£31,000 fall in average household wealth

It has recently been reported that average household wealth in the UK has fallen by around £31,000 since last year, with households seeing their household wealth drop as a result of the global credit crunch and the ongoing recession. Read more

Tags: factor, Household, property prices, household wealth, bank, homes in addition, billions

Will banking industry reforms results in higher loan and mortgage costs?

In the current financial climate most people are already struggling to keep on top of their borrowing costs, and most can ill afford to cope with even higher borrowing and mortgage costs. Read more

Tags: banking reforms, mortgage customers, loan costs, council of mortgage lenders, mortgage costs, sweeping reforms, consumers, billions

Northern Rock benefits from HBOS takeover

This time last year Northern Rock was fast becoming known as one of the first major victims of the global credit crunch in the UK, with rumours that it was on the verge of collapse and savers rushing to withdraw billions of pounds in savings within a few days. The bank became the victim of the first run on a British bank in nearly one hundred and fifty years. Earlier this year Northern Rock was nationalised as a result of the problems that it had experienced. Read more

Tags: hbos, northern rock, government, billions, government owned bank, lloyds tsb, immediate fears, place

People using same Pin are risking money

Around ten million people in the UK are putting their money at risk by using the same Pin number for their different credit and debit cards, according to new research.

The study conducted by Opinium Research found that almost a quarter of the 41 million adult cardholders in the UK choose one Pin number for their cards.

However, of those who had been more cautious, 11 million now only use one card because they cannot remember their different Pins.

Steve Willey, head of credit cards at price comparison site moneysupermarket.com, advised cardholders to be more careful, saying: “A little vigilance can go a long way. It certainly beats the trauma and trouble that can be caused by being far too lax with your cards.”

He also warned that people should be careful to keep sight of their cards when making a purchase, since criminals make billions of pounds each year from card cloning and skimming.

Younger cardholders in particular seem unaware of this, with 23 per cent of those aged 40 or under allowing their card to be taken where they cannot see it, compared to 13 per cent of older people.

Tags: younger, billions, United Kingdom, research, business, trouble, Automated teller machine, Cardholders

FSA investigating banks’ stability

Following the recent turmoil in the financial markets, which has spread from the sub-prime sector in the United States, the Financial Services Authority is to launch an investigation to review the stability of mortgage lenders. Read more

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Financial benefits of quitting smoking

Smokers are being encouraged to kick the habit ahead of the June 1st ban on lighting up in public.

The health benefits of kicking the habit are clear but Alliance & Leicester is encouraging smokers to look at the financial benefits of stubbing out.

Around 24 per cent of people in England smoke and with the average 20-a-day smoker spending £1,909 each year on cigarettes, their banking situation is suffering as a result.

Alliance & Leicester points out that this money would be better invested in a high interest savings account which would see the saver earn up to £1,962.

“Kicking the habit isn’t an easy thing to do, but the benefits speak for themselves,” said Ross Dalzell, manager for savings at Alliance & Leicester.

“The English population spends billions of pounds on cigarettes each year – money which could be going towards that new kitchen you’ve dreamed of, a two week holiday in the sun, or simply kept as a nest-egg for the future.”

Around 70 per cent of people who smoke say that they want to quit and there is hope for those who want to kick the habit.

Figures show that 21 per cent of women and 27 per cent of men are now ex-smokers.

The smoking ban is introduced in England from July 1st and will mean that lighting up is prohibited in all workplaces, including pubs, restaurants, airports and train stations.

Tags: billions, result, population, public.The health benefits, future, English, ex-smokers.The smoking ban