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Money news round-up

It officially December, which means it’s not long till Christmas. So, before you rush out to buy presents, trees, decorations and wrapping paper, take a minute to catch up on this week’s top money and personal finance news.

1. Generation rent-irement

By 2032, one in eight retirees will be renting, according to research by Scottish Widows, three times the current level. However, the over-50s are not saving enough to cover rental costs in retirement, with an average shortfall of £6,000 a year. Analysis by Retirement Advantage has also found more than three quarters of over-50s underestimate how long their pension pot will have to last.

2. Protecting pensioners

Families are being urged to make sure older relatives have not been targeted by scammers over the Christmas period. There were an estimated 5.8 million incidents of fraud in the year to March 2016 and Royal London are encouraging people to on the lookout for the tell-tale signs a family member has become a victim.

3. Not best before

Best before dates will be a thing of the past in Co-op stores in East Anglia. In a bid to reduce food waste, the supermarkets will sell dried and tinned goods for 10p after when they’ve passed their best before date. 

4. Making the switch

More than 51,000 people switched mortgage during October, just before the Bank of England raised interest rates. This is the highest rate since 2008, when interest rates started their fall following the financial crisis. 

5. Right of passage

From paper routes to Saturday jobs, part-time work is something many of us experienced when we were younger. But, the number of part-time jobs being taken by schoolchildren has fallen by a fifth in the last five years. 

And finally…

Children and pensioners are increasingly living in poverty, according to the Joseph Rowntree Foundation. Around 700,000 of the youngest and older in society are now living on less than 60% of the median income and are struggling to make ends meet.

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