In the last 12 months, the pandemic has altered digital and financial lives, causing significant financial distress and uncertainty around employment and yet for others, financial reserves have improved. Either way, over the past year consumers, have been re-evaluating their relationships with money and technology according to Lloyds Bank Consumer Digital Index research. Given the…
A quarter of 18-24-year-olds (young consumers) struggle to understand their energy bills according to new research from Octopus Energy and the National Literacy Trust. The research showed over 91% of the youngest bill payers couldn’t correctly identify all six key energy bill terms – including “dual fuel”, “kWh” and “tariff” – compared with just 21%…
The estate administration process causes stress, frustration and mental health problems for the bereaved, according to findings from probate specialists Exizent. Data released this Mental Health Awareness Week has discovered that 40% of people saw their mental health decline when dealing with the administrative side of bereavement, with women (61%) twice as likely to be…
More than 218,000 households could be automatically moved onto more expensive ‘default’ energy tariffs this month if they do not switch tariffs or providers when their deals come to an end according to new analysis by comparethemarket.com In May, there are 157 fixed energy tariffs coming to an end, which could mean an average increase…
The Government has announced that it will legislate to increase the number of people eligible for Debt Relief Orders (DROs) with the aim of helping more people to get out of problem debt. The new measures will mean that more people will be able to access the debt solution, giving them a fresh start, as…
The Insolvency Service has published its latest personal insolvency Quarterly figures in England & Wales which have indicated that there were 29,140 seasonally adjusted individual insolvencies in Q1 2021, a fall of 5.3% compared to Q4 2020’s figure of 30,769, and a rise of 0.7% compared to Q1 2020 (28,936). Commenting on the figures Colin Haig,…
Hundreds of thousands of people struggling with debt problems will be supported through the newly launched debt respite scheme. The Breathing Space measures will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts. Under the scheme, people will be given legal protection…
Radical changes to the UK’s social security safety net during the pandemic should prompt a wider public debate about its successes and failures, and how Britain’s post-pandemic welfare system can be further improved, according to a new Resolution Foundation report. With the crisis prompting the Government to introduce radical new policies, such as the Job…
A pilot scheme testing solutions to local cash access being trialled in several locations across the UK. Funded by the banking and finance industry, the Community Access to Cash Pilot is testing measures that enable consumers and small businesses to deposit or exchange cash and receive face-to-face support from branch staff. Two ‘BankHubs’ have opened…
The number of decrees registered against Scottish consumers during the first Quarter of 2021 fell by over 25 percent, from 5,430 to 4,052, compared to the same period last year, according to figures released by Registry Trust. The total value fell from £14.2 million to just under £11 million compared to the same period last…