POUND NOTES

‘LIFE ADMIN HOUR’ SUGGESTED FOR MILLENNIALS

MILLENNIALS are being encouraged to set aside a ‘life admin hour’ to help them take control of their finances. This could be spent using online budget planners, setting savings goals and getting on top of debts.

F&C Investment Trust made the suggestion, coinciding with Financial Planning Week (October 3-10).

Ross Duncton from BMO Global Asset Management, says: “Even an hour can make a difference.”

FLOOD-PRONE HOMES COULD SEE INSURANCE COSTS REDUCED

HOUSEHOLDS in flood-prone areas could see their insurance costs reduced from next year, according to a scheme which helps to make affordable cover more widely available. The Flood Re scheme, launched in 2016, said it will cut the charges it makes to insurers – which in turn could make cover cheaper for households.

The scheme does not deal directly with households but sits in the background for insurers to make use of. Flood Re will reduce the reinsurance premiums it charges to insurers from January 1, 2019.

BATTLE TO ATTRACT CURRENT ACCOUNT CUSTOMERS HEATS UP

THE battle to attract current account customers has heated up, with banks launching new ‘limited-time’ offers.

NatWest is offering £125 to new and existing customers switching their main bank account. The offer runs until December 3. And Barclays has said customers who switch using the current account switch service before November 14 will get double Barclays blue rewards for 12 months, receiving up to £30 a month or £360 over the year.

FINANCIAL FACT:

Annual growth in households’ borrowing from sources such as credit cards, personal loans and overdrafts has slowed to a three-year low, Bank of England figures show. Consumer credit increased by 8.1% annually in August. It was the lowest annual growth seen since an 8% increase in August 2015.