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By Julia Kukiewicz Staff Writer
Friday, 10 April 2009
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Money News Roundup
If you only do one thing with your money this week...
Switch your energy supplier. Find out how to switch energy suppliers here.
Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
How to Switch your Energy Supplier
Find out how you can switch your energy supplier and why now is the perfect time to do it with Julia Kukiewicz.
8 serious ways to look after your money during the recession
This personal finance guide aims to offer some real advice as Claire Stevenson looks at 8 ways you can recession-proof your finances.
Money News Roundup (03 APR 09)
A glance back at this week's personal finance news, reveals the financial forecast for the next 3 months from the G20 summit with Julia Kukiewicz.
Money News Roundup (27 MAR 09)
Julia Kukiewicz rounds up the personal finance news and finds out how the credit crunch is dangerous for pets and how much the UK could save with 0% balance transfer credit cards.
Money News Roundup (20 MAR 09)
This week in money news find out how you can make money from broken jewelry, why credit cards are changing and what is so confusing about insurance renewal forms.
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This week, more eye-rolling at the city plus how to save on energy bills and foreign exchange rates.
Sexism in the City
TRULY the City is setting an Olympic standard for the generation of hatred isn't it? Just when we thought they'd reached their peak (or should that be their nadir?) with the G20 protests last week, they excel themselves again.
I'm talking, of course, about this week's report into the pay gap which found that women working in the financial sector earn up to 60% less than men: a gap of more than double the national average.
Even more shockingly, this is simple discrimination. That is, it's not a question of women being less well-educated in society in general and therefore largely having less well paid jobs: these women are being paid significantly less than their male counterparts for doing exactly the same jobs.
While we're on the subject of that second, more insidious, for of discrimination, however, it's worth noting that only 11% of senior managers in the sector are women, compared to 28% in the economy as a whole.
The study also points to a 79% gender gap for annual incentive pay (that's those bonuses) for full-time workers.
So what should we make of this whilst we contemplate our shrinking savings?
Well, we could make some comment about those many, many studies with titles like 'testosterone drives stock market success' over the past few years.
Mainly, though, it's another example to add to the list of the inequalities and loss of reality that has resulted from the lack of regulation in the city.
Switch, Switch, Switch!
The last of the big six energy companies lowered their prices this week prompting much of the media to advocate switching your energy supplier.
The big six have lowered their prices by around 10%. A small dip but nowhere near offsetting the enormous tariff rises we've seen in the past few years.
A new study released by moneysupermarket.com this week revealed that 10% of people feel that they will be unable to afford their payments, while 27% are unhappy with the size of their bill.
However, the research, among 2,386 British adults, also found that only one in 10 households made energy efficient improvements to their homes to reduce energy usage.
Moneysupermarket.com predicts that the average family can save an average of £266 a year on energy. Some of that could be saved by using less energy or taking up tariff deals that include freebies such as new insulation.
Find out more in my guide to switching your energy supplier.
Stick to cash abroad this Easter?
Pundits are predicting that many people will choose to save cash by staying in the UK over the Easter break and that many of those who are going abroad are planning to avoid the poor exchange rates of the Eurozone and the US.
According to M&S Money, Turkey and Egypt have become the next hot destinations. Its sales of Turkish lira and Egyptian pounds have increased by 46% and 20% respectively this year, compared to 2008.
These trends have also led to the suggestion that consumers should stick with cash when abroad to avoid credit and debit card costs.
However, for security and emergencies plastic still always comes out on top so stick with Nationwide debit card for free cash withdrawals up until the 1st of June and for credit cards try the Post Office credit card, which offers commission free use abroad.
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