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Get your finances in order by performing a financial health check
Derin Clark

Derin Clark

Online Reporter
Published: 12/05/2020

Since social distancing rules were introduced in March there have been few people who have not seen their finances impacted by the Coronavirus pandemic, making this the perfect time to perform a financial health check.

“Consumers that pick a point in the year to review their finances may do so every six months as a rule of thumb, but the impact of the Coronavirus may well be escalating this plan,” explained Rachel Springall, financial expert at Moneyfacts.co.uk. “As it stands, interest rates on savings and mortgages are falling and unsecured lending on credit cards or loans is becoming more expensive. This alone should bring a personal finance review to the forefront of the mind, particularly if someone has free time to spare. Making just a few changes could result in decent savings, so consumers would be wise to start now if they failed to do so over the bank holiday weekend.”

To help consumers carry out a financial health check we’ve taken a look at what has been happening in the savings, mortgage, credit card and loan markets over the last few months.

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Tax-free allowances, limits and tax relief for 2020/21

The 6 April is the start of a new tax-year and in 2020/21 there are a few, but significant, changes that those saving for their children’s future or a pension should be aware of.

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Financial fraud up as criminals target 25 to 34-year-olds

Recent research by credit experts, Experian UK, has revealed that financial fraud has risen by 14% this year. In a worrying trend criminals are now turning their attention to younger people who have just bought their first home.

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Charge of the unicorn: Challenger bank Monzo bags new £113m investment

Digital bank Monzo has cemented its position as one of the most highly rated financial technology companies by doubling its value to over £2bn after its latest round of funding.

Coming hot on the heels of its last round of fundraising eight months ago, Monzo has seen a further investment of £113m led by the Silicon Valley start-up accelerator, Y Combinator Continuity Fund. Y Combinator Continuity has already backed other brands, including Airbnb, Dropbox and Reddit.

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