Data from the Financial Conduct Authority suggests fewer of us are struggling to pay our bills compared to last year, but the numbers are still high. The watchdog says more than 7 million people were finding it tough to pay bills and make repayments on borrowing at the start of the year, down from almost 11 million last year. However, despite the drop that's still far higher than before the cost of living pressures really started to bite. Price rises are slowing and energy bills have come...

National Insurance - a tax millions of working age people pay on their wages - is being cut this weekend, for the second time this year. The main rate of National Insurance has now fallen by a third - from 12% last year to just 8%. The Treasury says combined with above-inflation increases to personal tax thresholds since 2010, this will save the average earner over £1,500 compared to what they would otherwise have paid. What difference will it make to your pay? The debt charity StepChange...

April is a big month for our finances, some bills go up and one or two even come down. A big relief for many households will be the that energy prices are dropping, but one bill that is still going up is rent. UK rent prices rose 9% in the 12 months to February. Research shared exclusively with Money Box Live has revealed you're more likely to be in your overdraft if you're a renter compared to people with mortgages. You're also less likely to have savings to fall back on in an...

April brings many changes for our money, and this programme has all you need to know. From Monday 1st, there will be higher pay for people on the various minimum wages. For the first time 21 and 22 year olds join people aged 23 and over in getting what's called the National Living Wage. It's going up to £11.44 an hour, a near 10% rise. 18 to 20 year olds get a bigger boost with minimum wage up nearly 15% to £8.60 an hour, while 16 and 17 year olds and those on apprenticeships get the largest...

More than half of adults don't have a Will according to new research from insurance company Canada Life. The main reason people say they haven't sorted one is that they don't think they have enough money to leave behind. So what types of Will are there and what do they mean? We'll be hearing from one man who says he was disinherited over changes to a Mirror Will. We also speak to a mother concerned about digital assets following the death of her son. Plus, what happens if you don't have a...

This week marks 10 years since a landmark shift in the way we could all use our pensions. Back in the Spring of 2014 the then Chancellor George Osborne announced plans for new freedoms, allowing people over the age of 55 to take 25 per cent of their pension tax-free and use the rest as they wished. What impact did that have? Hundreds of survivors of economic and physical domestic abuse have been helped by a new scheme set up by one of the UK's biggest banks. TSB's "Flee Fund" was launched...

Mortgage customers face rising rates, vanishing deals and latest figures have shown more people are struggling to keep up with their repayments. Mortgage arrears, hit a seven-year high in the final quarter of 2023. So what can you do if that's you? Felicity Hannah is joined by Charlotte Harrison of Skipton Building Society, Sally Mitchell from the Mortgage Mum, and Richard Lane from the debt charity Step Change - to discuss what's going on in the mortgage market and what you need to...

The number of people falling victim to fraud involving cryptocurrency has more than doubled between 2020 and 2023 according to Action Fraud. The value of such fraud has also increased. Our reporter Dan Whitworth has met one such victim, an 86 year old in South Wales who lost over £70,000. Following a Money Box investigation she's now had her lost life savings refunded. We've been reporting on difficulties people are having moving from working tax credits to Universal Credit. We hear from a...

New arrangements for childcare payments come into force in April in England. How will the new arrangements affect parents? Are they going to be better or worse off? The Chancellor Jeremy Hunt announced extended support for parents of pre-school children in 2023. But many parents say the payments are still too low or that there aren’t enough places available. Felicity Hannah is joined by Ellen Broome of the children's charity Coram, and Jonathan Broadbery, Director of Policy at the National...

The Chancellor has delivered his Spring Budget for 2024 announcing a 2p National Insurance cut for millions of working people under the age of 66. Jeremy Hunt says this will save the average worker £450 a year. But, analysis by the Office for Budget Responsibility says maintaining a freeze on the personal tax allowance - the amount earned before tax is paid - will mean 3.7 million extra people paying income tax by 2028, when the freeze comes to an end. So will you be better or worse off?...

As Chancellor Jeremy Hunt presents his Spring Budget, Money Box Live sifts through the details - and the impact on all our finances. Expectations included a 2p cut in National Insurance contributions but will that look like on your payslip? Money Box reporter Dan Whitworth answers those key questions. Felicity Hannah is joined by Sarah Coles, Head of Personal Finance at Hargreaves Lansdown; Simon Gammon, Managing Partner at the mortgage broker Knight Frank Finance, and Dawn Register, Tax...

