January 24th, 2024 | Andrew Hagger | News

New research has revealed that London City Airport is the most expensive airport in the UK for parking. According to the figures, it costs an average of £213.14 for two weeks’ parking at the capital’s most central airport, making it the most expensive out of the country’s 19 busiest airports. [1]

The research, compiled by MyVoucherCodes, reviewed the costs for two weeks’ parking at over 140 car parks across the country’s 19 busiest airports. It found that, over 13 months, London City Airport had the highest average price for a parking space at the airport.

The other airports in the capital also proved to be particularly costly for those needing to park their car, as all five of London’s major airports ranked in the top 10. Heathrow was the least expensive of these, costing an average of £127.99, over £80 less.

In fact, airport parking in London was noticeably more expensive than elsewhere in the country. The average cost of an airport parking spot in London was found to be £166.44, whereas the average for the rest of the UK was only £123.52 – a difference of £43.

The 10 most expensive airports for car parking in the UK can be found below:

This trend continues across the south of the country, as the figures showed a clear north-south divide in airport parking fees. Only one northern airport ranked among the 10 most expensive to park at, with Manchester Airport costing an average of £125.44 for two weeks, making it the tenth most expensive overall.

It also revealed that airport parking is more expensive in England than in Scotland. The average cost for a parking space north of the border is £101.15, while, in comparison, the average price in England is £144.95 – a whole £43.80 more.

On the other end of the scale, Liverpool was found to be the cheapest place for airport parking out of the UK’s biggest airports. Parking for a fortnight at Liverpool John Lennon Airport costs an average of just £80.46 – over £130 less than the average parking price at London City Airport. Glasgow (£87.08), East Midlands (£101.76) and Edinburgh (£104.43) also boasted some of the lowest average prices for parking.

Sarah-Jane Outten, savings expert at MyVoucherCodes, said: “There’s a clear difference in what flyers are paying for their airport parking across the country. Those in the south are being hit with particularly pricey rates, while travellers departing from Liverpool are enjoying some of the lowest prices available out of the nation’s biggest airports.

“Airport parking can be costly, giving travellers all the more reason to find ways to save where they can. Park & ride and off-airport car parks tend to be the cheapest, so consider booking a space at one of these if you want to cut costs. Also, some car parks were cheaper if you booked further in advance, so it can be worth booking sooner rather than later if you can.”

“Plus, while it’s not one of the categories vouchers are used the most on, many airport car parks offer discount codes for their spaces. So, it’s worth checking if any deals are available for car parks at your departure airport before finalising your booking.”

More information about the costs of airport parking, including tips on how to save, can be found on MyVoucherCodes’ website.

January 10th, 2024 | Andrew Hagger | News

New research from Go.Compare has found that the financial hangover of last year is set to last throughout 2024 for millions of people.

Go.Compare’s latest New Year’s Resolutions Tracker has uncovered the nation’s biggest cash flow concerns, and the steps Brits will be taking to regain control of their outgoings.

The comparison website’s survey of over 2,000 UK adults reveals that a third (33%) anticipate 2024 to be a very difficult year for their finances, with debts and bill payments among people’s main concerns, with the rise in the cost-of-living topping the list of financial fears in 2024.

A further 14%  of Brits have carried credit card balance over from 2023 and expect to have this debt for the entirety of this year, and housing costs are also a significant worry for many people as 10% of tenants and one in fourteen homeowners are worried about keeping up with their rent and mortgage payments.

These anxieties will see almost one in 10 people turning to friends and family for financial support.

Matt Sanders, head of money at Go.Compare, commented:

“Our research shows that a significant portion of the population are grappling with their finances, from managing household debts to meeting basic living expenses. It’s particularly concerning to see such high levels of apprehension about credit card balances, rent, and mortgage payments, which are fundamental aspects of financial stability.

“However, it’s encouraging that most Brits are taking steps to cut costs and reduce debts. This shift towards more prudent budgeting is essential for financial well-being.

“As a minimum, people should look at their outgoings and cut what they no longer need – for example, subscriptions and memberships that aren’t being used – and identify opportunities to reduce the cost of essential services and debt repayments.

“For example, switching to an interest-free credit card, shopping around for better-value insurance, or refinancing expensive debts can free-up hundreds of pounds.

