Latest news with #householdfinances
The Sun
8 hours ago
- Business
- The Sun
Huge shake-up to council tax payments planned by government – how it could affect YOU explained
MILLIONS of households could pay council tax bills over 12 months rather than 10 under a huge shake-up to payments planned by the government. Ministers are proposing to change the way households pay for the essential bill to help households manage their finances better. 1 The change comes as part of a consultation launched by the Government today. The consultation has also laid out plans to change the way council tax debt, or arrears, is recovered. Under the plans, councils will have to wait longer before demanding a bill is paid in full. Currently, if you miss a single payment your local authority can demand you pay the bill for the entire year and use bailiffs to enforce this.
Daily Mail
3 days ago
- Business
- Daily Mail
Financial meltdown looms for one in ten as soaring cost of living continues to bite into household finances
One in ten adults are on the brink of a financial crisis as the soaring cost of living continues to bite into household finances, new research reveals. Surging mortgage costs and hikes to bills has left 9 per cent of adults facing a financial crisis, according to a report from pension and investment firm Royal London. Those aged between 30 and 49 are most affected – some 16 per cent are either in or close to an emergency money situation. Meanwhile, only two in five of this group are satisfied with their standard of living. There are some signs of improvement to household finances, says the report, as 59 per cent of those surveyed say they have money left over at the end of the month compared to 49 per cent last year. Plus, there was a small rise in the average amount people have saved in cash – £15,864 this year compared to £15,549 in 2024. Sarah Pennells, of Royal London, says: 'While it's encouraging that some people have been able to start to build up their savings, it's very concerning that one in five have less than £100 in savings – the same percentage as in March 2023, when we first asked this question. 'It's been unchanged for the past two years.' She advises reviewing direct debits and subscriptions to see if you can save money in small ways, which will build up over time. You can also create a savings buffer to account for an unexpected bill or take advantage of cheaper energy deals if you want to build your financial resilience.
