POUND NOTES
Financial fact
More than £9m of potential fraud has been stopped in the first year of a scheme which protects victims when they visit a bank or building society branch, a finance industry body has said.
In the 12 months since a pilot launch, the banking protocol has prevented £9.1m of fraud, according to trade association UK Finance. The “rapid response” scheme enables bank staff to contact police if they suspect a customer is in the process of being scammed, with an immediate priority response to the branch.
Non-savers “say talking to parents would encourage them to build a retirement fund”
Over half (56%) of people who are not currently saving for their retirement say speaking to their parents about the importance of retirement would motivate them to save more, research from Skipton Building Society has found.
And nearly three-quarters (74%) would only consider saving for retirement if they knew how much money they actually needed to save up, according to the survey of more than 6,000 people.
Jacqui Bateson, a retirement specialist at Skipton Building Society, says: “Money has always been a difficult and sometimes awkward topic of conversation – whether discussing your savings among friends or retirement plans among your own family around the dinner table.
“But by not having these conversations, people are simply avoiding the inevitable and compounding their knowledge of their personal finances.”
Christmas shoppers urged not to put goods at risk in the car
Motorists are being encouraged to check their car insurance covers their Christmas shopping.
The “main” shopping trip is expected to increase a vehicle’s contents by over £550 on average, which includes around £300 on presents and £257 on food and drink, according to research from M&S Bank.
Paul Stokes, head of products at M&S Bank says: “It’s often overlooked that the contents of your vehicle can prove a real target for opportunistic thieves, particularly at Christmas time. That’s why we’re urging shoppers to make sure they’ve got adequate car insurance to cover their Christmas shopping, should the worst happen.”
Consumer spending fell annually in November, despite Black Friday deals
Black Friday shopping discounts failed to lift household spending in November, according to an index. Consumer spending fell by 0.9% annually in November, despite shopping bonanzas such as Black Friday, according to Visa’s UK Consumer Spending Index.
It marked the third month in a row of declines for the index, which reflects all consumer spending, not just that on cards.
Mark Antipof, chief officer – commercial at Visa, says: “Festive cheer was in short supply for the UK’s retailers during last month as Black Friday promotions failed to lift consumer spending.”