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Tag: Money Matters

All the latest breaking news on Money. Browse THEGAYUK’s complete collection of news, articles and commentary on Money.

  • Majority Of Brits Don’t Want To Know How Much Is In Their Bank Account

    Majority Of Brits Don’t Want To Know How Much Is In Their Bank Account

    Financial ignorance is bliss, according to four in 10 British adults.

    CREDIT: SWNS
    CREDIT: SWNS

    Researchers investigating the nation’s attitude towards money matters have discovered millions of people are not getting to grips with their finances, and many have little or no detailed understanding of their own financial position.

    The study of 2,000 adults shows 58 per cent aren’t sure about their hourly rate of pay, while 70 per cent can’t say exactly how much they pay in income tax.

    In addition, two thirds of people can’t say accurately how much is in their bank account, while 64 per cent aren’t sure of the precise amount they owe on their credit cards.

    But almost a third of adults believe life is too short to worry about money, and 62 per cent expressed no intention to try and get a better grip on their finances in the near future.

    A spokeswoman for Newcastle Building Society, which commissioned the study of 2,000 adults said:

    “Our researchers discovered that in the first instance, most people – eight in 10 – think they have a good understanding of their current financial position.

    “But when you dig deeper and ask those same people about the detail around their financial affairs, from what they earn to what they pay on things like mortgages, rent, and other bills, they’re less certain.

    “Pensions is an area that baffles many. Forty per cent of those who have a pension aren’t clear on how much they pay in, or even that there are tax benefits to doing so.”

    In reality, while people can guess roughly what they earn, what they pay in bills and what they what owe on credit cards, very few can say for definite.

    The study shows while four in 10 people can name every single bill they pay, only 15 per cent of them can say how much they pay on each to the last pound.

    One in 20 people don’t have a clue how much they pay on bills – either because a partner does it for them or because it comes out of their account automatically.

    And half of those polled only have a rough idea of how many bills are coming in and what they pay on them.

    Astonishingly, only 45 per cent of people were able to say how much they spend on the mortgage or rent each month down to the last penny or pound.

    When it comes to spending habits, the average adult finds it hard to track their spending day to day.

    Indeed, researchers found that when conducting the weekly food shop, either online or in store, less than half keep a close eye on what they are spending.

    And despite 85 per cent of people commuting to work daily, of these only 38 per cent have a firm grip on what the journey costs.

    And only 23 per cent can confidently say exactly how much they spent on their last holiday.

    Just 17 per cent of those with a pension are clear on exactly what they contribute on a monthly basis. A further 46 per cent of those questioned didn’t know they could get tax relief on pension contributions.

    While more than a third of people say they want to get a better hold on their finances, , a similar number find talking about money is awkward, uncomfortable, or confusing.

    Nineteen per cent of adults don’t talk about money with anyone. But of those who are prepared to talk to others, 59 per cent will confide in a partner and 20 per cent would rather talk to mum than anyone else.

    The spokeswoman for Newcastle Building Society continues:

    “For most of us, money is hard earned, so being prepared to put time into personal financial planning is a worthwhile investment.

    “It’s significant that nearly half of people we surveyed (48 per cent) find that talking about money is reassuring, motivating or empowering, and those who want to fully understand their options to get a better grip on their financial future could consider seeking professional financial advice as a good start point.”

  • Students Are Being Offered Amazon Vouchers For Their Sperm

    Students Are Being Offered Amazon Vouchers For Their Sperm

    Male students at one of the UK’s top universities are being offered £75 worth of Amazon voucher for their sperm.

    Fliers are being handed out around a campus asking for cash strapped male volunteers to make their self-made donations as part of a trial run by the University of Sheffield – and are being rewarded with vouchers for the popular online retailer.

    The study needs male volunteers aged between 18-30 who are available for 12 weeks between April and July to consume lycopene, the red pigment found in tomatoes and other red fruits, whilst donating semen samples.

    Trial researchers hope to discover whether lycopene has a positive effect on participants’ sperm.

    CREDIT: SWNS
    CREDIT: SWNS

    Scientists say a nutrient found in the “tomato pill” could supercharge sperm by up to 70 per cent and offer new hope to childless couples.

    In other studies, lycopene has been suggested as a possible treatment for male infertility.

