Teenage Scam Ads and Mortgage Overpayments

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 6 January 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Teenagers are being bombarded on social media with promotions for financial products they might not understand and that are usually too risky or dangerous for them to invest in. The MP Robin Walker, who chairs the Commons Education Select Committee, wants to see financial education for 16-18 year olds strengthened. The Department for Education told us "Financial literacy within citizenship is compulsory for 11-16-year-olds in the national curriculum, so young people are taught about the importance of personal budgeting, savings, money management and calculating interest.”

Figures indicate an increasing number of homeowners are making overpayments on their mortgages, to take the sting out of new interest rates. More than £21.3 billion was overpaid in the first ten months of this year - up more than 14% from the same period last year. But how much do you need to overpay, to make a difference?

The new project where people can get loans at zero interest to help with the cost of electricity, gas, and heating oil. We visit Ballyhackamore Credit Union in East Belfast to see how it works.

Presenter: Paul Lewis Reporters: Dan Whitworth, Sandra Hardial and Eimear Devlin Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm, Saturday 9th Dec 2023)

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 Moneybox podcast.
0:46.0	Official figures indicate that more people are overpaying their mortgage.
0:49.9	Is that a route to long-term financial well-being if you can afford it?
0:55.6	Two million married couples could pay less income tax if they only asked, and could a scheme for interest-free loans
1:00.9	to pay fuel bills spread from Belfast around the UK. But first, teenagers are being bombarded
1:07.8	on social media, with promotions for financial products they might not understand,
1:12.4	and ones that are too risky or dangerous for them to invest in. That's the view of the Conservative
1:17.4	MP, Robin Walker, who chairs the Commons Education Select Committee. He wants to see
1:22.6	financial education for teenagers improved and says it should include these new social media risks.
1:29.4	I'll be talking to Robin Walker in a few minutes after we hear from Moneybox reporter Dan Whitworth,
1:34.2	who spoke to students at Conyers School and Sixth Form College in Stockton on Tees
1:39.0	about social media offers that are too good to be true.
1:45.5	So I'm Benetkins, an assistant head of six-form here at Conyers.
1:49.0	And we're going to speak to some students in the library, right?
	...

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