Elections might have dominated the week's headlines, but it’s been a busy week in money news. So, take a minute to catch up on the big personal finance news.
1. By the seaside
Young professionals like to live beside the seaside and are willing to pay £71,000 more for the privilege. Hove, on the south coast, tops the research by Lloyds Bank, with neighbouring Brighton also in the top ten.
2. Expensive hand-me-down
Grandparents are set to pass on £400 billion to the younger generations, according to Royal London. While the 45 to 64 year-old generation looks set to benefit, many elderly people will skip their children and pass the money directly to the grandkids.
3. Relying on the State Pension
More than a million pensioners are relying on just the State Pension in retirement, figures from the Department of Work and Pensions suggest. In the last six years, the number of retirees with no other income has risen by a quarter.
4. Lacking confidence
Women over 50 are not making the most of their money because they lack the confidence to make financial decisions. According to a new study by Saga, women are less likely to take risks with their money and don’t like entrusting financial organisations with their money.
5. No savings, too much debt
More than 16 million working Brits have less than £100 in savings and over 17 million don’t pay off their credit card balance every month. These are the findings of a Financial Conduct Authority (FCA) study, which concluded more needed to be done to tackle the high-cost credit market.
Looking for a pay rise? Then learn to speak a second language. Bilingual workers earn £35 a week more, according to a study by Heathrow Airport, with French, German and Mandarin the best to learn.