Data from the Financial Conduct Authority suggests fewer of us are struggling to pay our bills compared to last year, but the numbers are still high. The watchdog says more than 7 million people were finding it tough to pay bills and make repayments on borrowing at the start of the year, down from almost 11 million last year. However, despite the drop that's still far higher than before the cost of living pressures really started to bite. Price rises are slowing and energy bills have come down -...
May 08, 2024•28 min
National Insurance - a tax millions of working age people pay on their wages - is being cut this weekend, for the second time this year. The main rate of National Insurance has now fallen by a third - from 12% last year to just 8%. The Treasury says combined with above-inflation increases to personal tax thresholds since 2010, this will save the average earner over £1,500 compared to what they would otherwise have paid. What difference will it make to your pay? The debt charity StepChange has to...
May 04, 2024•25 min
April is a big month for our finances, some bills go up and one or two even come down. A big relief for many households will be the that energy prices are dropping, but one bill that is still going up is rent. UK rent prices rose 9% in the 12 months to February. Research shared exclusively with Money Box Live has revealed you're more likely to be in your overdraft if you're a renter compared to people with mortgages. You're also less likely to have savings to fall back on in an emergency. Meanwh...
May 01, 2024•35 min
April brings many changes for our money, and this programme has all you need to know. From Monday 1st, there will be higher pay for people on the various minimum wages. For the first time 21 and 22 year olds join people aged 23 and over in getting what's called the National Living Wage. It's going up to £11.44 an hour, a near 10% rise. 18 to 20 year olds get a bigger boost with minimum wage up nearly 15% to £8.60 an hour, while 16 and 17 year olds and those on apprenticeships get the largest inc...
Apr 27, 2024•25 min
More than half of adults don't have a Will according to new research from insurance company Canada Life. The main reason people say they haven't sorted one is that they don't think they have enough money to leave behind. So what types of Will are there and what do they mean? We'll be hearing from one man who says he was disinherited over changes to a Mirror Will. We also speak to a mother concerned about digital assets following the death of her son. Plus, what happens if you don't have a Will a...
Apr 24, 2024•29 min
This week marks 10 years since a landmark shift in the way we could all use our pensions. Back in the Spring of 2014 the then Chancellor George Osborne announced plans for new freedoms, allowing people over the age of 55 to take 25 per cent of their pension tax-free and use the rest as they wished. What impact did that have? Hundreds of survivors of economic and physical domestic abuse have been helped by a new scheme set up by one of the UK's biggest banks. TSB's "Flee Fund" was launched just o...
Apr 20, 2024•25 min
Mortgage customers face rising rates, vanishing deals and latest figures have shown more people are struggling to keep up with their repayments. Mortgage arrears, hit a seven-year high in the final quarter of 2023. So what can you do if that's you? Felicity Hannah is joined by Charlotte Harrison of Skipton Building Society, Sally Mitchell from the Mortgage Mum, and Richard Lane from the debt charity Step Change - to discuss what's going on in the mortgage market and what you need to know. Presen...
Apr 17, 2024•29 min
The number of people falling victim to fraud involving cryptocurrency has more than doubled between 2020 and 2023 according to Action Fraud. The value of such fraud has also increased. Our reporter Dan Whitworth has met one such victim, an 86 year old in South Wales who lost over £70,000. Following a Money Box investigation she's now had her lost life savings refunded. We've been reporting on difficulties people are having moving from working tax credits to Universal Credit. We hear from a liste...
Apr 13, 2024•25 min
New arrangements for childcare payments come into force in April in England. How will the new arrangements affect parents? Are they going to be better or worse off? The Chancellor Jeremy Hunt announced extended support for parents of pre-school children in 2023. But many parents say the payments are still too low or that there aren’t enough places available. Felicity Hannah is joined by Ellen Broome of the children's charity Coram, and Jonathan Broadbery, Director of Policy at the National Day N...
