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In the week of Valentine’s Day and the BAFTAs, we take a look at what was making the money headlines

Money news round-up

In the week of Valentine’s Day and the BAFTAs, we take a look at what was making the money headlines – from kids using cards, paying for data we don’t use and ‘mid-earners’ being locked out of the housing market.

Too young to be using a debit card?

Research from Prudential has found that 23% of primary school age children have used their parents’ credit or debit card to make a purchase and 18% know the PINs.

The survey also highlights the debate over whether using contactless cards means children are not learning the value of money. As 78% of teachers and 37% of parents believe the growing cashless society is harmful to a child’s financial development.

Wasting data

New calculations from uSwitch.com has shown that the average mobile user pays for 3.4GB of data they don't use each month. In particular 18-34 year olds are paying for 7.5GB of data but only using 3.6GB a month as “no one wants to go over their data allowance.”

Decline in ‘mid-earners’ owning a home

Economists have revealed that those in the 25 to 34-year-old bracket, earning between £22,200 to £30,600, are now less likely to own their own home. In 1995-96, 65% of this group owned a home, but just 27% do in 2015-16.

This now means that the proportion of these middle earners owning a home (27%) has moved closer to the likelihood of those with a low income (8%) than those on a high income (64%).

Got any old £10 notes lying around?

The deadline to spend the old £10 notes is fast approaching as the Bank of England states there are at least £2.1bn worth that needs to be spent or exchanged before they cease to be legal tender.

1st March is the cut-off point and people can either post the notes to the Bank of England, visit the Bank in person in the City of London or also try to exchange them at their local bank or post office; however they are not legally required to accept them after the deadline.

And finally…

A new set of coloured 50p coins featuring characters from Beatrix Potter’s Peter Rabbit series have been announced.

The four new designs, consisting of Peter Rabbit, Flopsy Bunny, Mrs Tittlemouse and a little mouse from the Tailor of Gloucester, have been produced in a hand-painted style as part of the Beatrix Potter collection which was launched by the Royal Mint in 2016 to celebrate the author’s 150th anniversary.

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