“But most importantly, if you are concerned about any debts or outstanding balances, contact your provider about a payment plan. Banks, lenders and other suppliers are more likely to be able to help you if you speak to them as soon as possible. You can also contact a debt charity, such as the Money Helper (formerly the Money Advice Service), who will help you make a plan to get debt free.”

For more information about reducing outgoings and other practical money saving guidance, visit: https://www.gocompare.com/savings/money-saving-tips/.

January 2nd, 2024 | Andrew Hagger | News

 American Express this week released its latest Amex Trendex report, focusing on New Year’s resolutions for 2024. According to UK data, 65% of Brits are likely to set New Year’s resolutions for 2024.

17% of Brits say they typically stick to their resolution for the whole year, lower than the global figure of 26%. 7% of UK respondents tend to only keep up their resolutions for the first week of January, while a further 18% will abandon them before the end of January.

Physical wellness is the top focus for resolutions, with 56% of UK respondents focusing on this, followed by 45% focusing on personal finance and 32% on mental wellness.

Physical and mental wellness

Quality of life was seen as an important factor in setting health and wellness resolutions this year. 79% of Brits said they were setting physical and mental wellness resolutions as they wanted to be healthier, 67% are looking to better their quality of life and 63% are aiming to improve their mental health.

In order to realise their physical wellness resolutions, 78% of UK respondents indicate they plan to eat healthier, while 68% say they want to focus on outdoor activities. Drinking less alcohol came in at number three for physical wellness resolutions with 35% saying they want to prioritise drinking less this year.

Unsurprisingly getting a gym membership (28%) and joining in-person fitness studios (19%), offering classes such as yoga, pilates or spin classes, were also amongst the top ways Brits plan to realise their physical wellness resolutions.

Of the 19% of respondents who are focusing on spa or health regimens, infrared saunas (36%), sound baths (31%), and gua sha facials (28%) were popular options.

Personal Finance

Brits are also prioritising personal finance in 2024 with 45% factoring it in to their New Year’s resolutions. 50% are doing this to be financially independent and empowered. 42% want to focus on their personal finance goals as they’re saving for a holiday, while 28% said it was because they’re saving for a house.

December 27th, 2023 | Andrew Hagger | News

Common colds and other winter illnesses aren’t just physically draining, they can impact our pockets too.

A recent survey conducted by leading cashback site, TopCashback, revealed that the majority of Brits (90%) spend up to £50 a year on fighting a cold.

But it’s not only paying for remedies to think about, with 28% increasing spend on heating to stay warm and a further 22% always opting for takeaways when they’re feeling under the weather.

Almost one in five (17%) also end up missing out on pre-paid plans when ill, such as concerts, sports events, holidays or pre-paid transport.

With the knock-on effect of falling ill on finances, two in five Brits (39%) say they refuse to take a day off work despite being sick.

With the winter months often the biggest culprit for illnesses spreading, TopCashback’s UK Director Adam Bullock shares his top tips for cutting the cost of a cold.

1. Stock up on medicine and keep an eye out for deals

One simple way to reduce the cost of a cold is by making sure that you always stock up on remedies when there’s a deal to be had. Picking up paracetamol, Lemsip or vitamins when on offer, as well as other essentials like tissues, can be a great way to reduce costs.

Making the most of cashback deals and purchasing online instead can also reduce the price of cold-fighting essentials even further. Currently on TopCashback, members can get up to 6% cashback at Boots, up to 15% at Superdrug and 10% at Pharmacy First. Throughout January, members can also make the most of a buy one get one for 1p deal at Holland & Barrett.

2. Keep warm and cosy

Staying warm when you’re feeling poorly is a must, so be sure to stock up on the essentials to stay cosy and look out for some great deals to be had.

TopCashback has deals on a range of items to help keep warm this winter for less. The site currently offers 10% cashback on Heat Holders, up to 4.27% cashback at the Oodie (last year’s TikTok craze), and 6% cashback at Best Heating.

3. Always check the label

With the cost of medicine on the rise, according to Which?’s latest analysis, it’s important to always check the label for the list of ingredients. Own brand medicine can often have the same medicinal content as its branded counterparts, just with a cheaper price tag.

For example, 16 500mg of own brand paracetamol at Boots is 49p, compared to 14 500mg Panadol tablets costing £2.25 – both of which contain the same amount of paracetamol.