    This is because the antioxidant properties of lycopene counteract the damage inflicted on sperm caused by oxidative stress.

    ALSO READ: This Morning toying with showcase sperm facial!

    ALSO READ: 10 ways to make your sperm taste better

    CREDIT: SWNS
    CREDIT: SWNS

    Professor Allan Pacey of the University of Sheffield, one of Britain’s leading experts on male factor infertility, is recruiting 60 healthy male students and university staff to take part in the three-month study.

    He said,

    “There is enough evidence out there to indicate this study is worth doing and I am cautiously optimistic. If it works in the volunteers we would then consider testing it in infertile patients.

    “Production of sperm takes three months. This study will tell us if lycopene improves the quality of sperm already in development by reducing DNA damage, and whether it produces an overall increase in the number of mature sperm produced overall.”

  • Almost Two-Thirds Of Brits ‘Don’t Use Their Degree’ Despite Growing Debts

    Brits have spent billions of pounds on university degrees they’ve never used following graduation, according to research.

    CREDIT: © tomwang Depositphotos
    CREDIT: © tomwang Depositphotos

    A study of 2,000 graduates found 64 per cent felt their degree was not relevant to their current role.

    While results showed the average graduate polled to have left university with £13,292 in debt overall.

    With approximately 12 million graduates in the UK* – the astronomical sum can be estimated at 65 billion squandered on degrees not used.

    Results also showed a quarter are in job roles that are completely different to the degree they completed.

    But while many of those who chose to continue their studies didn’t end up using their final degree to get a job, 85 per cent claim the experience itself has set them up for life.

    Barinder Hothi, Co-founder of The Knowledge Academy – one of the biggest training companies in the world – which commissioned the study, said:

    “It’s shocking to see such statistics – the high cost of university is often considered necessary in order to progress in a particular career.

    “But with most valuing the experience of university (such as making friends, managing a budget, etc) over the knowledge gained from their degree, one has to ask, is it really worth it?”

    Results showed just 36 per cent found their degree relevant to their current career choice.

    And 67 per cent feel they could have got their current job without having their degree.

    In fact six in ten never had to provide any proof they even had a degree in order to get their job and over a fifth feels their employer has no clue what qualifications they actually have.

    A third said the content of their degree and the subjects studied are entirely irrelevant to the work they do now.

    While a quarter feel there aren’t even small elements of their degree that are helpful to them now.

    Reactions were split when deciding the value of a degree overall – 49 per cent felt having their degree made it easier to get a job, but 51 per cent were unsure or felt it made no difference.

    ADVERT

    [adinserter block=”1″]

    49 per cent feel they would have been better off getting in a job earlier and working their way up.

    Which is perhaps why 62 per cent feel they chose the wrong career when they left school.

    41 per cent of Brits who didn’t feel they used their degree went on to do further training for their current job.

    In fact, tellingly, four in ten graduates polled (38%) wished they had done an apprenticeship instead.

    While a similar number are seemingly discontent- over a third are currently considering re-training to do something more worthwhile than their current role allows.

    However the life lessons of university still seem prominent – 85 per cent of those polled still felt university had made their life better, even if they aren’t using their degree.

    The biggest reason for feeling university was beneficial was for the confidence it gave people, followed by lessons on generally setting up for life, how to budget and how to make friends.

    Mrs Hothi added:

    “University has become the expected path for many 17-18 year olds in the UK in recent years with alternatives such as apprenticeships or trainee roles being rarely discussed as an option. Without providing students with a good understanding of all the options available to them, some may find themselves graduating in a subject which is of no use to the career they want. With some finding that perhaps a trainee role would have provided them with the relevant work experience needed to give them an edge many expect a degree to have.”

    The Knowledge Academy offers more than 50,000 job and skills training courses in 200 countries to customers including: the self-employed and SMEs, to blue-chips and multi-nationals like Rolls Royce, HSBC, British Airways, and Disney.

    It offers a mixture of classroom-based education and digital learning, mostly IT, legal, finance, HR and business-related courses, but as diverse as Wildlife Training and Animation, to Psychology and Aviation.

