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Money news round-up

Hope you enjoyed your extra hour in bed over the weekend and had a relaxing half-term. It’s time to get back to work, but why not take a minute to catch up on the money news headlines.

1. Not too many cooks

Just half of Brits cook every day, while 12 million meals are eaten in restaurants or ordered as a takeaway, according to research by Direct Line. We spend an average of £820 a year eating out, with the younger generation more likely to take advantage of food ordering apps.

2. Saving energy

As the winter hits, people are more likely to reach for a jumper or hot water bottle than the thermostat, say TopCashback. Nearly three quarters of people are worried about energy price increases and are looking for ways to stay warm without running up gas and electricity bills.

3. Lack of savings

Over half of people believe they’re not saving enough, while two in five people only save if they have money left over at the end of the month. These findings from the Aldermore 2017 Annual Savings Tracker found the younger generation start putting money aside when they reach 19, but three quarters still feel they’re not adding enough to their savings.

4. What’s covered?

Want to stay warm this winter? Then you might need to check your insurance policy. Research from Defaqto found less than a quarter of home insurance policies cover home emergencies, while just 30% cover the cost of replacing a boiler.

5. Not reporting

Have you been targeted by an investment scam? Did you report it? Well, a fifth of people didn’t, according to a Financial Conduct Authority (FCA) survey. If you have been targeted it’s important you report it to the FCA using their online form.

6. Not switching

The number of people switching current account has hit a record low. Just 57,779 people swapped provider in September, the lowest since the Current Account Switching Service was launched four years ago. 

7. Interest-ing news

Interest rates on credit and store cards have hit their highest level for a decade, according to Moneyfacts. The average APR (Annual Percentage Rate) is now 23% a year. While some cards can be as high as 29.9%, others can be as low as 5.7%.

And finally…

We’re sure you would never drop your rubbish in the street, but if you do it could really start hitting you in the pocket. From April 2018, the maximum on-the-spot fine for littering will nearly double, from £80 to £150.

wejustcompare team

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