4. Always speak to a pharmacist

Whilst the above advice is designed to reduce costs, it’s always important to speak to a pharmacist and get a professional opinion to ensure the remedies you plan on taking match your symptoms and to avoid unnecessary spending.

December 27th, 2023 | Andrew Hagger | News

New TotallyMoney research looks at how banks are continuing to water down 0% balance transfer credit card offers, while tightening up who they lend to:

• In 12 months, lenders have slashed an average 4.5 months off the market leading balance transfer offers, while increasing fees by 0.21 percentage points
• Six years ago, the top 10 offers all had introductory interest-free terms of 40 months or more — now the market-leading offer is just 28 months
• Every month, half of customers (50.1%) are paying credit card interest
• £1,438 in interest could be saved by switching the average interest-bearing balance of £2,748 to the current market-leading balance transfer offer
• However, customers are now 19% less likely to be eligible for a credit card than they were a year ago
• For a one-off transfer fee of 2%-3.5%, customers can stop paying interest with a balance transfer for a set period of time (currently up to 28 months), meaning 100% of their repayments goes toward clearing debt.

 Balance transfers: in your best interest

In 12 months, balances on credit cards have grown by 9.3 per cent, and 50.1% of customers are now paying interest on more than £32bn of debt†. With a third of adults planning to get their finances in order in 2024, demand for balance transfer offers are expected to peak once again this January. In July this year, there were 769k balance transfer transactions, totalling £1.554bn.

And the savings can be considerable. For the average interest-bearing credit card balance of £2,748, customers could save £1,438 by shifting their debt to the market-leading 28-month balance transfer deal.

But the best offers are in decline

As millions are struggling to manage with the rising cost of living and high interest rates, banks are watering down offers, and being more cautious with who they lend to. In the past year, they’ve slashed the best balance transfer offers by an average of more than four months (from 28.3 to 23.8 months), while increasing fees by 0.21 percentage points (from 2.96% to 3.17%). In addition, borrowers are now 19% less likely to be eligible for a credit card than they were a year ago.

Alastair Douglas, CEO of TotallyMoney comments:

“This January, millions of people will be making it their New Year’s resolution to get financially in shape — and for some, this means cutting interest with a balance transfer so they can focus their repayments on paying off debts quicker, and cheaper.

“However, this year the offers are worse than last, and banks are being extra careful with who they’re lending money to. This means the savings aren’t as good as they were, and some customers could find it more difficult to unlock the best cards on the market.

“So it’s more important than ever to do your research, calculate all the costs, and find the best offer for your own personal needs. You should also keep an eye out for offers which give you pre-approval, guarantee the credit limit, interest rate, and offer duration. That way you’ll know your chances of acceptance, and exactly what you’ll get if successful.

“You should also remember to transfer the balance within the required time frame, make repayments on time, and avoid using the card for purchases and cash withdrawals — these transactions can come with sky high rates and put you on the back foot.

“If you’re struggling to make sense of your finances, then the free TotallyMoney app could help. It’ll put you in control of your own personal data and will notify you when the promotional offer on their credit card is coming to an end. That way you can stay a step ahead of the banks and avoid paying interest.”

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

“Borrowers looking to move balances between cards will face less generous offers this year as lenders tighten credit underwriting, due to fears of mounting debt problems caused by higher mortgage rates and the wider cost of living squeeze.

“However, for consumers with a solid credit record it’s still worth switching balances, with both Barclaycard and M&S Bank leading the market with 0% terms of up to 28 months.

“Someone with the average balance of £2,748 could save £1,438 over 28 months with the Barclaycard deal and that’s after paying the one-off balance transfer fee of £94.80 (3.45%) when compared with a card rate of 23.9% APR.”

December 21st, 2023 | Andrew Hagger | News

New research has found that using your garage as your main parking space at home can have a negative impact on car insurance premiums. According to the data, the average cost of policies for cars which are stored in a garage overnight is £54 more expensive than the average for cars stored at other places around the home.

The research, conducted by Go.Compare car insurance, reviewed the cost of policies bought through its site between May and July of this year. It then split the figures by those who keep their car in a garage overnight and those who leave it somewhere else around the home. Surprisingly, the average cost for those who park their cars in a locked garage was £710, compared to just £656 for other home parkways.

