Check out our picks of the financial news from across the web this week!
GOV.UK: Protect your pension pots from investment scams and negligent trustees
The Insolvency Service released a press release this week, explaining that they have closed down up to 24 companies after finding that they have been misadvising customers or failing to carry out pension trustee duties properly. It is estimated that around 3750 people have fallen victim to these companies.
Independent: How January pushes the poorest towards the priciest debt
The Independent looked at the effect of early December paydays, leaving many struggling throughout January. The article explains that British workers put an average of £252 onto credit cards in the festive season, and many of these are high-interest credit cards. The young are most affected by the cost of credit, with the average loan value of those aged between 18-34 at £4084, and the average for those aged 55+ at £1769.
Independent: The financial plight of the sandwich generation
The Independent reported on the ‘sandwich generation’ this week, referring to those who care for children as well as elderly relatives. With increasing numbers of 18-30 year olds living with their parents, the cost of raising a child is now extending far beyond the childhood years. Caring for an elderly relative is an additional pressure, with 40% of carers said to be ‘scraping by’. The cost of caring for a person with dementia averages £32 250 for just one year, creating both financial and mental pressures for the ‘sandwich generation’.
BBC News: Martin Lewis drops Facebook legal action
The BBC reported on the court case between Martin Lewis and Facebook. The case was raised by Martin Lewis after dozens of fake adverts were shared on the social media, using his name and image, claiming he had endorsed products or investments to encourage people to part with their cash. This week, the case was settled as Facebook agreed to donate £3million to Citizens Advice, which is launching a scheme to fight online scams. The social network also agreed to add a button to their platform so people could easily report a suspected scam.
Read the article here: https://www.bbc.co.uk/news/technology-46972940