Survey shows many not putting money into pension

A recent study has shown that a worrying number of people in the UK are failing to put any money into a pension for their futures, thus running the risk of being left with inadequate funds to retiring comfortably in the future. Read more

Tags: money, Personal Accounts, savings, Employment compensation, reason

Online shopping avoided by more than 50 percent of UK shoppers

Whilst the Internet has changed our lives in many ways over the years, enabling many to enjoy convenience, ease, speed, and flexibility in many situations, it has been revealed that over half of the consumers in the UK actually avoid shopping online due to concern over the risks of shopping in this way. Read more

Tags: Christmas and holiday season, online security, card fraud, shopping, Debit card, main reason, reason, shopping online

Consumers warned over small print on forms

It has recently been revealed that many people that complete and submit both hard copy and online forms often do not really understand what they are completing because of the confusing information that can be found in the small print. Read more

Tags: lot, understanding, reason, Information Commissioner, office, Google, Gobbledygook, privacy

Many households could benefit from cut in energy prices

Over the past year many households in the UK have seen their finances take a battering for one reason or another. One of the things that has really impacted on household finances is the rising cost of energy, which soared twice last year. Read more

Tags: energy cuts, reason, british gas, poverty, mortgage, energy, benefit, energy prices

Credit card increases need to be questioned

Over the past few days credit card firms have pledged to make changes to the way that they hike up interest rates on credit cards, which has come under intense fire recently. However, whilst credit card firms are trying to make changes to stop these overnight interest rate hikes, there are people that may have recently already had their credit card interest rates hiked for no apparently reason, often adding a small fortune to their repayments. Read more

Tags: statement, reason, rate, Credit Cards, service, credit card fees, creditard firms, interest rate

Parents don’t talk to kids about money

Many of us have let our banking situation spiral out of control because our parents failed to talk to us about finances.

A new report by the Department for Education and Skills (DfES) highlights that few people aged between 16 and 21 regularly speak with our parents about money.

This has led to a number of negative effects, says the report, with 40 per cent of people in this age group not even knowing what APR means.

In addition, 25 per cent incorrectly believe that store cards offer better value than credit cards and the DfES puts this down to a lack of parental guidance.

One in three admitted that they do not discuss finances with their children and this is despite 83 per cent having concerns that their kids are running into debt.

The main reason behind the lack of communication is said to be a fear of appearing to be a nag (48 per cent), while many are put off by their child’s nonchalant attitude towards money (22 per cent).

The DfES is trying to tackle this by launching Talking Money, a campaign designed to promote financial conversations between children and their parents.

“While parents are happy to talk with their offspring about socialising, boyfriends and girlfriends or getting a job, it would appear that in many families money remains the last taboo subject,” said minister for higher education Bill Rammell.

“Talking Money is designed to raise awareness of the fact that financial help is available to cover the cost of higher education in the form of loans, grants and bursaries.”

Tags: United Kingdom, higher education, reason, taboo subject, parental guidance.One, conversations, Bill Rammell

Banks “mugging” customers with charges

Banks have been accused of “mugging” their own customers through penalty charges, according to a Liberal Democrat MP.

Matthew Taylor voiced his opinions during a debate on the subject of bank charges which was held in parliament.

Mr Taylor said that the charges were regularly hitting the vulnerable hardest, with single parents and those on benefits the most likely to be charged.

“It is the biggest bank robbery in Britain and it involves the banks robbing their own customers, especially their poorest customers,” said the MP.

The Liberal Democrat’s social exclusion spokesman went on to say that the charges are illegal and that banks are avoiding the law by never allowing a case against them to go to court.

Mr Taylor said that the banks would rather settle out of court so that a definitive ruling on whether the case is illegal or not cannot be reached.

“Every time court action is threatened, the banks refuse to defend themselves. The only possible reason has been that they know they will lose,” he added.

“I believe they are clearly illegal and if there was any doubt about it the banks would have the courage to fight a single case in the courts – which they do not.

“Meanwhile, frankly the OFT [Office of Fair Trading] has been limp, the banks are dodging the courts and the government is turning a blind eye,” he concluded.

Tags: government, Liberal Democrat, liberal democrat mp, bank robbery, court.mr taylor, parliament, reason