    £6,682 – AVERAGE STUDENT LOAN DEBT

    £6,610 – AVERAGE TUITION DEBT

    £13,292

  • RENTERS: What Are Your Rights Part 2

    This is the second in a series of articles dealing with the rights of LGBT renters.

    In our first article we dealt with new laws preventing retaliatory eviction. We touched on complaints to a landlord, but when can you complain – what are your rights?

     

    The right to live in a safe property

    This is the big one. Your landlord has obligations to ensure that any gas appliances are checked annually by a GasSafe qualified engineer – they have to obtain a certificate and, if they don’t provide this to you when you ask, alarm bells should ring. Speaking of alarms, landlords are also legally required to have smoke detectors and carbon monoxide alarms installed in all rented premises. If they fail to do any of these things they are committing a criminal offence and can be prosecuted.

     

    A landlord is also required to ensure that a property is fit for human habitation at the start of the tenancy, and they have to make sure that the house or flat you are in is not “prejudicial to health”. This means that, if your bedroom is damp and causing you breathing problems, you could be entitled to compensation from the landlord. You could also be entitled to compensation if there are problems with the structure of the building, or with the electrics, gas or water.

     

    So what should you do if the roof is leaking, mould is growing up the walls and there is no hot water? Complain to the landlord (or managing agent) as soon as a problem arises. If there is no response, speak to a housing officer at your local council about the steps you can go through to rectify the problem. And make sure you record everything. Photograph any mould (phone cameras usually record the date of any photographs). Keep all correspondence from the council. Communicate by email with your landlord: this means both you and your landlord (and, if necessary, a judge) will be able to see who said what and when.

     

    The right to have your deposit protected in a government-approved scheme

    For a few years now, tenants have enjoyed the security of deposit protection schemes. This means that a landlord must, within 30 days of payment, send you a certificate proving that they have protected all of your deposit. They must also provide you with a booklet issued by the scheme which explains how the deposit protection scheme works. From early 2016, there will be a requirement for the landlord also to provide you with guidance on renting more generally. A failure to do any of this will mean that they cannot serve you with a non-fault eviction notice (“also called a section 21 notice”). Note that we will deal with eviction notices in the next article. If the landlord doesn’t protect your deposit, you will also be entitled to compensation and a court order that the landlord either protects the deposit or returns it to you immediately.

     

    The right for any managing agent to be licensed

    Since October last year, all managing agents are required to be part of a government-approved regulation scheme. If they are not, they can be fined by the local council. All the major agents are members, but if you are renting through a smaller agency that is going to manage the property, don’t be afraid to ask for proof.

     

    In addition, in many metropolitan boroughs, all landlords of residential premises must be licensed. Check the web page of your local council to see if this applies to your area. If you’re lucky enough to live in the land of song, compulsory registration of all landlords of Welsh homes was introduced on 23 November this year. It also looks very likely that, under a proposed new law, rogue landlords may be banned from renting out residential property at all. This is all good news for tenants.

     

    Summary

    There is a raft of law protecting you as a tenant. Usually, if you are a good tenant and a problem arises with your home, a polite request that it be rectified is enough to solve it. But if you feel like your landlord is out of order or he/she is just ignoring you, the chances are that there is a legal mechanism to force him or her to sort things out. If this happens, speak to the citizens’ advice bureau, Shelter (a charity) or get legal advice.

     

    David Peachey is a barrister at Enterprise Chambers. Charles Irvine is a barrister at 1 Gray’s Inn Square Chambers. They both undertake cases in property, probate and co-ownership. This article is for general information only and you should contact a property specialist if you require advice about your individual circumstances.

  • LEGAL: “Black Friday” and the January Sales: What are your refund rights?

    It is estimated that we will spend around £1.9 billion on “Black Friday” this year, with even more being spent when the January sales begin.

    It is estimated that we will spend around £1.9 billion on “Black Friday” this year, with even more being spent when the January sales begin.

    So what are your rights when you have just bought on impulse a 55 inch TV that doesn’t fit on your 40 inch wall or the washing machine of your dreams doesn’t work?This article sets out your basic statutory rights which every retailer has to comply with when dealing with a consumer (who is any individual mainly acting outside of their business, trade, craft or profession). These rights have changed as of 1 October 2015 and give you added protection. It may be that the shop you buy products from gives you additional rights (such as a returns policy for when you change your mind about goods bought in store), so always check the retailer’s terms and conditions of sale (which are normally found online).

