We re big advocates or people improving their knowledge of financial matters. And the typical level of knowledge is very poor. We ve blogged about this issue before see the related stories below but the reality is that most people are ill-prepared for most of life s major financial decisions. Credit has become so readily available in the last few decades that we hardly give it a second thought. But given that the average indebtedness is around £10,000 per head, that millions of Brits have little if any savings, and millions more have a bad credit rating or serious debt problems there is clearly a need for some light to be shed on the realities of credit. In an attempt to contribute to improving people s knowledge we ve launched a new podcast that we re calling Money Matters and yes this does have at least two meanings. You can find our new personal finance podcast here, or access immediately from the podcast player below. You can also find it on iTunes (search Solution Loans or visit
American economist Richard Thaler was awarded the Nobel Prize in economics this year. His work in behavioural economics – in particular, developing “Nudge Theory” – has put him firmly on the map as a problem solver. It has also opened up the idea that behavioural economics might have more of a role to play in helping all of us to do better when it comes to managing our money. What is Nudge Theory? It’s basically the idea that we can be given a “nudge” in the right direction when it comes to our finances. Instead of penalising people who aren’t doing well financially, subtle policy shifts help to create change at the other end of the scale. A good recent example is pensions auto-enrolment, which was introduced in the UK in response to the fact that retirement savings rates among UK citizens were far too low. Under auto-enrolment workers are now automatically placed into a pension scheme and must actively opt out if they don’t want to remain in it. The statistics indic
There is a lot to be said for the old idea that we’re stronger together. Particularly now when times are tough for many, the idea that clubbing together to save money as a community could help with costs and budgets is very appealing indeed. People power could not only give you the means to cut the costs of your essentials but also help bypass the more expensive commercial options that don’t necessarily deliver better results. So, where could you save money as a community? Energy and fuel savings clubs With the cost of energy always increasing and some providers putting prices up by 10% this year it sometimes feels like it’s difficult to see a way out of those huge quarterly bills. However, joining an energy and fuel savings club could give you other options than just to accept the prices you’re quoted or go elsewhere. Using the process of ‘collective switching’ it’s possible to negotiate a better tariff on behalf of a group of consumers than you’d ever be able to get
“Do you want to make money from Facebook? It’s simple. Just go to your computer, turn it off – and go to work!” This is just one of the many jokes that you’ll find online about making cash. Although money is a pretty serious topic for all of us there are times when you need to dial up the humour on subjects like taxes, budgets, not quite living within your means and life envy of the seriously wealthy. And now might just be the perfect moment. After all, it’s that time of year when the sun is even less likely to make an appearance, we’re back to the routine of school and work, and your summer tan has pretty much faded. Right now, we all need a reason to … Paying taxes is no laughing matter… Although maybe it is because over the years HMRC has received what it considers to be some pretty hilarious excuses for not submitting tax returns. Not a joke exactly (although they obviously made the tax office laugh), the tried and test excuses from UK businesses that missed thos
In a recent blog post we explored how popular music seems to talk more about our personal relationships than about our relationship with money. And this is the case even though we probably spend an equal amount of time worrying about each of them we want to be happy in our choice of partner, and we want to feel happy that we have no money worries. And of course relationships and money are linked as the saying goes: Love flies out of the window when money flies out of the door.
“I just don’t know where the money goes every month.” “There never seems to be anything left to save.” “I can’t figure out how to get out of my overdraft with the income I have.” If any of these sound familiar to you then no doubt you’re one of the millions in the UK who struggles to get on top of their finances. Well, thanks to the arrival of the era of robot banking you may not have these kinds of excuses for very much longer. Chip is a new banking app and a prime example of the way that technology is being used to help us overcome our worst habits. It has only been around for a year but is already proving popular as a way to make sense of a confusing financial situation. But does it work? Introducing: Chip The premise behind Chip is that it will help to resolve financial problems and get you out of a financial pickle. So, if you’re living in your overdraft and missing all your savings goals Chip could really turn your spending habits around. In order to do that
Love and money are the two things that probably pre-occupy people more than anything else. Everyone aspires to finding that perfect relationship and everyone desperately wants to have enough money to get by. In reality everyone wants more than just enough they want real wealth how else can you explain the success of the National Lottery or the preparedness of many to gamble? But what we thought was odd was the apparent lack of really great songs about money about people s aspirations, frustrations, achievements, weaknesses and failings. When you think about it just about every other song is about love and relationships! We just had to track down as many great money songs as we could. Our Top Money Music Tracks After much searching here are our top 34 songs about money, bread, dough, moolah, skrilla, spondulix, lolly etc. They re in no particular order but if you want to rank them then please do so in the comments below: Which of these would be your top 3, your top 5 or your top 10? Su