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In the news: The money stories affecting your pocket this week

Has the hot weather we’ve been enjoying this week prevented you from picking up the newspaper? No need to worry, we’ve got the stories you need to know all in one place, so you can sit back and read our summary in the sun.

If you want more of a fix, see the latest news from our blog.

1. Pension changes begin

Since Monday, you can you use your pension pot any way you like. In practice, this means you have more options than ever before, including the ability to take small cash sums from your pot and take your whole pension pot as cash in one go. However, these freedoms do come with risks.

2. Shared parental leave kicks in

Couples with a baby born since last Sunday, are now able to take advantage of new rules that allow them to share up to a year off work. The leave must be taken between the baby’s birth and first birthday, but eligibility and how much money you get will depend on your employer.

 

3. How will the new financial year affect you?

Happy new financial year! Although this isn’t as celebrated as the beginning of the calendar year, it can still bring a host of new opportunities. We took a look at the new changes; including if you’re married, have savings or are about to retire.

 

4. How much of your pay do you spend in the first week?

A survey from Confused.com revealed that nearly one in 10 (8%) of Brits spend more than three quarters of their salary within the first week of being paid. It can be easy to overspend in the first week after payday, but if you find yourself often strapped for cash by the end of the month, you could benefit from our Budget Planner.

 

5. Are we a generation of renters?

The number of young people who think they will own their own home in the future is shrinking, according to the Halifax’s Generation Rent survey.

In fact 21% of people aged 20-45 believe it is virtually impossible for first-time buyers to obtain a mortgage.

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