CPI inflation rose by 9.0% in the 12 months to April, up from 7.0% in March, according to the latest ONS data. On a monthly basis, CPI rose by 2.5% in April 2022, compared with a rise of 0.6% in April 2021. April's increase is the biggest monthly jump on record and inflation is now at a 40-year high. CPIH inflation, which includes owner occupiers' housing costs, rose by 7.8% in the 12 months to April 2022, up from 6.2% in March.
New FCA rules that came into force in January 2022 to tackle the practice of 'price walking' have instigated the biggest monthly jump in home and motor insurance premiums in over eight years. The data provides an aggregated view of average insurance premium movements across the big four price comparison websites and key direct insurers.
The popular 50/30/20 rule might help individuals in getting their finances on track for the New Year. Put simply, this rule is designed to help people manage their money in an effective way that should stand the test of time. The basic rule is to divide one's monthly income, after taxes, into three main spending categories which represent percentages.
Only 23% of women would be financially resilient if they experienced a loss of income, nearly half the rate of men (39%), according to new research. The research found that one in five (19%) UK adults say they wouldn’t be able to make ends meet without the help of a loan or credit card. Of those that said they would not be able to make ends meet, women were again more likely than men to struggle financially - 23% of women said they wouldn’t be financially resilient, compared to 15% of men.
The FCA has implemented a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. This includes new rules so that renewal quotes are not more expensive than they would be for new customers. These measures address the issues identified in the FCA’s September 2020 market study, which found that millions of customers lose out if they renew repeatedly with their current providers. In 2018, 6 million loyal policy holders would have saved £1.2 billion had they paid the average price for their actual risk.