Every Wednesday, we delve into the latest fintech updates from across the UK. This week we also look at new cost-of-living support payments, alongside updates from Moneybox, CoinJournal, NerdWallet UK and more.
Over eight million set to receive further cost-of-living support
Over eight million eligible benefits claimants in the UK are set to receive a £900 ‘cost of living payment’. This includes those on Universal Credit, Pension Credit and tax credits. The government-issued payment is to go direct to bank accounts in three payments across the next financial year.
The Department for Work and Pensions (DWP) also announced that there will be a separate payment of £150 for over six million disabled people. Over eight million pensioners will also receive £300 on top of their ‘Winter Fuel Payments’.
Jeremy Hunt, Chancellor of the Exchequer, explained the need for further support to the lowest-income households in the UK.
Hunt said: “I know these are tough times for families across the UK who are struggling to meet rising food and energy costs, driven by the aftershocks of Covid and Putin’s war in Ukraine.
“That’s why we’re putting a further £900 into the pockets of over 8 million low-income households next year. These payments are on top of above-inflation increases to working-age benefits and the Energy Price Guarantee, which is insulating millions from even higher global gas prices”.
Moneybox finds Brits are £250 a month worse off this year
A study of 2,000 adults from the saving and investing app Moneybox, found that those who pay rent or mortgages are spending just over £60 more each month now compared to 12 months ago. Gas and electricity bills have also risen by around £100 a month to £248.
Overall, people in the UK have, on average, £250 less disposable income each month compared to last year. Moneybox also found that around six in 10 Brits continue to manage to save regularly. Thirty-five per cent said they achieved all financial aims they set themselves in 2022.
Brian Byrnes, head of personal finance at Moneybox, explained his view on the findings. Byrnes said: “It’s clear from this research that where possible, people are doing all they can to protect their savings and achieve their financial goals despite personal finances being stretched so much in such a short space of time.
“But of course, not everyone has the flexibility in their budget to plan for the future right now and if that’s the case for you, remember the most important thing you can do for your financial well-being in 2023 is build positive financial habits that will set you up for success in the long term”.
UK is the second most successful crypto country
A new global study from CoinJournal has found that the UK was the second most successful crypto country in 2022, seeing gains of up to 431 per cent.
The UK was found to have $8.16billion in realised crypto gains. It also housed 617 crypto companies and had 886 crypto start-ups. It was also found to have around 4,181,575 of its population owning crypto (just over six per cent of the population).
The UK was second to the United States which took the number one spot for every considered category. The US saw an estimated $46.95billion in realised crypto gains. It housed 4,691 crypto companies and 1,992 crypto-related start-ups. Around 46 million people in the US own crypto (over 14 per cent of its population).
UK adults turn to BNPL amidst debt worries
NerdWallet UK has revealed that almost half (45 per cent) of UK adults consider themselves to be in some form of financial debt (not including mortgage debt or student loans).
Results were released in NerdWallet’s ‘2022 Household Debt Report‘, from the company’s survey of 2,000 adults from the UK.
NerdWallet also found that women (20 per cent) were more likely than men (11 per cent) to use BNPL options, such as Klarna and Clearpay.
Brean Horne, personal finance expert at NerdWallet UK, commented on the report. He said: “Borrowing allows us to pay for goods and services without having to cover the upfront cost ourselves. It’s very common for consumers to have some form of debt. However, it’s important to ensure that you can afford repayments before taking out any credit agreement.
“Borrowers who manage their repayments and pay off their debt on time are unlikely to run into any issues. However, shoppers purchasing more than they can reasonably afford may be putting themselves at risk, especially as the cost of living continues to rise.”
London-based wealth manager acquires Kettering-based financial advisor
Titan Wealth Holdings has completed the acquisition of Kettering-based financial advisor Telford Mann Group Limited.
Telford Mann provides financial advice for clients alongside a range of model portfolios managed on a discretionary basis. Titan hopes that the acquisition will significantly increase its presence in the region.
Jon Telford, joint managing director at Telford Mann said: “From our early conversations, we quickly felt that Titan Wealth would be a valuable partner to take Telford Mann into the next stage of its growth. Jilly Mann and I are incredibly proud of what we achieved together, and we look forward to working with the team at Titan over the next two years to ensure a seamless transfer of management, for our colleagues and our clients.”
Image and article originally from thefintechtimes.com. Read the original article here.