Fraudsters used “social engineering” to steal £580 million in the first half of 2023 Protection 17/01/2024 While the amount stolen by fraudsters fell slightly in the first six months of 2023 when compared to the same period in 2022, a staggering amount was still lost to scams. The latest figures from UK Finance show £580 million was stolen by criminals. Advanced security systems used by banks prevented £651 million from being stolen in the first half of 2023. Yet, despite these efforts, thousands of people are still falling victim to scams that could have a devastating effect on their emotional and financial wellbeing. Indeed, the Great British Retirement Survey 2023 found that 1 in 12 people have lost money due to financial scams in the past three years. Interestingly, the findings suggest younger generations could be more likely to fall for a scam – 15% of respondents aged under 40 said they’d lost money due to fraud. Fraudsters are using authorised push payments to scam victims According to the UK Finance report, criminals often focus their attempts on “socially engineering personal information” to commit authorised push payment (APP) fraud in which the victim is encouraged to make the payment themselves.
Inflation is falling. Here’s what it could mean for your finances Protection 17/01/2024 High inflation has dominated headlines over the last two years. With the rate now slowly nearing the Bank of England’s (BoE) target, taking stock of what it means for your finances could be useful. The BoE is responsible for managing inflation and aims to keep it at 2%. The central bank explains keeping inflation stable helps everyone plan for the future. Several factors combined in 2021 that led to the rate of inflation soaring. It reached a peak of 11.1% in October 2022 – a 41-year high. In the 12 months to November 2023, it’s still above the BoE target but has fallen to 3.9%, according to Office for National Statistics data. The BoE’s Monetary Policy Committee (MPC) said it expects inflation to continue falling towards the 2% target in 2024. However, it doesn’t expect to reach the target until the end of 2025.
The families of 6 in 10 over-75s could face challenges if they lose mental capacity Protection/Retirement 18/12/2023 A survey suggests more than half of people aged over 75 haven’t arranged a Lasting Power of Attorney (LPA). It’s an oversight that could mean their families may not be able to make decisions on their behalf if they lost mental capacity. MoneyAge report that research from Just Group revealed that around 3.4 million over-75s had no LPA in place. If you or your relatives may be among them, read on to find out what an LPA is and why having one may bring invaluable peace of mind to you and your family. An LPA allows you to choose someone you trust to take care of your affairs An LPA is a legal document that allows you to nominate one or more people you know and trust to take care of your affairs in the event that you can no longer look after them yourself.
2 Autumn Statement announcements you may have missed that could simplify your finances Investments 18/12/2023 Jeremy Hunt delivered his second Autumn Statement as chancellor on 22 November 2023. While the headline news was cuts to National Insurance rates for employees and self-employed workers, there may have been less attention-grabbing changes that could make your finances easier to manage. Read on to discover how ISA and pension changes might be useful to you. 1. ISAs are set to become simpler ISAs were launched in 1999 to promote saving and investing in a tax-efficient way. Statistics suggest they’ve achieved that goal – according to the government, in 2021/22, 11.8 million ISAs were subscribed to, with around £66.9 billion added to accounts. Yet, over the years, ISAs have become more complicated. New ISAs have been launched, including the Lifetime ISA, aimed at aspiring first-time buyers, and the Innovative Finance ISA, which allows you to invest in peer-to-peer loans that are typically higher-risk than traditional investments. There are also rules around contributing to multiple ISAs during the same tax year and transferring between different providers.
How to help your family manage your affairs when you pass away Protection 28/11/2023 Planning for your death can be emotionally difficult, but it could be a huge help to your loved ones. Research suggests administering an estate after a loved one has passed away can affect mental health and finances. Read on to learn more about some of the steps you could take to help your family manage your affairs. According to the Exizent Bereavement Index 2023, more than half of people dealing with bereavement and administering an estate say it’s harmed their mental health. Furthermore, 28% said they suffered financial difficulties. This was driven by unexpected costs, Inheritance Tax (IHT) obligations, or pressure to distribute assets. In fact, just 1% of people said they found the probate process easier than expected. 6 practical steps you could take now to ease the burden on your loved ones 1.
