Check out our pick of the financial news from across the web this week and find out what we think!
The Times: How I changed banks three times and made £400
Annabelle Williams of the The Times explains why customers should look at all the options available to them. Many of us tend to stick with the same bank accounts for a number of years, but The Times advises us to check where we can find the best deals.
Lower My Charges’ take: It’s always good to shop around to check that you are getting the best deal possible for your circumstance. Switching in so many categories can have financial rewards.
The Guardian: UK households lose feelgood factor amid rising debt – ONS
The Guardian looked at new figures from the Office for National Statistics. Although employment levels are high, spending has also increased, with the ONS revealing that the average debt per head stood at 133% of income in Q3 2018. High outgoings are impacting heavily on standards of financial wellbeing.
Lower My Charges’ take: Personal financial wellbeing is not so much about how much you earn but how much you save. Good money management habits can help improve financial wellbeing. Government and Employers have an important role to play here.
BBC News: Bank staff ‘saving elderly from scams’
The BBC looked at the impact of new training for bank staff which helps them recognise a potential scam. Potential victims were prevented from losing an average of £9000. The initiative has been rolled out across the industry, and has proved particularly effective for older customers, with the average age of those helped by the scheme at 71.
Read the article here: https://www.bbc.co.uk/news/business-47133559
Lower My Charges’ take: It’s great to see that bank staff are alert to potential scams and are helping their customers, stopping them from losing thousands of pounds.