What age do children develop their attitudes to money?

children-age-7-money-400Although financial education became a compulsory part of the secondary-school curriculum in England in 2014, some pupils are still missing out, particularly in primary schools.

University of Cambridge research, commissioned by the Money Advice Service, shows that by the age of seven children have developed their attitudes and values towards money – and these are likely to stay with them for life. Continue reading

Safer Internet Day 2016

Safer Internet Day 2016

Safer Internet Day 2016

February 9th marks the thirteenth annual Safer Internet Day (#SID2016), a day dedicated to finding out how we can help make the internet a safer place.

Safer Internet Day, organised by Insafe in February of each year, has the target of promoting safer and more responsible use of online technology and mobile phones, especially among children and young people across the world.

This year’s campaign slogan and theme is “Play your part for a better internet.” Continue reading

Chinese New Year: Pay off your debts

chinese-new-year-300Did you know the Chinese New Year takes place on Monday 8 February?  The 12 cycles of the Chinese Zodiac calendar are of course represented by animals, and this year it’s the Year of the Monkey.

Among several traditions surrounding Chinese New Year, one is to pay all your debts.  This is because there is a belief held by some that if you don’t pay off debts ahead of the New Year, then you might find that you’ll end the year in similar shape.

One place to start dealing with debt is to check what’s on your credit report. Continue reading

National Voter Registration Drive

Are young people engaged enough in politics and democracy? National Voter Registration Drive (1-7 February) aims to increase voter registration among the young – something that could also improve their chances of getting credit and a wide range of online services.

Bite The Ballot, a youth-led grassroots campaign formed in 2010, runs National Voter Registration Drive, and last year’s campaign saw a world-record breaking 441,500 people registered to vote.

Are the young registering to vote?
New Experian research has found that the number of people in the UK who will turn 18 this year on the electoral roll fell by 1.69 per cent compared to 2015’s coming of age voters.  56.7% of local authorities have seen the number fall this year. Continue reading

Positive influence from parents leads to good financial habits

Parents often wonder exasperatedly if their offspring ever listen to their advice – but it appears that today’s young adults have learnt from the experiences of their elders when it comes to their finances.

Experian’s Millennial Me & My Money report found that 45% of Millennials – that’s 18-34 year olds – manage to save at least a quarter of their disposable income each month, compared to just a third (34%) of 35-55-year-olds (widely known as Generation X).

Millennial-Me-and-My-Money-Report_FINAL

Millennials who believe their parents have had a positive influence on their money habits have almost double the savings of those who say their parents had a negative influence.

See the full illustration of the Millennial Me findings here

However, those who say their parents have had a negative influence on their money management are more than twice as likely to have missed an agreed credit repayment, twice as likely to have been refused credit, and twice as likely to have run out of money before payday in the past. Continue reading

Experian Credit Score top tip #4 of 5: Register to vote at your current address

tip 4 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Lenders use the electoral register to help confirm who you are and where you live.  This info usually has to be up to date before they are willing to offer a mortgage, a loan or any other form of financial account.

Watch video: How registering to vote can boost your credit rating

Being on the Electoral Roll makes it easier for banks and financial institutions to confirm your identity and not being registered will reduce your Experian Credit Score.

Not being registered could cause a delay when you apply for credit, while the lenders confirm your details some other way. With some lenders it may even hurt the credit score they give you, and some applications may even be turned down. Continue reading

Experian Credit Score top tip #3 of 5: Set up direct debit payments

tip 3  - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too. Continue reading

Tax Return Deadline

Tax return form 2015If you work for yourself, or you’re a freelancer, or you work for a company but don’t get paid at source then you may well have highlighted 31st January in your calendar.

Midnight on that date marks the deadline for doing your online self-assessment tax return and paying the full amount owed (if any) to HM Revenue and Customs (HMRC)

Even if you don’t actually owe any tax, there’s an automatic £100 fine if you miss the January 31 deadline, so it’s really important to make sure you get your tax return in before the last possible moment. Continue reading

Experian Credit Score top tip #2 of 5: Space out credit applications

tip 2 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score.

When you apply for credit, a ‘credit search’ is recorded on your report. Numerous credit applications can suggest you are over-reliant on credit to supplement your income. Continue reading

Experian Credit Score top tip #1 of 5: stay within credit limits

tip 1 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Do try to stay within your credit limits and do try to pay your credit bills on time. Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score. Continue reading