    Buying in Store

    You have the right to a full refund within 30 days if you buy a faulty product. So for example, if you buy a kettle and when you turn it on for the first time, realise that it doesn’t reach boiling point (therefore, it is faulty), you are entitled to a full refund immediately if you return it within 30 days.

    If only some functions of the kettle work (e.g. the “reheat” button doesn’t work) and you notice the defect within 6 months, you are entitled to either a repair or a replacement. If it cannot be replaced or repaired, you are entitled to a full refund.
    There are additional requirements that traders must comply with, such as the requirement that goods are of satisfactory quality (i.e. continue working for a reasonable period of time), fit for the purpose you specify, match their description and match a model or sample that has been given to you.

    Buying Online

    We spend on average over £815 million a week on online purchases and this is growing by over 10% every year. During the sales season, this figure increases significantly (especially in the advent of “Black Friday”). Buying online is often a cheaper way to shop and it affords you additional rights compared to buying in store. You will have all the same rights as you would have in store. You also have up to 14 days after receiving your goods to change your mind and receive a full refund (this excludes certain situations such as where you have ordered a made-to-measure product).

    There are also additional rights for you if you are buying services (e.g. a plumper to install that washing machine of your dreams) or if you purchase digital content (e.g. this magazine online, Adele’s new album etc). There are also special provisions for unfair contract terms (such as when you are tied into your mobile phone contract for a significant period of time or have a long notice period).
    Charles Irvine is a barrister at 1 Gray’s Inn Square Chambers and David Peachey is a barrister at Enterprise Chambers, with expertise in helping businesses and their customers. This article is for general information only and you should contact a legal advisor if you require advice on your individual circumstances.
    by Charles Irvine and David Peachey

    Have you got a legal query? Get your free answers at our legal clinic

  • How The Equality Act Is Costing Gay Couples Billions And Refusing Pension Rights

    News that the Court of Appeal has refused the application of a gay man for his husband to be treated in the same manner upon his death as a surviving heterosexual spouse has underlined that the principal of equality does not extend to every area of the law.

    (more…)

  • House Hunters Take Just 12 Minutes To Decide If They Want To Buy

    The average house-hunter takes just 12 minutes to decide they have found their dream home after stepping over the threshold, a new study reveals.

    Younger buyers are even more impulsive – most 18 – 24-year-olds make one of the biggest decisions of their lives after just nine minutes inside the property.
    In a revealing new survey, commissioned by entertainment channel Watch ahead of new series Honey I Bought The House, over half of house hunters fear they might never find the home they are looking for.
    With the pressure to find a house and put an offer in, only a quarter of the hopeful home-owners would agree to buy a property only their other half had seen and they had not.
    Which is exactly what Honey I Bought The House asks its contributors to do in exchange for £15,000 towards their deposit.
    The survey revealed that the average UK home-buyer views six properties and clocks up 240 miles before choosing ‘the one’.
    They go through the process three times during their lifetime, spending around 90 hours scouring websites and estate agent windows.
    The typical hunt sees the average couple having four quarrels.
    Steve North, General Manager for Watch said:

    “Buying a house is probably one of the most important decisions you’ll ever make.

    “Finding the perfect home is rarely straightforward. It’s time consuming, pricey, not to mention stressful.

    “Honey I Bought the House takes a nail-biting approach to the reality of buying a first home.

    “Their partner could be thrilled with the new property and sign the mortgage papers, but if they don’t like it they risk losing that precious deposit.”

    People in East Anglia travel the furthest in search of their dream home – 130 miles per property, while those in the North East cover just 40 miles.
    Londoners forked out over £100 on petrol while looking for their most recent house purchase compared to just £54 for people in Yorkshire.
    There were other costs incurred by home-hunters last time they went through the purchasing process, such as more than £200 on mortgage or financial advisors.
    They also forked out over a grand for solicitors and admin fees and £349 on other costs throughout the whole process.
    The first episode of Honey I Bought The House features a couple of first-time buyers, Paul and Sophie, who are offered the chance to get £15,000 towards their deposit and three weeks to secure an offer on a property.
    The catch? Paul must work alone to find their dream home and hope that Sophie agrees with his final choice or risk losing the money.
    The outcome? Tears. Lots of them, and a fascinating insight into the dynamics of a couple buying a house.
    Honey I Bought The House starts on Watch from Monday 19th October at 9pm.

