Wages more volatile than expected

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 8 September 2018

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

A study by the Resolution Foundation thinktank has found that the vast majority of people experience significant monthly wage volatility at least twice a year. Almost half see significant changes half of the year. The study used anonymised data from 7 million Lloyds bank accounts. It's the first time that actual data has been used to look at monthly earnings. Official figures which show adequate income over the year may therefore hide serious problems in a number of specific months. We speak to the study's author Daniel Tomlinson.

An end to letting fees charged to tenants is now in sight. The Tenants' Fees Bill has just had it's third and final reading in the House of Commons and is set to become law soon. It means that 'Administrative fees', 'credit check fees', 'tenancy renewal fees' and others will all be consigned to the dustbin saving tenants an estimated £240m. In Wales a similar law is expected to be in place next year and in Scotland letting fees have been banned since 2012.

With RBS announcing more bank closures this week, we investigate one solution adopted by a small community when 3 out of 4 banks closed their doors. Almost a year ago Holywell in North Wales encouraged its shopkeepers to adopt a mobile card payment system instead of using cash to help bolster their economy. We find out how they have got on.

And as hundreds of thousands of young people head off to university in the next few weeks we look at the student bank accounts on offer. Should you take the free rail card, the gift voucher or the free overdraft?

Presenter: Adam Shaw Producer: Alex Lewis Editor: Charlotte McDonald.

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to helping
0:22.7	you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put together
0:28.7	by people who know their stuff. So if you want some expertly curated music in your life,
0:35.0	check out BBC Sounds. This is the BBC. Welcome to the download of Moneybox,
0:41.4	the programme about your money. Hello, good afternoon in today's program. Letting agencies
0:47.4	are soon to be banned from charging tenants fees. Tenants could save £300. The agencies stand to
0:54.0	lose £240 million a year.
0:57.4	It's the start of term for students and banks are clamouring for new young customers.
1:02.1	It was always thus, in my day.
1:04.5	This was the Nat West advert you just might have heard.
1:08.3	My bank is offering a free CD, apparently.
1:13.6	CDs, remember those?
1:16.4	Today's offers include £80-pound gift vouchers, free rail cards or music streaming.
1:22.3	We examine what students should look for before deciding where to put their student loan.
1:27.6	And as some banks welcome new customers in, others are turning them away.
1:32.0	RBS has announced its closing a further 54 branches.
1:35.8	We investigate a solution adopted by a small community when the bank started leaving town.
1:41.2	And Moneybox has been given a sneak preview of new research which reveals hidden
1:44.9	problems in the nation's personal finances. The first study of its kind uncovers the surprisingly
	...

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