Apr 10, 2024•28 min
The Chancellor has delivered his Spring Budget for 2024 announcing a 2p National Insurance cut for millions of working people under the age of 66. Jeremy Hunt says this will save the average worker £450 a year. But, analysis by the Office for Budget Responsibility says maintaining a freeze on the personal tax allowance - the amount earned before tax is paid - will mean 3.7 million extra people paying income tax by 2028, when the freeze comes to an end. So will you be better or worse off? We'll b...
Apr 06, 2024•25 min
As Chancellor Jeremy Hunt presents his Spring Budget, Money Box Live sifts through the details - and the impact on all our finances. Expectations included a 2p cut in National Insurance contributions but will that look like on your payslip? Money Box reporter Dan Whitworth answers those key questions. Felicity Hannah is joined by Sarah Coles, Head of Personal Finance at Hargreaves Lansdown; Simon Gammon, Managing Partner at the mortgage broker Knight Frank Finance, and Dawn Register, Tax Partner...
Apr 03, 2024•29 min
Money Box gets a special look at a new exhibition at the Bank of England Museum about the future of money. Paul Lewis picks up a gold bar, sees the new King Charles money, and finds out more about the consultation for a new digital pound. The pensioners getting in touch to ask why they’re soon to start paying tax on their pensions. We'll discuss that with the Low Incomes Tax Reform Group. And, there are calls this week for the government to slow down the speed at which its moving existing benefi...
Mar 30, 2024•25 min
How do schools teach children and teenagers about money? Learning about money is part of the curriculum but more than three-quarters of teachers say young people are leaving school without the money skills they need for adulthood. We’re going back to school to hear from pupils at Trinity Academy Cathedral School in Wakefield who are learning about money in special classes. We’ll listen in to find out how the experts teach children about credit cards, pensions, budgeting and more. The government ...
Mar 27, 2024•29 min
As many as two million of the poorest households have seen the amount they owe their energy suppliers double over the past year. This new analysis of debt figures has been given to Money Box by the consultancy firm Baringa. It says people who've fallen behind on their payments are now £1,100 in the red, an amount that has doubled in a year. Energy UK, which represents suppliers, say they're doing all they can - and we'll hear more about Ofgem's plans to help tackle debt in the industry. Twenty f...
Mar 23, 2024•25 min
There are approximately four million children in Great Britain whose parents are separated. When couples break up they cut their finances apart, but for parents there's that ongoing relationship that comes with supporting those children - emotionally but also financially. So how do you manage that? Sometimes, of course, it breaks down and a parent has to ask the state to step in and make their ex pay support. We'll discuss some changes coming to how that's enforced. And we hear from parents who ...
Mar 20, 2024•28 min
When someone dies and leaves a property in their own name, or has significant savings or investments, the executors must apply for probate - a legal document which gives them the right to deal with the dead person's estate and distribute their assets. The Ministry of Justice says probate should be granted within 16 weeks, but some bereaved families have been facing delays of nearly a year. Why is that? A new report shared exclusively with Money Box suggests many of us know very little about the ...
Mar 16, 2024•24 min
When do you think you'll be able to retire? Perhaps you can't wait to pick up your last pay check or maybe you love your job so much you want to work for the rest of your life. For those who do hope to retire, the latest research suggests we'll all need an an extra £8,000 a year for a so-called moderate retirement according to the Pensions and Lifetime Savings Association. Meanwhile, the International Longevity Centre reckons we'll need to raise the state pension age to 71 by 2050. On this Money...
Mar 13, 2024•29 min
Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box. He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield. The government says up to £64 billion has been made available to local authorities in Englan...
Mar 09, 2024•25 min
Are savers getting a good return on their cash? Although times are tight, we are actually saving slightly more according to the Bank of England. In December, we collectively saved £6bn. But, more than a trillion pounds is sitting in accounts earning around 2% interest - even though the base rate is still at 5.25% - according to analysis by Lightyear of the Bank of England's data. And £250bn is in accounts that are paying no interest at all. So are banks doing enough? UK finance which speaks on t...
Mar 06, 2024•29 min
Around twelve thousand unmarried parents with dependent children whose partner has died have just a few days to claim their share of an estimated £175 million in bereavement benefits. The figures came from Freedom of Information Requests to the Department for Work and Pensions. People must claim that money before Thursday 8th February. If you think you, or someone you know, may be eligible check by searching for "bereavement support payment" on the gov.uk website. New figures show £253 billion i...
