Category: Money

Report Reveals UK Financial Firms Not Prepared Enough To Tackle Climate Change Risks

A survey conducted by Odgers Berndtson has revealed that most financial firms don’t have a solid plan in place to tackle various risks coming from climate change. Climate change risks include a change in the valuation of global assets and a shift in investments, especially in fossil fuels and other carbon-emitting ventures. A new report […]

Development Of A New Cryptocurrency Under Exploration By The Bank Of England

A collaboration between 5 big central banks from around the world would explore the possible creation of a central bank digital currency (CBDC). This digital currency, if created, has the potential to make international settlements much easier. According to reports, central banks around the world have become increasingly interested in the creation of digital assets. […]

Britishers Using Universal Credit Forced To Approach Loan Sharks

StepChange, a debt charity working in the UK, has highlighted how the new welfare system is ill-designed to meet the needs of vulnerable families. The current waiting time to receive the initial benefit under the new program has come under criticism. Unforeseen deductions combined with a major chunk of the benefit going into loan repayment […]

New Program Aims To Make 11.5 Million Britons Regular Savers By 2030

The program, being launched by Money and Pensions Service (MaPS), aims to improve the financial well-being of millions in the country. The program includes an increased focus on school financial literacy programs and greater access to financial advisory services. Additional funding for the program is expected to come from partners such as banks, corporations, and […]

Wells Fargo Approves £50 Million Loan For Hyde, Establishes Strong Footing In UK Real Estate

The loan would be utilized by the Hyde Housing Association for its 5-year development plan. Other lenders include NatWest, which approved a loan worth £200 million, to be repaid over a 10-year period. The loan marks the first time Wells Fargo has invested in the real estate sector of the UK. Wells Fargo seems to […]

Millennials Have Much Smaller Share In US Housing Market Compared To Older Generations

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California To Possibly Get Its Own Consumer Financial Protection Bureau, According to Reports

The budget presented by Governor Gavin Newsom highlights additional funding for the revamp of the Department of Business Oversight. The DBO may be renamed as the Department of Financial Protection and Innovation (DFPI). Under the renewed department, financial service providers might face additional regulations and regulatory fees, however, many may benefit from an improved regulatory […]

Consumer Spending Declined In December, and Further Decline In January Could Result In Interest Rate Cuts

From November to December 2019, consumer spending declined by 0.6%. PM Boris Johnson’s win has resulted in improved confidence for British consumers, but even with improved disposable incomes due to low unemployment and moderate inflation, households are still not spending as much as expected. If this decline in consumer spending persists, the Bank of England […]

Proposed FCA Changes Could Bring In An Additional £260 Million Per Year For Savers

Recommended changes could help those maintaining cash savings accounts bring in an additional £260 Million in interest income per year. Banks would have to offer a fixed single rate over a 12-month period. UK Finance believes changes would increase borrowing rates for loans and mortgages. Changes are being proposed by the Financial Conduct Authority in […]

70% Of Americans Hopeful They Would Achieve Financial Goals Till 2030

According to the results of a recently conducted survey, it has been revealed that 70% of Americans are optimistic about their financial progress, and hope to achieve their financial targets by the year 2030. The survey has been conducted by a company called OnePoll, after having been commissioned by another company called CreditWise which belongs […]