Banks not great for savers, young women struggling financially - and BNPL is making debt worse
If you’ve been feeling wiped out this week, it’s been proven that the clocks changing does affect our bodies. Be kind to yourselves! And it’s Bonfire Night. Hope you all have a sparkly Sunday.
1. Big banks accused of doing little for savers
BBC News
MPs on the Treasury Committee have said that major High Street banks haven’t been passing on interest rate rises to savers. And it’s encouraging people to shop around for better solutions. Figures from the Bank of England have shown that more people are switching accounts, so that’s encouraging. But more could be doing that too!
Is your hard earned cash working hard for you? 💪
2. Over half of young women’s finances are worse than last year
Refinery 29
A survey from the charity Young Women’s Trust found that nearly 56% of young women say their finances have got worse over the last 12 months, compared to 40% of young men. Why? Systemic challenges, starting with the gender pay gap 😕
3. Buy now, pay later boom sends thousands into a 'spiral of debt' as a quarter of users fall behind on their bills and debt repayments
This Is Money
That’s 14 million people who have used buy now, pay later (BNPL). You know, when you get asked if you want to spread the cost of a payment over three months, with 0% interest? Of course, if you don’t pay it back on time, that’s when things get hairy. And this type of credit isn’t regulated currently, so it’s super dangerous for getting more people into debt.
A reminder that if it sounds too good to be true, it probably is 😔