The difference was even more apparent for fire and theft policies. The average third-party fire and theft policy costs £1,053 for those who park their car in a locked garage, while those who park elsewhere around the home pay only £875 on average – a substantial £178 reduction.

Keeping a car on the drive seems to be better for premiums than in a garage, costing £627 on average – £85 less than in the garage. Parking on the road outside your home or in a residential car park is slightly more expensive than in a garage, bringing average premiums of £729 and £741 respectively.

The findings also suggest that drivers’ preferred parking place is already changing. Go.Compare’s figures showed a 28% decline in vehicles being parked in a locked garage between 2018 and 2022. This was by far the most significant drop compared to the other locations Brits used for car storage.[2]

In contrast, the number of policies for those keeping their car in a work car park overnight doubled between 2018 and 2022. There was also a 36% increase in drivers keeping their vehicles in a secure car park, suggesting that motorists are now looking for alternative secure car parking options for their vehicles.

Overall, the most common parking spot was on the driveway at home, with 60% of policies being for those who keep their car here overnight. Just over a fifth (22%) said they leave their vehicle on the road outside their home, while only 12% said they use a locked garage.

However, the comparison site suggests that drivers assess their circumstances before making the switch to save cash.

Tom Banks, car insurance expert at Go.Compare, says: “There are various reasons why keeping your car in a garage may result in a more expensive premium. Some insurers may feel garages can pose their own security risks. If the garage is connected to your property, your car could get taken in the event of a home break-in, while if the garage is unconnected, you may be unable to hear the thief entering your car.

“Insurers may also feel the car is more likely to be damaged if you keep it in a garage. For instance, there could be a greater chance of bumps and scrapes when trying to fit today’s larger cars into small garages. Items being stored in the garage, like a toolbox, could also fall onto the vehicle and damage it.

“However, it’s key that you consider your circumstances carefully before changing where you park. If the alternative to your garage is somewhere more exposed, like on the road outside your home, then your policy could go up rather than down, and you’d be making your vehicle more vulnerable in the process. Ultimately, security is the most important factor, so if your garage is the safest place for your car, then keep it there.

“Plus, every provider assesses the risk of where you park differently, so it’s important to remember this before switching your parking place. Many insurers may still feel that your garage is a safer place to park, so consider the security of all your options and how they may impact your own individual policy before making a move.”

More information can be found on Go.Compare’s website.

December 18th, 2023 | Andrew Hagger | News

WEALTH at work, a leading financial wellbeing and retirement specialist, outlines below the top 10 pension mistakes to watch out for in the lead up to retirement.

1. Withdrawing savings from a pension early

As a result of the rising cost of living, one in 10 (10%) over 55s in fulltime employment have withdrawn pension savings earlier than previously intended to supplement their income, yet 31% say they intend to or may consider it in the future, according to a survey from WEALTH at work.

Withdrawing money out of a pension earlier than planned really should be a last resort and individuals must understand the dramatic impact this can have on retirement savings, which could include either having to work longer or having less income in retirement.

2. Not understanding how pensions are invested

When it comes to pensions, individuals may not understand that pensions are often invested in ‘lifestyle funds’ which typically move investments out of higher risk funds such as equities, into lower risk funds including bonds and cash, as people approach their chosen retirement age. This made sense when the majority bought annuities, as they didn’t want to risk a market crash’s impact on their savings just before retirement. However, many people now access their pensions using income drawdown, meaning that it generally may be better for their pensions to stay invested in equities long into retirement, to give their money the potential to keep growing. Individuals should speak to their pension provider to find out what investment path they are on, and if it is aligned with their retirement income plan.

3. Missing out on lost or forgotten pensions

The total value of lost pension pots has grown from £19.4 billion in 2018 to £26.6 billion in 2022. Some of the main reasons this occurs can be moving jobs, or people moving house and not updating their address with their pension provider.

If someone has a lot of different pensions, they may want to consider consolidating them into one pension pot, especially as they may all have different investment strategies. It can also make it easier for them to manage their finances and could save them money on the fees charged. However, it is important to ensure there aren’t any enhanced features or protections that could be lost by transferring, and that the scheme chosen provides the flexibility required for when accessing the money in retirement.

