This week on the show, I’m talking about investment managers who have been living high on the hog and steps the regulator will be taking to improve transparency, introduce better price competition and generally take them down a peg or two.
There’s also a roundup of the latest personal finance news, my favourite money article this week, a random fact about money, an inspirational quote and, of course, the aftershow segment where I share a few of the things happening at Informed Choice this week.
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Personal finance news
-Pound Sterling rose nearly 1% against the US Dollar this week, on the prospect of higher interest rates from the Bank of England. Mark Carney, governor of the Bank of England, said interest rates could rise if business investment grows.
-Mortgage lender Nationwide has reported house prices rose in June, following three months of falls. They reported average house prices rose by 1.1% this month, following a fall of 0.2% in May.
-The Bank of England’s Financial Policy Committee is forcing banks to raise a further £11.4bn by the end of next year, to shore up their finances in case of bad loans. It means banks will need to set aside £5.7bn by the end of 2017, in case economic shocks mean some borrowers default on their repayments.
-New research has identified the most expensive time in our lives as age 35. This ‘financial crunch point’ was identified by the comparison site Moneysupermarket, who found Brits are most likely to be juggling the cost of young children, along with mortgages, and loan repayments for cars, holidays and weddings.
-A new report has revealed that more than one in five aspiring first time buyers are currently living at home with their parents. The latest quarterly First Time Buyer Index from Aldermore Bank also found that a quarter say they will have to live with their family for five or more years to save for a deposit.
Money article of the week
–5 Reasons You’ll Never Be Wealthy
Get answers to your personal finance questions
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