Average UK incomes continue to struggle in 2019, with regular real pay, as of April, 1.1% lower than the pre-crash peak in February 2008 and total real pay (i.e. including bonuses) 5.5% below, according to the June 2019 Money Statistics, produced by The Money Charity. Real pay, calculated by adjusting money wages for changes in…

Consumer spending will continue to outperform the economy as a whole despite being at its lowest level in six years, according to an EY ITEM Club special report. The EY ITEM Club forecasts consumer spending growth of 1.6% in 2019 and 1.7% in 2020, down from 1.8%, 2.2% and 3.2% in 2018, 2017 and 2016…

British energy customers are facing a potential bill of £172 million from the collapse of 11 suppliers since January 2018. On top of this, thousands of people who owed money to failed suppliers lost out on consumer protections and faced aggressive debt collection as a result, according to new research by Citizens Advice. Energy suppliers…

The Government has announced a new breathing Space scheme which will protect Individuals and families struggling with problem debt. Under the new scheme, consumers will be given extra help and time to get their finances under control, City minister John Glen has revealed. The new plans will see the introduction of a 60-day Breathing Space…

More than half (51%) of homeowners aged 45 and oversee money invested in property as part of their financial plans for later life, according to a new report from the Equity Release Council. The research shows older homeowners – particularly those aged 45 to 64, the retirees of tomorrow – are reassessing the traditional roles…

Firms that overcharge or mislead their customers could be hit with direct fines without the need to go through a court, under plans unveiled by Business Secretary Greg Clark. The government has confirmed it will consult on giving the Competition and Markets Authority (CMA) new powers to decide itself whether consumer law has been broken,…

A new report from FTSE100 financial services group Legal & General and Cebr shows that, amidst a reduction in transaction volumes across the UK housing market, it has been highlighted that the Bank of Mum and Dad (BoMaD) will fund nearly 20% fewer property purchases than in 2018. The jump in BoMaD loan sizes has…

Over 50s are increasingly financing not just one, but two generations; boosting spending money, gifting lump sums, or providing childcare – totalling £53bn per year according to new research from Saga. The research has revealed that 69% of over 50s provide financial support to their children and 57% to their grandchildren. In fact, four in…

Households have been pushed nearly £2,000 into the red in the period since Theresa May became prime minister, according to TUC analysis as she prepares to resign the Conservative Party leadership. In every reported quarter since her arrival in Downing Street (2016 Q4 to 2018 Q4), families’ outgoings have outstripped their incomes. This has resulted…

New figures from the British Retail Consortium-KPMG Retail Sales Monitor analysis show that retail sales suffered their worst month in 24 years. UK shoppers shunned the high street last month leading to sales plunging in May faster than at any time in the past 24 years. Sales dropped 2.7% in the four weeks to May…