Buy Now, Pay Later and Accessible Homes
Money Box
BBC
4.2 • 825 Ratings
🗓️ 30 September 2023
⏱️ 25 minutes
🧾️ Download transcript
Summary
New research has found that one in five people are paying for essentials - like food and household bills - by borrowing on Buy Now, Pay Later. A report from The Money and Pensions Service says more than ten million people now use it and claims around 40% of people they surveyed were managing their repayments badly including turning to credit cards, savings or overdrafts to pay it back.
Millions of pounds could be saved every year by building more homes that are accessible to people in wheelchairs - that's the conclusion of a report by the London School of Economics and the Housing Association, Habinteg. It looked into the financial costs and benefits of building more accessible homes for people who need them. The number of wheelchair users living in unsuitable homes across the UK is estimated to be more than 400,000. Dan Whitworth visits Kenilworth to meet Georgia and her family for a tour of their partly accessible home.
The government is currently considering ways it could change pensions in the UK to drive better outcomes for savers. Part of this includes a call for evidence looking at how defined benefit schemes might be invested differently. One idea is to make it easier for private sector employers to access tens of billions of pounds of surplus funds that have built up in their pension schemes. The Department for Work and Pensions says "the direction of future policy is not yet decided.” Tom Selby from AJ Bell explores this idea.
Presenter: Paul Lewis Reporters: Dan Whitworth and Sarah Rogers Researcher: Sandra Hardial Editor: Jess Quayle
(First broadcast 12pm, Saturday 2nd September)
00:00 Introduction 00:41 Buy Now Pay Later 07:25 Accessible Homes 15:41 Self-Assessment Tax Helpline 17:02 Defined Benefit Pensions
Transcript
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| 0:00.0 | You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one. |
| 0:06.5 | I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds. |
| 0:11.2 | I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects, |
| 0:16.0 | relationships, identity, comedy, even one that mixes poetry, music and inner city life. |
| 0:22.4 | So one day I'll be helping host develop their ideas, the next fact-checking, a feature, |
| 0:28.3 | and the next looking at how a podcast connects with its audience, and maybe that's you. |
| 0:33.6 | So if you like this podcast, check out some others on BBC Sounds. |
| 0:39.5 | BBC Sounds, music, radio podcasts. |
| 0:43.1 | Hello, welcome to this first Moneybox podcast of our new season. |
| 0:47.6 | Very little new housing is fully accessible to people in wheelchairs. |
| 0:51.7 | A new analysis says improving that could save the economy millions of |
| 0:55.8 | pounds. There's families living in houses that don't meet their needs so then they're |
| 1:00.5 | unable to then go out and work and things like that. How safe is your pension? The government's |
| 1:05.5 | consulting on allowing firms with salary-related pension schemes to take money out of them. |
| 1:11.9 | And the holidays are officially over as the revenue puts away its sunscreen and reopens its self-assessment |
| 1:17.1 | helpline after its 12-week summer break. But first, new research has found that one in five people |
| 1:24.3 | are paying for essentials like food and household bills by borrowing on buy now pay later. |
| 1:30.8 | That's interest-free but not always problem-free. |
| 1:34.4 | A report from the Money and Pension Service says more than 10 million people now use, |
| 1:38.9 | buy, now, pay later and says around four out of 10 people it surveyed were struggling with repayments and making |
| 1:45.6 | them from savings or indeed by borrowing on credit cards or overdrafts. A reporter Sarah Rogers went |
| 1:51.7 | to Rochdale Town Centre where she spoke to people on their lunch break at Francesca's food |
... |
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