POUND NOTES

HOUSEHOLD OUTGOINGS ON RISE

HOUSEHOLDS across the UK spent or invested around £900 more on average than they received in income during 2017 – marking the first time in nearly 30 years they had more money going out than coming in – the Office for National Statistics (ONS) has said. Household outgoings last outstripped income for a full year in 1988, according to the ONS.

ACCESS TO CASH REVIEW WANTS TO HEAR FROM YOU

A REVIEW into how the shift from cash to digital payments is affecting people and small businesses has been commissioned. The review is being funded by cash machine network Link, and will be led by former head of the Financial Ombudsman Service, Natalie Ceeney.

Link says anyone with an interest in cash will be able to contribute through workshops and a call for evidence. Anyone wishing to submit evidence can do at accesstocash.org.uk

MANY PEOPLE CHOOSE WHERE TO LIVE BASED ON COST OF COMMUTE

A QUARTER (26%) of people choose where to live based on the cost of the commute from that location, a survey has found.

Renters are more likely than home owners to use commuting costs as a determining factor when deciding where to live, a Lloyds Bank report into spending power found.

Robin Bulloch, managing director of Lloyds Bank, says: “Commuting costs often make up a significant portion of an individual’s outgoings, and so it’s understandable that many feel it directly contributes to their financial struggles. However, there are many ways that people can lower their travel costs such as car sharing, discount railcards and cycle to work initiatives.”

A THIRD OF PEOPLE ‘HAVE NOT SAVED IN PAST 12 MONTHS’

A THIRD (32%) of people did not save any money at all over the past 12 months, a savings index from specialist bank Aldermore has found.

The 45 to 64-year-old age group is particularly feeling the pinch, with 36% in this age group not saving, according to the research. Increased living costs and paying down debts were found to be common reasons why people said they were not saving, the survey of over 4,000 people across the UK found.