4. Not shopping around

Many people are choosing to use income drawdown instead of an annuity. However, it’s crucial that people shop around to make sure they are getting the best deal. In a 2022 investigation, Which? found that the difference in growth between the cheapest and most expensive drawdown plans for a £260,000 pot was nearly £18,000 over a 20-year period.

5. Withdrawing cash to put in the bank

Some people are taking money from their pension just to put into their bank account or other savings and investments, but they may not be aware that by doing this their money could lose value over time, as returns on savings accounts typically don’t keep pace with inflation. They will also lose out on the valuable tax benefits available in the pension scheme. It’s usually better to leave the money invested in a pension fund where it keeps its tax-free status, and only withdrawing when it is actually needed.

For example, if someone took £20,000 from their pension, they could receive the first £5,000 (25%) tax-free. The remaining amount would then be taxed as earned income, which for a basic rate tax-payer would mean a tax charge of £3,000, leaving them with £17,000 net of tax. If this was then deposited in a savings account, they would then only be receiving interest on this lower sum (£17,000 rather than £20,000) and the money would also form part of their estate for inheritance tax purposes.

6. First time high-rate tax payer 

Some people don’t realise that income tax is due on their pensions once the 25% tax-free lump sum has been taken. This means that someone who has never been a higher rate tax-payer, suddenly could find themselves in that bracket, especially if they are still working.

For example, if someone aged over 55 is earning £40,000 a year and has £30,000 in pension savings, decides to withdraw all their pension, 25% of this (£7,500) would be tax- free, but the remaining £22,500 would be eligible for tax. Their taxable income for that year would be £62,500 (£40,000 salary and £22,500 pension), meaning that they would become a higher rate taxpayer. This means they would be taxed 40% on the £12,230 income that exceeds the £50,270 higher tax threshold.

For many, other savings and investments may be a better source of short-term cash than pensions, especially whilst still working, as it can help to avoid unnecessary tax being paid and allows the pension to grow in a tax-free environment.

7.  Not considering all savings

When deciding how to access retirement income, it isn’t just about pension savings. It is important to look at all savings and investments, whether they be pensions, ISAs, or shares, to make sure they are being used in the most tax efficient way.

Instead of taking money from their pension, some people might be better off using their other savings which aren’t growing tax-free and liable for income and inheritance tax (such as general savings, shares and cash), and leaving their pension to grow in a tax-free environment until needed.

8. Underestimating or overestimating life expectancy

Before withdrawing from a pension, it is crucial to think about if you will have enough money to last throughout retirement. Many people can potentially live longer than they expect to, and therefore may underestimate how long they think their savings need to last. According to recent research, people aged 50 and over, on average, think they will live until around age 80, whether male or female. However, according to the ONS life expectancy calculator, a male aged 50, will on average live to age 84, while a woman aged 50 will live on average to age 87.

There is also a real risk that people underspend, and that they can be too cautious in retirement. Often the early years are the most expensive, when individuals are hopefully well enough to enjoy retirement, and possibly travel. In most cases, the amount needed declines into retirement unless care is needed, individuals should ensure they keep this in mind when planning their retirement spending.

9. Losing life savings to pension scams

Individuals getting scammed out of their retirement savings is a real issue. The pensions regulator (TPR) estimates that £2.5 trillion worth of pension wealth in the UK is ‘accessible’ to fraudsters, which represents a ‘huge target base for criminals’.

Whatever someone is planning to do with their retirement savings, it’s vital they check whether the company they’re planning to use is registered with the Financial Conduct Authority (FCA). They can also visit the FCA’s ScamSmart website which includes a warning list of companies operating without authorisation or running scams.

10. Not getting help from the right place

When it comes to getting support with their pension, research from WEALTH at work has indicated that more than half (56%) of working adults say they speak to unqualified sources such as family, friends or colleagues, or no one at all. Very few speak to their pension provider (15%), employer (13%), a regulated financial adviser (8%) or specialist bodies such as Pension Wise (4%) or Money Helper (3%).

The good news is that recent findings have indicated that employers are set to boost workplace financial wellbeing support. 44% of employers plan to offer targeted support for over 55s, and 68% already offer or plan to offer pre-retirement planning. It’s important for those in the workplace to understand the help and guidance available to them.