Mar 02, 2024•25 min
Are you thinking of turning your 'side hustle' into a full time job? Perhaps you want to take the plunge but don't know your sole trader from your limited company. This Money Box Live is a toolkit for anyone planning to start a new business - or those who've started one but might need a helping hand. And we have Dragons' Den star Deborah Meaden on the show to talk about what makes a good idea, the positives of running your own business as well as the pitfalls to look out for. Following the pande...
Feb 28, 2024•28 min
Campaigners for victims of pension and investment fraud met with the Treasury this week. We'll hear from the Conservative MP who is the co-chair of the All Party Parliamentary Group on Investment Fraud, Caroline Nokes, who was at that meeting. What's the latest for working parents of two year olds planning to take advantage of the free 15 hours of childcare in term time which begins in April? Thieves are stealing the identities of bereaved families to try and steal money from friends and relativ...
Feb 24, 2024•25 min
How are you dealing with energy costs this winter? Money Box Live has heard some people are skipping meals whilst others in full time employment are turning to warm banks and food hubs to cut costs. The energy price cap, which is now what most of us pay, jumped 5% at the start of the year to £1928 for typical use - but what exactly does that mean and are you a typical user? Meanwhile, the charity Citizens Advice has estimated two million people on prepayment meters could have their gas and elect...
Feb 21, 2024•28 min
Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a chan...
Feb 17, 2024•25 min
Flooding damages property, lives and can be incredibly financially damaging as well. There was £352 million pounds in insurance claims for damaged homes following storms Babet, Ciaran and Debi at the end of last year according to the Association of British Insurers. We don't yet know the financial fall out of January's storm Henk - the eighth named storm of the season - but as the climate changes, insurers expect even more of this kind of weather. So what is flooding costing homeowners and busin...
Feb 14, 2024•28 min
New figures given to Money Box show there has been a big increase in the amount of money being stolen through fake text messages offering people jobs. These recruitment scams are usually sent via text or WhatsApp and offer high pay, easy hours and the chance to work from home. Last year 126 people contacted Action Fraud saying they'd been victims of this type of scam with £977,000 stolen from them. That is 50 times as much as was reported the year before. What do you need to look out for? Storm ...
Feb 10, 2024•24 min
The price of nursery can be more than a mortgage. In fact, to send a two-year-old to nursery for 50 hours a week, allowing you to work full time, can set you back more than £14,000 a year according to Coram the children's charity. But, from April this year, working parents in England can claim 15 government funded hours for two year olds, instead of waiting for them to turn three to get help. Applications for that support are now open - but there are concerns that not all parents will be be able...
Feb 07, 2024•28 min
National Insurance will be cut for millions workers from today. It'll be cut from 12% to 10% - the lowest main rate for more than twenty years. The government says this cut will save an employee on average earnings around £450 a year. However, some experts including the Office for Budget Responsibility say that gain is far less than the cost of freezing personal tax allowances from 2021 while wages rose. What will it mean for you? A new set of regulations designed to help victims of fraud should...
Feb 03, 2024•25 min
It can feel like new year, new you, with so much potential for change and improvement, but then reality can kick in. Around 1 in 3 of us will have made a financial resolution this year, but according to Hargreaves Lansdown, almost 20% of us won't even make it to the end of this week. So how do you make them stick? Felicity Hannah is joined by behavioural & data scientist Professor Pragya Agarwal, Laura Suter, Head of Personal Finance at AJ Bell and consumer rights expert Martyn James. Presen...
Jan 31, 2024•29 min
Are you putting down the mince pies and opening your bank statements? Well, you're in the right place as we're dedicating some time to the kinds of money topics that come up between Christmas and New Year. Perhaps you want to know your consumer rights before hitting the sales, what to do with unwanted gifts or maybe you've spent more than you can afford this festive season? If so, then you've come to the right place. We'll hear why for hundreds of thousands of people, their tax return has become...
Jan 24, 2024•29 min
