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By Julia Kukiewicz
Friday, 2 May 2008
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Money News Roundup
If you only do one thing with your money this week...
AND finally, if you only do one thing this week make sure you check out how much you could save on your broadband connection.
Broadband has been in the news a lot this week as the networks continue to squabble over whose responsibility it is to refurbish the network. Meanwhile, Britons are currently paying £40 million too much for their broadband.
ChooseISP.co.uk’s broadband comparison tools and speed checker come highly recommended.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (25 Apr 08)
A glance back at this week's personal finance news, featuring the bank charges ruling, a warning about phishing and unsurprising news that drivers lie to their insurers.
Money News Roundup (18 Apr 08)
A look back at the personal finance stories making the news this week, including the ultimate green investment: a rainforest, how bad service is costing us 6.6bn a year and why you should be signing up to fixed rate bonds.
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THIS week, Bling-itis and funny money explained, why retirees could be the credit crunch winners and how to save on broadband.
After Bird Flu, Bling-itis…
LOCK up your doors, seal your windows and prepare to put a medical mask on your purse: Bling- itis is here.
Yes, according to a survey released by Monilink this week most 16-34 year olds are being driven to wreck and ruin by their insatiable desire for luxury goods. 62% are still paying off credit card debts from 2006/7, 43% have no savings at all and 56% spend any spare money they get on luxury goods.
Helpfully, Monilink also provide a list of symptoms: concern about one’s public image, valuing short term luxury over long term financial security and associating spending with personal happiness.
Otherwise known as being young.
The study concluded that being financially disorganised was actually the root of the problems.
Almost a quarter (21%) of those questioned only check their bank balance once a month and 38% regularly go accidentally overdrawn and accrue bank charges because of this. Only 14 percent said they would notice immediately if £1000 went missing from their account.
Barbie on Mickey Mouse Money in Lancashire
TAKE care to watch out for forged banknotes this week as police raids of shops in Lancashire uncover a dangerous money laundering syndicate.
The forged notes can be identified by the subtle replacement of the Queen’s head with pictures of Barbie, Doctor Who, characters from Winnie the Pooh and other famous cartoons such as Take That.
Trading Standards officials seized hundreds of the £5, £10, £20 and £50 notes which were being sold for £1 for four notes.
“It is counterfeiting…and we take it very seriously,” said Councillor John Slater.
Retirees Could Benefit from Credit Crunch
I realised the other day (read: my mum pointed out to me) that I haven’t had many good news stories for my elders and betters lately what with saga louts, women over forty getting paid less than their colleagues and the new bank code so I just had to put in this story from BBC commentator (and housewives’ favourite) Nigel Callaghan.
Callaghan points out that with a rising yield from corporate bonds due to the credit crunch banks have been able to set annuity rates at a five year high.
Now, a 65 year old man can get 7.66% annual return on his pension fund, almost 11% more than he could have got just two years ago.
The best part of this news is that an annuity rate is forever: it will always stay the same as when you purchased it. Around 464,000 annuities were bought in 2007 so it seems like a lot of people will benefit from the rate rises.
And Finally, if you only do one thing this week…
AND finally, if you only do one thing this week make sure you check out how much you could save on your broadband connection.
Broadband has been in the news a lot this week as the networks continue to squabble over whose responsibility it is to refurbish the network. Meanwhile, Britons are currently paying £40 million too much for their broadband.
Make sure that you’re not one of them with a little research. Check which mb/s speed you can receive so that you don’t pay for speeds you won’t get and shop around for the best value deals.
ChooseISP.co.uk's broadband comparison tools and speed checker come highly recommended.
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