Jonathan Watts-Lay, Director, WEALTH at work, comments;

“Deciding what to do with your pension is possibly one of the biggest financial decisions of your life. You have spent most of your working life saving into it, and it might need to last more than 30 years. It is important to make informed decisions based on what is right for you.”

December 7th, 2023 | Andrew Hagger | News

A new study has uncovered the most profitable garage conversions homeowners can apply to their properties. According to the figures, turning a garage into an extra bedroom will add an average of £77,526 to a home’s value, leaving residents with an average profit of £59,526.

The research reviewed the average value increase generated by common garage conversions, such as home offices, extra bedrooms and utility rooms. It then subtracted the cost of installing each garage conversion to discover which one leaves homeowners with the biggest profits. Overall, it found that using a garage conversion as an extra bedroom would create the largest return on investment.

Based on the calculations produced by Go.Compare home insurance, other profitable garage conversions include a home office, a playroom and a kitchen/diner extension. Out of these three, a home office gives the biggest return on investment, costing an average of £16,035 to install and producing an average profit of £22,728.

However, the comparison site advised that thorough research will be needed before completing a conversion of any kind, and warned that certain restrictions may prevent them from getting one.

Ceri McMillan, home insurance expert at Go.Compare, said: “Investing in a garage conversion is a great way to increase your living space, and our research shows that you can use it to make a good profit in the long run. If you’re looking to convert your garage, it’s worth considering which type of room will have the best impact on your home’s value, as well as which one you will get the most use out of.”

“However, keep in mind that various factors can influence the value a garage conversion will add to a home, including the quality of the conversion, so be sure to plan it out properly. Plus, while a garage conversion may seem like an appealing DIY project, it’s important to remember that it’s a significant refurbishment job to apply to your home.

“You will need to do a lot of research beforehand to ensure it’s a safe, feasible option for your property. In some instances you may not be able to go through with it or there could be certain rules to obey by. For example, the garage door may need to stay in place. Be sure to get professional support as often as needed, or else you could end up doing more harm than good to your home and its valuation.”

For those able to get one, the comparison site found that converting to a kitchen/diner extension or a playroom would also boost a home’s value. A kitchen/diner extension can result in an average profit of just under £19,000, while a playroom extension produces an average profit of £12,096.

Out of those researched, utility room conversions were found to be among the least profitable. However, at an average cost of just under £17,000 to install, they are among the cheapest garage conversions and can still result in a profit of £2,429 on average.

Despite the comparatively low profit, utility room garage conversions are one of the most common. Over a quarter (27%) of those who get a garage conversion use it as a utility room, while around one in 10 (11%) use it as a dedicated home office. Others used the conversion to add some leisure space to their home, as 13% said they transformed their garage into a home gym.

More information can be found on Go.Compare’s website.

December 6th, 2023 | Andrew Hagger | News

As 2024 comes into view, new research from American Express shows that UK adults are set to spend an average of £1,756 on international trips next year.

13.6m holidaymakers have already booked elements of their travels abroad. Fear of missing out is the biggest driver of early bookings; over a third (37%) booked early to avoid disappointment from sold out flights or accommodation. Having something to look forward to over the winter months (31%) follows closely second.

Whether domestic or overseas, Brits are set to go on an average of 2 holidays in 2024.

Dé-stination-jà vu

It seems old habits die hard for UK globetrotters, as next year’s top five foreign destinations remain largely unchanged from this year. Spain has retained its crown as UK jet-setters’ top destination, with 15% of Brits planning a trip there to chase the sun. Italy holds onto second place (12%), followed by France (11%) and Greece (10%). Compared to 2023, the only newcomer to the UK’s top five foreign destinations is the USA, which comes in joint fifth with the Canary Islands (both 8%).

It’s not just trips abroad that are proving popular. Two-thirds (66%) of UK adults are planning a domestic holiday as the ‘staycations’ trend shows no signs of letting up.

Cornwall and the Lake District are the top destinations holidaymakers are setting their sights on.

Taking time to unwind

It might come as no surprise that ‘relaxation’ is the most important feature of holidays to UK adults; 63% of respondents highlighted it as something they look for in a holiday. For many of us, the seaside is the perfect place to unwind. Beach trips are the most popular type of holiday UK adults are planning, with just under half (46%) eyeing up a coastal getaway.

