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In the news: this week's top stories

Changes in the rules over how people can access their pension pot are having a significant impact, the financial watchdog has revealed. Meanwhile Citizens Advice has launched a new campaign to encourage those suffering financial abuse to seek out help. For this week’s top money stories, read on.

1. Pension annuity sales on the slump

More than 200,000 people have emptied their pension pot or have withdrawn cash after a relaxation of rules regarding accessing pension savings.

The findings from the Financial Conduct Authority show that 137 savers cashed in pension pots worth £250,000 or more while 47,000 withdrew pots of up to £30,000.

2. Going shopping? Leave your partner at home

More than half of shoppers admit to spending more money when they are accompanied by others, compared to when alone, according to a study by 

More than two in three men say they spend more when out shopping with their wife or girlfriend. However men might be curbing their other half’s spending as over two in five women say they’re most sensible when shopping with their partners.

3. Conversations about financial abuse encouraged

Citizens Advice has launched a new campaign, 'Talk About Abuse', encouraging those affected by financial abuse to talk about it and seek help.

If your partner is controlling your money or racking up debts in your name, this is financial abuse and can be a real barrier to people leaving abusive relationships.

4. Wages rise at fastest rate in nearly seven years

New figures show wages are increasing at their quickest rate in almost seven years, providing a welcome boost for millions of working families.

Pay rose by an average of 2.9 per cent in the past year, the biggest hike since January 2009, according to the Office for National Statistics.

5. Adults baffled by financial terms

A new poll by Nationwide has found text speak is often easier to understand than many financial term. As a result of confusion over financial terms more than one in ten have difficulty managing their money.

How savvy do you figure you are? Try our quick quiz to see if you know your text speak from financial terms.

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