Money Box

Major reforms are needed in workplace pensions to increase the amount people are saving for their retirement, but it will take the next 20 years to get there. That's according to Professor Nick Pearce, one of the people appointed by the Government to its Pensions Commission to look at the problem and find solutions. Government figures show that around 18 million working age adults are not saving i...

More than 320,000 households in England and Wales complained to their water supplier last year. A rise of 56% on the year before, according a report from the industry watchdog the Consumer Council for Water. It also says the number of people escalating complaints to them has rocketed 84% - the biggest rise in the watchdog's 20-year history. The topic of water is huge conversation right now, from w...

When someone you love needs financial help, lending them money can seem like the easiest way to support them. And when you're the one facing financial difficulties, turning to someone close to you for a loan can feel like the most natural solution. Around 1 in 4 of us borrow from family and friends when times are tight according to a survey from the not for profit, Fair4All Finance. It found many...

A new survey has suggested nearly a third of people in the UK believe they lost money last year because of their poor maths skills. One estimate puts the cost of innumeracy at £25 billion per year. To try and tackle this the government has asked a House of Lords committee to investigate. We'll hear from its chair, Lord Agnew. The price of petrol is the highest it has been for almost four years. It...

In this special edition of Money Box Live, presenter Felicity Hannah has been out to Weeton Barracks in Preston to see how soldiers juggle their finances whilst leading an often unpredictable military life. We look at the benefits of life in the forces – from financial help to buy a home to generous pensions and special payments to encourage you to stay on longer. And we examine the challenges of...

Tougher regulation about how bailiffs can operate in England and Wales have been announced by the government. The changes will make it mandatory for every bailiff to sign up to a code of practice. The idea is to drive up standards and stop poor practice - like intimidation, unfair treatment or pushing people into accepting excessive repayment plans they can't afford. Thousands of bereaved loved on...

This week has seen a new Prime Minister and a new Chancellor of the Exchequer. As soon as John Healey was appointed the announcements began. First came the announcement to cut VAT on household energy bills from October, next a plan to cap bus fares in England from January, then a 20% cut to business rates for pubs, clubs and live music venues in England starting from April. But what about that maj...

Major reforms are planned to shake up house selling in England, Wales and Northern Ireland. The government hopes the plans could end gazundering and gazumping and make buying and selling homes faster, cheaper and less likely to fall through. Gazumping happens when a seller switches buyer at the last minute, usually because someone else can pay more, gazundering is where a buyer suddenly drops thei...

Urgent action is needed to help people in their sixties on low incomes who face a delay of up to a year before they can claim their State Pension. That is the main recommendation of a new report from the Work and Pensions Committee. Pension age rises over the next two years from 66 to 67 and the committee of MPs fears some of the people affected by that delay face poverty unless the benefit rules...

New regulations begin today (Wednesday July 15th) for shoppers using Buy Now Pay Later. Consumers using services like Klarna and Clearpay will now be given more protection but also a greater risk of rejection, as new affordability checks begin. BNPL schemes often provide interest free payment options over several months and have proved immensely popular. Experian estimates that a 100mn transaction...

A deadline approaches for 860,000 self-employed people and landlords who must start reporting their income and expenses in a new way. It is called Making Tax Digital and it affects small businesses with a turnover or gross income above £50,000 a year. They have until 7th August to report their income and expenditure to HMRC. What do they need to know? It is “unacceptable” that the government has r...

We look at whether artificial intelligence is a help, or a hazard when it comes to helping you with your personal finances. One in five adults in the UK - around 11 million people - are already open to the idea of using AI to manage their finances, according to the Financial Conduct Authority. But using AI to manage our money is not without risk. The FCA, the organisation tasked with keeping us fi...

Parliament was asked this week to help tens of thousands of young adults get access to their own money. It is sitting in the state-backed Child Trust Funds set up more than 15 years ago with contributions from the government, parents and other relatives. However, because these young people have learning disabilities the legal process for getting hold of their own money can cost more than the coupl...

Buying a flat used to be a stepping stone to owning a house – but has this all changed? Research is telling us that the gap in price between flats and houses has hit a 30 year high. According to the property platform Zoopla, so far this this year two-thirds of one and two-bedroom flats listed for sale still haven't been sold. The leasehold system in England is being blamed, in large part, for the...

More than 15,000 people have responded to a Government review into access to banking services in just three weeks since it opened. The review comes after a decade which has seen almost 7,000 bank branches close, with hundreds more happening this year and some announced in just the past few days. Richard Lloyd, a former Director at the consumer group Which?, gives his first interview since being ap...

We’ve seen a big fall in the number of bank branches over the last decade. Around 6,700 bank and building society branches have closed since the beginning of 2015, according to Which? With more due to close this month. Now the government is carrying out a review following concerns about the reduced access to face-to-face banking, and how this affects banking customers both in towns and in rural ar...

Capita chiefs promised MPs on the Public Accounts Committee it would fix long-running problems with its administration of one of the biggest pension schemes in the country by the end of this month. Tens of thousands of retired and serving civil servants have been reporting long delays to payments, leading to serious financial hardship to pensioners and their families.  But Money Box has learned th...

Six million people who expect to be paying housing costs once they've stopped working say they don't know how they'll be able to afford it. That's according to new research from pensions and investment firm Royal London. It surveyed 4,000 people and says the findings suggest around 1 in 3 UK adults are already paying, or expect to pay, rent or a mortgage once they've retired. What can be done to h...

Scammers are using increasingly convincing AI generated videos to steal people's money. We hear from a victim who had £165,000 stolen and ask an expert how to spot the warning signs before it's too late. The government has promised new financial rights for cohabiting couples. We examine what the plans could mean for the three and a half million couples in the UK who live together without being mar...

The PCS union is calling for Capita to lose its contract to administer the Civil Service Pensions scheme six months after it took over. It follows problems which have seen thousands of retired civil servants waiting months for pension payments. The Union says it would like the contract to be managed by the government instead. Capita says it is making progress on getting things 'back to normal leve...

Newly released research seen exclusively by this programme suggests a quarter of the UK's nearly 6 million carers have paused or stopped paying into their pension because of the financial pressures of caring for a loved one. Most often, that loved one has complex needs and the costs of caring for them can be high. In the same research, from Carers UK, three quarters of carers said they're worried...

If you’re fortunate enough to have set some money aside for a rainy day the Government wants you to invest more rather than keep it all in cash savings accounts. The Treasury, has appointed the Investment Association, alongside 19 financial services firms, to lead an industry initiative to persuade people with savings to move at least some of that money into shares. As a nation, we invest much les...

Millions of adults across the UK, have not told their families what they want to happen to their money and property when they die. STEP, the Society for Trust and Estate Planners, reported this week on a survey which found 8 out of 10 adults had kept their loved ones in ignorance of their wishes. A third of them did not even have a will, leaving its distribution to complex legal rules rather than...

We may be living longer, but are our finances in the best of health? On today’s Money Box Live we take a stroll through the decades and examine the kind of financial challenges that living longer might throw at us. A growing number of people in the UK are reaching 100 – Sir David Attenborough among them - and there are now more than 600,000 people in their nineties, but are we sufficiently prepare...

Since lenders were ordered to repay billions to consumers who signed up to unfair car finance deals, millions of people have been sent adverts exhorting them to claim compensation through claims managers or law firms. But now the Financial Conduct Authority is to investigate the industry amid concerns of sharp practice and misleading marketing. Paul Lewis asks if the regulator has acted quickly en...