without them it would be impossible to pay for public services and support those who are financially vulnerable.

“However, increasing the ISA allowance even by a small amount would be a way to give something back to savers across the country.

“This is particularly significant when the annual personal savings allowance, of £1,000 for basic rate taxpayers or £500 for higher rate taxpayers, has also remained unchanged for a number of years. As wages have increased whilst income tax thresholds have remained the same, more people have tipped into a higher tax bracket, impacting their tax-free allowance amounts and making ISAs even more important.”

ENDS

*Figures taken from the commentary for annual savings statistics: September 2024 – GOV.UK

Leeds Building Society Research Findings

The data has been compiled using the ONS Consumer Price Index figures and OBR predicted inflation figures. For each year, the previous annual inflation figure has been applied.

November 6th, 2024 | Andrew Hagger | News

American Express has today launched a series of limited-time sign-up offers, including the biggest ever upfront points offer on the Platinum^® Card, giving new Platinum Cardmembers 80,000 bonus Membership Rewards^® points and Gold Cardmembers 30,000 points where spend thresholds are met.

A Platinum offer

From today until 14 January 2025, Platinum Cardmembers can earn 80,000 bonus Membership Rewards^® points, worth £400*, when they successfully apply for the Card and spend £10,000 in their first six months. The offer is significantly increased from the usual maximum of 50,000 points, allowing Cardmembers to earn up to an additional 30,000 points.

Last month, the Platinum Card recently announced an extension of the Harvey Nichols £50 half-yearly credit, and an increased £400 credit to spend at selected restaurants, launching in January. This is on top of travel insurance for the Cardmember and their family, airport lounge access, and more. The benefits are worth more than £3,000.

A Golden time to sign up

New Gold Cardmembers can earn an enhanced 30,000 bonus Membership Rewards^® points when they successfully apply for the Card and spend £3,000 in their first three months. The offer is boosted from the original 20,000 points, and is worth £150. Again, Cardmembers must apply and be approved by 14 January, 2025.

The Gold Card is free for the first year. Gold Cardmembers get four Priority Pass lounge accesses each year, £120 in Deliveroo statement credits a year, and enhanced points-earning opportunities (including 2x points for every £1 spent directly with airlines or in a foreign currency) and bonuses (every time a Cardmember spends £5,000 they will get 2,500 bonus Membership Rewards^® points, up to 12,500 bonus points per year).

Membership Rewards^® points can be redeemed across a variety of offers. For example, 30,000 points could be redeemed up to £150 in gift vouchers at a range of shopping, travel and lifestyle partners. It can also be used to offset purchases made on the Card, or redeemed against flights and hotels with Amex Travel. To view the range of rewards, Cardmembers simply need to visit the Memberships Rewards page online or on the Amex^® App and browse and redeem the rewards available to them.

Invite A Friend offer – available to new and existing Cardmembers

With new sign up bonuses comes new offers across the American Express Invite a Friend referral programme, also running until 14 January, 2025.

Current Platinum Cardmembers who successfully refer a friend will receive 18,000 points, up from 12,000, while the referred friend will receive 100,000 points which is worth £500 and is nearly double the usual 55,000 points on offer, if they spend £10,000 in the first 6 months.

Gold Cardmembers who successfully refer a friend will receive 14,000 points, up from 9,000. The referred friend will receive 40,000 points, significantly more than the 22,000 points they’d normally receive, when they spend £3,000 in their first 3 months.

Cardmembers simply need to follow the instructions in the Amex App or their online Account to find their referral link. The friend must be approved for the relevant Card before the Cardmember receives their points, and existing Cardmembers can earn a maximum of 90,000 bonus points from referrals each year.

Dave Edwards, Vice President, American Express, commented: “With the festive season fast approaching it’s a busy time for present buying and hosting. Amex^® Cardmembers earn rewards as they spend, making their money go further, so it’s a great time to consider taking out an Amex^® Card. And even more so with the generous sign up bonuses we’ve launched today.

“On the subject of gifting, existing Cardmembers could also consider giving their friends a very special Christmas present – even more bonus points when they sign up for a Gold or Platinum Card – when they use their unique referral link, while earning some additional points for themselves at the same time.”

October 31st, 2024 | Andrew Hagger | News

 American Express today announced benefits enhancements on The Platinum Card^®, giving Cardmembers £400 back when they spend at restaurants.

Launching in early January 2025, Cardmembers can receive £100 back when they dine at participating UK restaurants between January and June, then another £100 between July and December. The same cashback benefits will apply to Cardmembers who dine at selected international restaurants over the same periods. Combined, Cardmembers are eligible to receive up to £400 back a year.

This enhanced dining benefit provides an additional £100 of dining credit compared to the current offer, which expires on 31 December 2024, and gives Cardmembers a total of £150 to spend at selected UK restaurants, and £150 at selected international restaurants (£300 total) a year.

A current list of the more than 2,000 participating restaurants, which are hand-picked by Amex dining experts, can be found here. Restaurants include Berenjak Soho, Tattu Manchester and Bread Street Kitchen Edinburgh.

To be eligible to receive the credits, Cardmembers must enrol for the benefit in the Amex Offers section of their App or Online Account when the new offer launches in early January.

Harvey Nichols

American Express has also extended its Harvey Nichols credit – which was originally due to expire 31 December 2024 – to 30 June 2025. This benefit gives Cardmembers £50 back every six months when they shop online or instore at Harvey Nichols.

As with the dining credit, Cardmembers can enrol in the Amex Offers section of their App or online account. However, unlike the dining credit, Cardmembers who have already enrolled do not need to re-enrol.

Caroline Bouvet, Vice President, American Express, commented: “We know our Platinum Cardmembers value premium benefits and offers that match their lifestyle. Whether it’s a fine dining establishment, or a cosy local gem, our Cardmembers enjoy using their dining credit, so it’s great that we’re able to add even more value to it, while at the same time extending the Harvey Nichols credit.

“And with a sign-up bonus of up to 50,000 Membership Rewards^® points, which could equal up to £250 in value, this really is a great time to sign up.”

Designed for those that are looking for an array of premium travel and lifestyle benefits, The Platinum Card^® allows Cardmembers to enjoy exclusive experiences, access and perks, including:

• Hotel benefits, including complimentary room upgrades and late check outs
• Global Lounge Access, with access to over 1,400+ airport lounges across 140 countries, including 30 Centurion Lounges
• Travel insurance for the Cardmember and their family
• Exclusive access to lower fares in First, Business and Premium Economy with the International Airline Program
• Ability to earn at least 1 Membership Rewards^® point for every £1 spent and up to a further 90,000 Membership Rewards points annually by referring friends
• Unrivalled access to presale tickets, as well as the best seats and exclusive offers at some of the UK’s most sought-after film, music, theatre, dining and entertainment events including early access to Wimbledon tickets each year.
• New Cardmembers who sign up for the Card can earn 50,000 additional Membership Rewards points when they spend £6,000 in their first three months of Cardmembership

Dining credit terms can be found here. Harvey Nichols terms can be found here.

The Platinum Card^® has an annual fee of £650 and a Representative APR of 701.4%. Full terms and conditions apply. 18+. Subject to status. For more information please visit: https://www.americanexpress.com/en-gb/credit-cards/platinum-card/