Nearly half of UK adults look for great local food (43%) or culture (41%) when booking holidays. Millennials are the most adventurous travellers, with 31% looking for a thrill – the highest proportion of any generation.

The research also revealed almost a fifth (17%) of us look to travel to off-the-beaten-track destinations. American Express Travel recently published its 2024 Trending Destinations highlighting 10 must-visit and off the beaten path global holiday spots including the sparkling seas of St. Kitts and Nevis and the uber-romantic Indian city, Udaipur.

Paying for paradise

When it comes to paying for holidays, 43% plan to use credit cards when they pay for holidays while 7% are looking to use points when booking trips. 41% of respondents said that they will collect points or cashback by using a card that earns rewards.

Those looking to book flights or hotel stays can do so through Amex Travel. Eligible Cardmembers² are able to spend or earn Membership Rewards^® points on pre-paid flights, hotel bookings, and even access special benefits to elevate their stay through The Hotel Collection and Fine Hotels + Resorts programmes. Terms apply.

What’s more, with the British Airways American Express^® Premium Plus Card new Cardmembers can collect 25,000 bonus Avios when they spend £3,000 in the first three months of Card membership. But that’s not all, Cardmembers can also earn 1.5 Avios for every £1 spent on purchases, that can be put towards exciting travel rewards. Representative 113.1% APR variable. 18+. Subject to Status. Annual fee applies. Terms apply.

November 29th, 2023 | Andrew Hagger | News

The scam: Criminals on Facebook marketplace use stolen photos and videos of genuine vehicles, to advertise cars that they don’t own and aren’t theirs to sell.

Having used the stolen photos and videos to convince a buyer to purchase the vehicle, they do not respond or block the buyer after they have transferred over the funds.

Earlier this month Santander fraud investigators found, in just half an hour, 25 ‘sellers’ posting around 4,000 fake adverts on Facebook marketplace.

Volume: Santander data covering January 2023 – September 2023, and January 2022 – September 2022, shows:

• 440 customers have fallen victim to Facebook car scams this year, up 87% from last year. Customers in every age group reported an increase in car scams.
• This year nearly half a million (£479,964) has been reported as lost to Facebook car scams, up 93% from last year.
• People aged 18-25 are the most likely to fall victim to Facebook car scams accounting for a fifth (20%) of all cases in 2023. Over 60s are second most likely to fall victim accounting for 14% of all cases, while 41-45 year olds are third accounting for 12.5% of all cases.
• Over 60s lost the largest sums of money to scammers, with an average claim made for £1,564 so far this year, up from £748.06 last year. 56-60 year olds reported the second largest losses with an average claim for £1,528, while 26-30 year olds were third with an average claim of £1,263.

Chris Ainsley, Head of Fraud Risk Management at Santander said: “Scammers are stealing hundreds of thousands of pounds from people falling foul of car scams on online marketplaces. But people can help put the brakes on these scams by learning the telltale signs of fake listings and doing due diligence before transferring any funds.

“For this particular type of scam the single best thing anybody can do to protect their money is to not transfer any funds until the vehicle is in their possession and they have seen it in person.”

Car scams – how it works:

• You click on an advert for a vehicle you like the look of. Then you start a conversation with the seller.
• They reassure you through their messages that everything’s above board.
• They might even share official looking contracts. Or give details of money-back guarantees.
• They’ll ask you to pay upfront. This may be just the deposit to ‘secure the deal’. But could be for the full amount of the purchase.
• They will ask you tomake payment by bank transfer.
• After you have sent the money the contact stops and the seller disappears.
• You are left without the new vehicle, and you’ve lost your money.

How to protect yourself

Some simple steps can help protect you and your money.

• A photo or video isn’t proof the vehicle exists. Make sure you have seen it and it is in your possession before making any payment.
• Follow the government’s advice on purchasing a used vehicle. This includes completing an HPI vehicle check. This check can give you vital information about the vehicle.
• Buying from a reputable site? If so, stick to their dedicated advice and processes. Especially on ways to pay for your vehicle.
• Research the seller and always read the reviews. Compare several review sites. This helps rule out any fake reviews left by the criminals.

For more information on fraud and scams please visit our website. Take Five also has some useful information on their website.