Key Quotes - Money

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Last update: Wednesday 25th March




The poorest people in London pay, as a proportion of income, six times more in council tax than the highest earners, new analysis from the Institute for Public Policy Research (IPPR) suggests. The tax constitutes 8.1 percent of income for those in the lowest decile, and 1.3 percent for those in the highest.
Money	Church Times – 29 March 2018



Energy companies will soon be banned from back-billing customers for gas and electricity used more than 12 months previously. Ofgem said correct billing was an essential part of customer service, and large bills could leave consumers struggling financially. The average back-bill was £1,160 last year, but extreme cases have seen customers receiving bills of £10,000.
Money	The Sentinel – 5 March 2018



Nearly one in five people retiring in 2018 will be doing so in debt – owing £33,900 on average – a report suggests. Some 19% of people planning to retire in 2018 say they will be carrying some form of debt with them, with credit cards and mortgages the most likely sources of borrowing still left to pay off, Prudential found. Men are more likely to be expecting to retire in debt at 22% versus 16% of female retirees.
Money	The Sentinel – 2 February 2018



Failing to switch energy supplier has cost millions of UK households more than £1,500 over the past six years, campaigners have warned. Despite the possibility of saving up to £300 a year, a third of people (33%) say they do not see the point of switching because they believe all suppliers are the same, a YouGov poll found. Ofgem figures show that more than some nine million UK households did not change gas or electricity provider between 2012 and 2017.
Money	The Sentinel – 22 January 2018



The gap between the number of women and men paid more than £100,000 has widened by almost a quarter over the past five years, according to a new study. More than 625,000 men receive at least a six-figure salary compared with 155,000 women, research by law firm Wilsons found. The gap has increased by 23%, partly explained by mothers taking breaks to have children, said the report.
Money	The Sentinel – 22 January 2018



Consumer debt now stands at more than £200 billion, and that means an average of more than £3,000 of debt from car loans, personal loans and credit cards for every man, woman and child in the country.
Money	Church Times - 17th November 2017



Research by the Bank of England suggests that household debt peaked in 2008, the year of the financial crash. It fell again until 2011, but last year it started to increase. The latest figures put it at 140% of disposable income (the highest value since 2012). The report, The Taxation of Families: International comparisons 2016, suggests that the tax faced by one-earner married couples with two children on the average wage is 20% higher in Britain than in the rest of the OECD. They pay 70% more tax than a comparable French family, the research indicates: more than twice as much as in the United States, and 15 times as much as in Germany.
Money	Church Times - 17th November 2017



The cost of childcare for young children has increased up to seven times faster than wages over the past few years, a new study reveals. An analysis by the TUC showed that, in England, the average pay of parents with a one year old child has risen by 12% in cash terms between 2008 and 2016, while childcare costs shot up by 48%. TUC general secretary Frances O’Grady said: “Nearly a million working parents with one year old kids have eye-watering childcare bills”.
Money	The Sentinel - 20th October 2017



Young people aged 18 – 24 are taking fewer holidays because of money worries, according to new research from travel trade organisation Abta. People aged 35 – 44 are taking the most annual trips.
Money	The Sentinel - 11th October 2017



One in nine adults did not celebrate their birthday, Christmas, or another special occasion last year because they did not have enough money, new research by the Church Urban Fund (CUF) has found. The survey also suggested that, during 2016, four percent of respondents had skipped meals to afford to buy food for their family, and two per cent – almost one million people – had used a foodbank.
Money	Church Times – 15th September 2017



The complexity of the tax system is under fresh fire ahead of the Budget as figures reveal 775,000 people are paying more tax on each extra pound that they earn than someone whose income runs into millions.
Money	The Telegraph - 15th October 2017



New research conducted for Stand Up to Cancer shows that the average British adult gives over £28,000 in total to charity during their lifetime. The study, commissioned by Hyundai UK and Stand Up To Cancer, which is part of Cancer Research UK, showed that the average UK adult gives over £28,000 to charity in a lifetime; with over £16,000 being given through direct debts, around £8,000 worth of donations to shops and more than £1,000 to collection boxes during their lifetime.
Money	Civil Society Media - 23rd August 2017



Women are more likely to donate to charity and support local causes, a survey commissioned by the Institute of Fundraising has found. The survey, which was undertaken by YouGov, found that 54 per cent of women had given to a charity collection in the past 12 months, compared to 40 per cent of men.
Money	Civil Society Media - 16th August 2017



Wage growth is lagging behind inflation for the first time since mid-2014. Average weekly earnings increased by 2.1 per cent in the three months to March, while inflation rose by 2.3 percent.
Money	The Sentinel - May 18th 2017



Teenagers are almost twice as likely to have fundraised for good causes than adults, new figures released by the National Citizen Service has revealed....The government backed youth volunteering programme’s research shows that 58 per cent of 16 and 17 year olds have fundraised, compared to 32 per cent of those aged over 18.
Money	Civil Society Media - 2nd June 2017

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