parents finance guidance

Every new mother is to receive guidance about money from this summer, under a scheme run by the UK finance watchdog.
The Financial Services Authority will distribute packs giving information on topics such as budgeting, benefits and childcare options.

The FSA thinks some families could save themselves hundreds of pounds by using the guides, which are being rolled out UK-wide after successful trials.

Midwives will pass them on in the early stages of pregnancy.
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debts getting out of control

UK households are facing an increasing challenging financial situation after a study published today revealed that more than one in three people are worried about the uncertainty of Britain’s current economy and 15.3 million consumers feel they are in a financially poor situation.

The report by uSwitch.co.uk has shown that the average person in the UK now sees over half (53 per cent) of their monthly take home pay eaten up in debt repayments while 35 per cent goes straight out to cover mortgage payments and 18 per cent get consumed by other debts.

Consumer confidence is crumbling as the reality of the ‘credit crunch’ starts to bite particularly in the wake of the Northern Rock fallout coupled with interest rate uncertainty and a slowing property sector.

Now 15 million people claim to feel financially worse off than ever before which is having a knock-on effect on people’s aspirations. More than half of consumers say that now is not the time to make life-changing decisions such as making a career change, getting on the property ladder or starting a family.