  • The Average Retiree Has Under £1500 Saved For Emergencies

    One in four retirees has less than £1,000 available for emergencies, according to new research.

    Research into the finances and lifestyles of 1,000 retired people found the average respondent had just £1,343 put away for emergencies.

    Despite a lifetime of working, more than half the 1,000 retirees studied said they would be “stumped” if they had to pay for unexpected house repairs or specialist medical care.

    And they don’t get long to enjoy their retirement once they stop work. The survey found the ‘retirement glow’ can last up to 13 months – the average time given by respondents before the novelty of being retired wore off.

    Around one in five retired respondents in the poll by financial services giant MetLife said they had less than £500 set aside for unforeseen expenses, while the same number said their day to day finances are far from comfortable.

    A disillusioned one in five retirees said life is much harder after finishing work than they imagined.

    Finances prove the trickiest aspect to manage, while boredom is the second biggest barrier to retirement happiness, results showed.

    Yesterday Dominic Grinstead, Managing Director, MetLife UK said: “It is very worrying that more than half of pensioners would be stumped if they had to find the money for a major bill.

    “Financial emergencies in retirement are a major risk – around one in four say they have suffered financial nightmares which have forced them to cut back.

    “Retirement ought to be a time to relax after a lifetime of working hard but sadly the survey shows the retirement glow does not last long before the money worries return.”

    Just under half of the retirees surveyed said worrying about money was a common occurrence.

    And a fifth said they aren’t financially comfortable day to day.

    Perhaps that’s why one in ten retired people in relationships fall out with their partner over money worries- with the rising cost of energy bills the most likely item to provoke an argument, followed by spending on food/grocery items.

    While more than half of those polled were unsure as to whether they could cope should they be faced with a big unforeseen expense such as healthcare costs or home repairs.

    In fact, one in seven said they simply wouldn’t be able to cope with any unexpected increase in their expenditure.

    The average respondent was found to be living on £297 a week, yet one in eight were getting by on less than £100 per week.

    And unforeseen expenditures really take their toll- as many as a quarter had experienced a ‘financial nightmare’ which threw their finances into disarray.

    More than a quarter of the 1,000 retirees polled said their standard of living had decreased since retiring.

    Just 12 per cent said life had got better since quitting work, while six in ten notice no change in quality of life either way.

    Dominic Grinstead added: “Pensioners need certainty in retirement and flexibility with their finances so they can cope with unexpected bills and have some spare money to enjoy themselves too.

    “That is why we have designed our new Retirement Portfolio to deliver a guaranteed income for life which can increase depending on stock market performance while enabling people to dip into their savings if they need to.

  • Gay Icon Shirley Bassey To Be On £20 Note?

    With the Bank of England holding a public poll to pick the next face to appear on the new £20 note, one of the UK’s leading voices on popular culture has called for a black Briton to be celebrated on the note, with Welsh singer Dame Shirley Bassey their chosen candidate.

    Professor Ellis Cashmore, Visiting Professor of Sociology at Aston University and author of Celebrity Culture and Beyond Black: Celebrity and Race in Obama’s America, says Bassey is the perfect choice as the face of modern British culture.

    Professor Cashmore comments:

    “Born into poverty to a Nigerian father and Welsh mother, going on to sell more than 130million records and sing no fewer than three Bond theme tunes, she became a diva to compare with the likes of Judy Garland, Barbra Streisand and Mariah Carey. Dame Shirley Bassey is known and admired around the world; she symbolizes not only a very British kind of success, but the multiculturalism and diversity the British establishment needs to welcome.”

    Professor Cashmore argues that “dead white males” have for too long dominated the face of the notes and that the public should back a black British hero on the £20 note. He says:

    “From Paul Ince, the first black England football captain to cricketer and coach Basil D’Oliveira, modern British culture has an array of national treasures that aren’t the usual male, pale and stale stereotypes. We should reflect the achievements of people like Ince, D’Oliveira, and yes, Dame Shirley by putting their faces on that very British symbol, the £20 note.”

