Online banking increases awareness of personal finances

A survey by Nationwide suggests that online banking has made 58% of people more aware of their personal finances.  Moreover, 33% of people have become more aware of their household’s financial situation because they are doing their banking online.  23% of people also say that they have become more aware of different products such as ISAs, credit cards and mortgages as a direct result of online banking.


Source:  Credit Action November 2011 edition

Junior ISA savings option launched

Tax free savings accounts for children, known as Junior ISAs, are now available from providers for the first time.

About six million children are estimated to be eligible for the products, which cannot be cashed until a youngster reaches the age of 18.

The system in effect replaces the Child Trust Fund, which had included a voucher from the government to kick-start the savings habit.

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Do you have a savings goal?

The latest NS&I Savings Survey has revealed that Britons who set themselves a savings goal are likely to save 44% (£42.50) more per month than those who don’t – this adds up to an additional £500 saved every year.

On average, those with regular savings goals manage to set aside £139.79 each month, compared to £97.28 for those without a goal.  Despite this however, NS&I suggest that only 29% of the population say that they actually set themselves a goal and save for something specific.


Source:  Credit Action November 2011 edition

New £50 banknote in circulation

The new Bank of England banknote featuring Matthew Boulton and James Watt has entered into circulation.

The pair feature on the new note partly because they were instrumental in manufacturing coins that were difficult to counterfeit.

There are about 210 million £50 notes in circulation worth £10.5 billion.

The new version of the £50 banknote has a thread woven into the paper, rather than printed on it.  There are also images on the thread of a £ symbol and the number 50 which move up and down when the banknote is tilted from side to side.



Credit Action – Debt Stats Round up (November 2011)

  • Every 4.31 minutes someone will be declared insolvent or bankrupt
  • Every 14.6 minutes a property is repossessed
  • 1,644 people are made redundant daily
  • Citizens Advice Bureaux deal with 8,910 new debt problems each working day
  • The average household debt (including mortgages) is £55,795
  • 867,000 people in the UK have been unemployed for 12 months or more
  • £174,000,000 is the amount of personal interest paid in the UK on a daily basis

Personal insolvencies fall slightly

The number of people being declared insolvent in England and Wales fell slightly in the third quarter of 2011, while there was a small rise in corporate insolvency.

Personal insolvencies dropped by 1% from the second quarter of the year to 30,219 the Insolvency Service said.

In the same period, company insolvencies rose by 2% to 1,253.

Although the number of firms going bust is now 10% up on a year ago, personal insolvencies are down by 11%



Third of Britain’s online earners are boosting their income by £10,000

A third of Britons trading online to get a second income are earning up to £10,000 a year.

Britain has become a nation of savvy mini-entrepreneurs who are looking at ways to generate extra income.  A third of those who earn a second income by trading online are making more than £10,000 a year, according to Collect+, the parcel delivery and returns service, with more than half of those trading online starting up only within the past 12 months.  More than a quarter of these are young entrepreneurs, aged between 25 and 34.