Every Wednesday we dig into the latest fintech updates from across the UK. This week we also take a look at the new Cost of Living payments, with updates from Moneybox, CoinJournal, NerdWallet UK and more.
More than 8 million people will receive additional cost of living support
More than 8 million eligible people in the UK will receive £900 of ‘cost of living’. This includes universal credits, pension credits and tax credits. Government-issued payments are due to be sent directly to his bank account in three payments during the next financial year.
of Labor and Pension Bureau (DWP) also announced a separate £150 payment to over 6 million people with disabilities. Over 8 million pensioners receive £300 in addition to the ‘winter fuel payment’.
Jeremy Huntthe Treasury Secretary explained the need for more support for the UK’s lowest income households.
Mr Hunt said:
“So next year we will put a further £900 into the pockets of more than 8 million low-income households. energy price guarantee, protecting millions of people from even higher global gas prices. “
Britons have lost £250 a month this year, according to Moneybox
A study of 2,000 adults on savings and investment apps Piggy bankfound that people paying rent and mortgages are spending just over £60 more each month than they were 12 months ago. I was.
Overall, people in the UK have an average of £250 less disposable income each month compared to last year. Moneybox also found that about 10 Britons keep her 6 in regular savings. 35% say they have achieved all financial goals they set for 2022.
Brian BurnsHead of Personal Finance Piggy bank, explained his take on the findings. Burns said:
“But of course not everyone can plan for the future with budget flexibility. If so, the most important thing you can do for your financial well-being in 2023 is be positive It’s about building good financial habits that set you up for long-term success.”
UK is second most successful crypto country
new global research from coin journal The UK is the second most successful cryptocurrency country in 2022, seeing a rise of up to 431%.
The UK has found $8.16 billion in cryptocurrency realized profits. It also housed 617 cryptocurrency companies and had 886 cryptocurrency startups. We also found that approximately 4,181,575 people in the population own cryptocurrencies (just over 6% of the population).
The UK was second only to the US, which took first place in all categories considered. The United States saw an estimated $46.95 billion in crypto realization. It is home to 4,691 cryptocurrency companies and 1,992 cryptocurrency-related startups. Approximately 46 million people in the United States own cryptocurrencies (over 14% of the population).
UK adults turn to BNPL amid debt worries
NerdWallet United Kingdom Nearly half (45%) of UK adults believe they have some form of financial debt (not including mortgages or student loans).
The result is NerdWallet’s “2022 Household Debt ReportAccording to a survey conducted by the company among 2,000 adults in the UK.
NerdWallet also found that women (20%) were more likely to use the BNPL option than men (11%). Klarna When clear pay.
Breen Horn, a personal finance expert at NerdWallet UK, commented on the report. he said: It is very common for consumers to be in some form of debt. However, it’s important to make sure you can afford to pay it back before you commit to a credit agreement.
“Borrowers who manage their repayments and repay their debts on time are less likely to run into problems. may endanger themselves.”
London-based wealth manager acquires Kettering-based financial advisor
Titan Wealth Holdings Completed Acquisition of Kettering-Based Financial Advisor Telford Mann Group Limited.
Telford Mann provides financial advice to clients with various model portfolios managed on a discretionary basis. Titan hopes the acquisition will significantly increase its presence in the region.
John TelfordCo-Managing Director of Telford Mann said: Jillie Mann and I are extremely proud of what we have achieved together and will continue to work with the Titan team over the next two years to ensure a seamless leadership transition for our colleagues and clients. looking forward to “