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In the news - the money stories affecting your pocket this week

Not had a chance to keep up with the money news this week? Don’t worry, we’re here to update you on the stories making the headlines this week from our blog and beyond that could affect you.

1. Water bills set to fall – could you make further savings?

According to Water UK, the average water and sewerage bill in England and Wales for 2015-16 will fall by £9 (2%).

Getting the best deal on your water bill is very straightforward. You don’t have a lot of options – it isn’t possible to switch water suppliers – so there are only a couple of things to check. Water use is not charged in Northern Ireland.

2. Complex money matters confusing Brits

A poll by Legal & General reveals more than half of Brits say they’ve received a poor financial education – if any at all. The survey shows 42% don’t know how annuities work, 36% are confused about access to personal pension plans and 31% don't know about auto-enrolment.

3. Adding up school uniform costs

A report by The Children’s Society revealed families are forking out an average of £251 per year for each child at a state primary school and £316 for a child at a state secondary on school uniforms.

4. Low income families facing barriers to saving

The Social Market Foundation (SMF) looked at how the poorest sections of society fare when looking for a better deal, and found complicated bills, hidden charges and issues out of their control meant they often paid more than richer households on things like energy and broadband.

 

5. Minimum wage could be on the up

The Low Pay Commission, the independent body that advises the government on the minimum wage,  is to recommend an increase of 3%.

This would mean the minimum wage for adults would rise from £6.50 to £6.70 an hour, worth £416 a year to a full-time worker.

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