  • Top 12 Tips To Get A Bargain At A Christmas Market

    More people than ever are considering taking a trip to a Christmas market in Europe this year, perhaps buoyed by the current strength of the Pound against the Euro, now offering £1 = 1.2465 Euros compared to £1 = 1.1588 Euros this time last year.

    While some stall holders will take cards, in most instances cash is king, offering opportunities for buyers to barter and haggle. Leading travel money provider ICE – International Currency Exchange is reminding travellers to request low denomination notes when ordering their currency to maximise the chances of some good old fashioned haggling and reduce the risk of theft in busy markets, by taking a pin-protected prepaid currency card.

    Koko Sarkari, COO of ICE said,

    “There are around 100 Christmas Markets in Germany alone, 25 in France, 20 in Belgium and 18 in Italy so there’s no shortage of magical places to visit this November and December. And if you fancy some haggling, you’ll need some cash to show the stall holder you mean business. But don’t be tempted to take all your spending money in cash – that could be asking for trouble. Load some money onto a prepaid currency card such as the ICE Travellers Cashcard and then withdraw what you need at ATMs and to pay for meals out and larger purchases in shops. Unlike a credit card, if a prepaid card is lost or stolen, only the amount on the card is at risk. One of the key benefits of the ICE Travellers Cashcard is that it comes with a free back up card which can be activated through one call to our team.”

     

    Top 12 Haggling Tips

    1. Do your research and shop around – make sure you know the types of crafts and products on offer and what they should cost

     

    2. Understand the exchange rate – make sure you know how much sterling is worth

     

    3. Don’t flash too much cash – take smaller denominations

     

    4. Learn the lingo – it’s much harder to negotiate in a foreign language so try to learn a few choice words – it may help the vendor to warm to you and lower the price

     

    5. Every city has its key take-home souvenir – ask the locals who does the best or cheapest souvenir

     

    6. Set a budget and don’t be tempted to exceed it

     

    7. Don’t haggle too soon

     

    8. Make sure you’re in control of the situation and lead the negotiation

     

    9. Offer half of the stated price as your first bid

     

    10. Stand your ground

     

    11. Get the vendor to include something extra for no additional cost

     

    12. NEVER tell them your budget

  • Find Out How Your Tax Is Spent

    From Monday 3 November over 24 million people will start receiving their first Annual Tax Summary from HM Revenue and Customs (HMRC), which breaks down exactly how their tax is spent by the Exchequer.

    8 million taxpayers who complete self-assessment returns will be able to access their tax summary online, while the 16 million PAYE taxpayers who received a tax coding notice from HMRC for 2013 to 2014 will receive their summary in the post over the next seven weeks.

    The summaries were first announced by Chancellor of the Exchequer George Osborne at Budget 2012 in a move to make tax more transparent and easier to understand. They will set out how much tax and National Insurance each person paid in the previous year and how it contributed to public expenditure.

    Chancellor of the Exchequer George Osborne said: ‘I promised that taxpayers would know much more about how much direct tax they pay and how that money is spent.

    ‘Now we’re delivering on that promise by giving 24m taxpayers a new personal tax summary.

    ‘It is a revolution in transparency and it will show how hardworking taxpayers have to pay for what governments spend.’

    Related Stories:
    Top 12 Tips To Get A Bargain At A Christmas Market
    Male Motorists Hit Hard With Car Insurance Rises
    MONEY: The Real Cost Of Leaving Equipment On Standby

    At Budget 2012 the Chancellor announced that around 20 million taxpayers would receive a tax summary detailing how their 2013 to 2014 tax year income tax and National Insurance contributions have been calculated.

    In April this year the Chancellor announced that 4 million more people than previously announced would receive the summary. The additional people are PAYE taxpayers who have had recent contact from HMRC setting out their tax calculation for an earlier tax year. These might be people with more complicated or changing circumstances such as a new job.

    There are 29.9 million income taxpayers in the UK. Any taxpayer who does not receive a tax summary can use HMRC’s tax calculator to estimate their tax bill and see how it contributes to public spending. The app can be downloaded free of charge from the Apple app store or Google Play by searching ‘HMRC tax calculator’.