MoneyPlus’ Post

Buy Now Pay Later schemes are now very common and can be used to finance everyday shopping. It's worrying to read that many consumers are ill-informed and make mistakes when it comes to making payments on time, with 32% of 18-34 year olds charged late payment fees according to The Centre for Financial Capability. https://lnkd.in/eQaZH4NB At MyBnk, we aim to equip young people with the knowledge they need to make informed decisions on their finances. Our Money Works and The Money House programmes for 16-25 year olds cover borrowing options and debt, including BNPL, so that young people can become aware of the risks associated with some financial products and how to use them responsibly. Find out more about Money Works and The Money House below ⬇ https://lnkd.in/esgJ2Kds https://lnkd.in/ehYV3W4 #BNPL #BuyNowPayLater #FinancialEducation #FinancialLiteracy #charity

A 'cost of living increase' is now the most common reason for debt, cited by one in four (25%) of clients. One in three clients (32%) are in a negative budget. Two in five (42%) clients who pay an energy bill are in arrears. These are some stats from StepChange Debt Charity's 2023 Yearbook. These numbers paint a pretty clear picture, don't they? Financial instability is hitting hard for a lot of customers out there. They highlight the need for financial institutions to step up and put in place strong consumer protections for vulnerable customers, like those laid out in the FCA's Consumer Duty, to ensure the protection of their customers' well-being. #Debt #CostOfLiving #ConsumerProtection #FinancialInstability #ConsumerDuty #FCA

The Cash Conversation is top of mind. If you are not speaking to your clients about cash, I GUARANTEE you someone is..... Let's connect so you can provide a better option to your clients! #RIAs #cash #uninsured #bettersavingsaccount

Customer-owned banks offered average variable home loan rates 0.4 percentage points lower than those offered by major banks, according to the Customer-Owned Banking 2024 Impact Report released last week. The report, released on International Credit Union Day, also found that mutual banks and credit unions give back to their communities at nearly nine times higher than the major banks, dedicating 5.2% of their profits to community and charitable organisations, totalling $38.4 million. Nick May, Beyond Bank's Chief Customer Officer, talks to Channel Nine about why consumers should turn to customer-owned banks for their financial needs. #CustomerOwnedBanking #forandwithcustomers #interestRates #forandwithcommunity

#RIAs: We believe it's imperative to proactively engage with clients in conversations about their held-away #cash. Many individuals have sizable deposits in traditional bank accounts, earning minimal interest and potentially exposing them to the risk of being #uninsured. We have helped hundreds of advisors uncover billions of dollars through thousands of your clients (depositors). All your clients have savings— they are just looking for a #bettersavingsaccount from you. Read our latest Cash Update. https://lnkd.in/eYANtRse

Using gift funds is always a good answer! If you received money during the holidays, you can put it toward your down payment and bring your monthly payments to a happier place. Ask me for details. #americanquesthomeloans #directlender #20yearsofexperience #wearehiring #loanofficerswanted #mortgagebankerswanted #ochomeloans #losangeleshomeloans #sandiegohomeloans #realestateloans #investmentpopertyloans #portfolioloanprogram #fhaloans #vahomeloans

Using gift funds is always a good answer! If you received money during the holidays, you can put it toward your down payment and bring your monthly payments to a happier place. Ask me for details. #americanquesthomeloans #directlender #20yearsofexperience #wearehiring #loanofficerswanted #mortgagebankerswanted #ochomeloans #losangeleshomeloans #sandiegohomeloans #realestateloans #investmentpopertyloans #portfolioloanprogram #fhaloans #vahomeloans

Remember to save, share, and follow for more! Start your RRSP and FHSA with Wealthsimple for commission-free investing and a $25 bonus when you sign up and fund your account with $100. Simply comment “link” for the link. First-time home buyers now have more reason to contribute to their RRSPs. The federal government raised the Home Buyers’ Plan withdrawal limit to $60,000 from $35,000. Don’t forget, FHSA allows a tax-free withdrawal limit of $40,000. That’s a total withdrawal of $100,000, and if you’re married, your spouse can also withdraw $100,000. (Savings, FinancialFreedom, HomeBuyersPlan, FirstTimeHomeBuyer, TaxFree, MoneyManagement, FinanceTips)

🔴 If you’ve been scammed, you might be able to get your money back. What you need to do and whether you can get a refund depends on what happened. ➡️ For example, you can explain the situation to your bank and ask if you can get a refund for payments you don’t recognise, known as ‘unauthorised transaction’. Our online advice can help you check what steps you can take. Find out more on our website ⤵️ https://bit.ly/3Xpf7Y6 #scam #awareness #refund #advice

The 2025 Fintech Pledge, pioneered by ClearScore and Zopa Bank in conjunction with The Money Charity, is a groundbreaking campaign aiming to drive 25 million actions that bolster consumers’ financial resilience by 2025 and Gretel is proud to be part of it. As we face the dual challenges of rising inflation and low levels of financial resilience, initiatives like the 2025 Fintech Pledge are not just helpful – they are essential. By uniting under this pledge, the UK fintech industry is taking a significant step towards empowering consumers and enhancing the financial health of the nation. Let's embrace this opportunity and work together towards a more financially resilient UK. Read more in our latest news https://lnkd.in/e4R9hFJx #fintechpledge