Money Box gets a special look at a new exhibition at the Bank of England Museum about the future of money. Paul Lewis picks up a gold bar, sees the new King Charles money, and finds out more about the consultation for a new digital pound. The pensioners getting in touch to ask why they’re soon to start paying tax on their pensions. We'll discuss that with the Low Incomes Tax Reform Group. And, there are calls this week for the government to slow down the speed at which its moving existing...

How do schools teach children and teenagers about money? Learning about money is part of the curriculum but more than three-quarters of teachers say young people are leaving school without the money skills they need for adulthood. We’re going back to school to hear from pupils at Trinity Academy Cathedral School in Wakefield who are learning about money in special classes. We’ll listen in to find out how the experts teach children about credit cards, pensions, budgeting and more. The...

As many as two million of the poorest households have seen the amount they owe their energy suppliers double over the past year. This new analysis of debt figures has been given to Money Box by the consultancy firm Baringa. It says people who've fallen behind on their payments are now £1,100 in the red, an amount that has doubled in a year. Energy UK, which represents suppliers, say they're doing all they can - and we'll hear more about Ofgem's plans to help tackle debt in the...

There are approximately four million children in Great Britain whose parents are separated. When couples break up they cut their finances apart, but for parents there's that ongoing relationship that comes with supporting those children - emotionally but also financially. So how do you manage that? Sometimes, of course, it breaks down and a parent has to ask the state to step in and make their ex pay support. We'll discuss some changes coming to how that's enforced. And we hear from parents...

When someone dies and leaves a property in their own name, or has significant savings or investments, the executors must apply for probate - a legal document which gives them the right to deal with the dead person's estate and distribute their assets. The Ministry of Justice says probate should be granted within 16 weeks, but some bereaved families have been facing delays of nearly a year. Why is that? A new report shared exclusively with Money Box suggests many of us know very little about...

When do you think you'll be able to retire? Perhaps you can't wait to pick up your last pay check or maybe you love your job so much you want to work for the rest of your life. For those who do hope to retire, the latest research suggests we'll all need an an extra £8,000 a year for a so-called moderate retirement according to the Pensions and Lifetime Savings Association. Meanwhile, the International Longevity Centre reckons we'll need to raise the state pension age to 71 by 2050. On this...

Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box. He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield. The government says up to £64 billion has been made available to local authorities in...

Are savers getting a good return on their cash? Although times are tight, we are actually saving slightly more according to the Bank of England. In December, we collectively saved £6bn. But, more than a trillion pounds is sitting in accounts earning around 2% interest - even though the base rate is still at 5.25% - according to analysis by Lightyear of the Bank of England's data. And £250bn is in accounts that are paying no interest at all. So are banks doing enough? UK finance which speaks...

Around twelve thousand unmarried parents with dependent children whose partner has died have just a few days to claim their share of an estimated £175 million in bereavement benefits. The figures came from Freedom of Information Requests to the Department for Work and Pensions. People must claim that money before Thursday 8th February. If you think you, or someone you know, may be eligible check by searching for "bereavement support payment" on the gov.uk website. New figures show £253...

Are you thinking of turning your 'side hustle' into a full time job? Perhaps you want to take the plunge but don't know your sole trader from your limited company. This Money Box Live is a toolkit for anyone planning to start a new business - or those who've started one but might need a helping hand. And we have Dragons' Den star Deborah Meaden on the show to talk about what makes a good idea, the positives of running your own business as well as the pitfalls to look out for. Following the...

Campaigners for victims of pension and investment fraud met with the Treasury this week. We'll hear from the Conservative MP who is the co-chair of the All Party Parliamentary Group on Investment Fraud, Caroline Nokes, who was at that meeting. What's the latest for working parents of two year olds planning to take advantage of the free 15 hours of childcare in term time which begins in April? Thieves are stealing the identities of bereaved families to try and steal money from friends and...

How are you dealing with energy costs this winter? Money Box Live has heard some people are skipping meals whilst others in full time employment are turning to warm banks and food hubs to cut costs. The energy price cap, which is now what most of us pay, jumped 5% at the start of the year to £1928 for typical use - but what exactly does that mean and are you a typical user? Meanwhile, the charity Citizens Advice has estimated two million people on prepayment meters could have their gas and...

Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a...