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A round-up of this week's top money and personal finance news.

In the news – this week’s top money stories

We’re basking in the sunshine and Brits are winning at Wimbledon. It’s certainly not your typical British summer. So, before you go out to top up the tan and cheer on our players at Wimbledon, take a moment to catch up on this week’s personal finance news.

1. Capping energy

A price cap on energy could be extended to a further two million low-income households, under new plans being considered by regulator Ofgem. However, it’s worth remembering even if this comes in, you will still get a better deal by shopping around and switching provider.

2. Going cashless

A third of people believe cash will disappear in the next two decades, according to a survey by YouGov. However, many aren’t happy about switching to digital money, with nearly two thirds worried about a rise in fraud. 

3. Cost of kids

A couple need to spend £40,000 a year to reach a decent standard of living if they have two children, based on a study by the Joseph Rowntree Foundation. This includes costs such as childcare, good, housing and social activities.

4. Funeral plans

Families are facing a bill of £1,000s, even when a relative has taken out a pre-paid funeral plan, according to consumer group Fairer Finance. Despite assuming everything would have been covered, people have discovered even basic items, such as a burial plot and a funeral service, are not covered. 

5. Young earnings

If you’re under 40 you could be earning a tenth less than you would have before the financial crisis, according to a report by the Resolution Foundation. Only part-time workers pay have returned to pre-2008 levels. 

6. Not saving

The amount of money we save from our disposable income has fallen to a record low. The Office for National Statistics reported people save just £1.70 out of every £100 they earn.

7. Paying for parking

Drivers waste nearly £2.2 billion a year overpaying for parking because they don’t have the correct change, according to research by Churchill Car Insurance. We also spend £222 million a year on parking fines.

And finally…

Buy your rail tickets in advance to get the best deal has been a standard piece of advice for many years. But it may no longer be true. If you travel with one of eight train lines, you will now be able to get cheaper advance tickets up to ten minutes before your train leaves.

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