Other Money News

The British public are expected to spend over £2.6 billion on trips during the upcoming bank holiday weekend, research from American Express reveals.

According to the research, a fifth (20%) of British people are planning on taking a trip this weekend. Those going abroad will spend an average £280 each, while those taking a staycation will spend an average £235. Of this, both those going abroad and staying in the UK are expected to spend the most on accommodation, £70 and £65 respectively, followed by travel, and then meals and drink. Those who decide to stay at home during the long weekend are still expected to spend an average £76 each on extra activities, such as shopping (43%), eating out (39%) and going for drinks (38%).

Students receiving their A-level results and confirming their university places today should also start thinking about getting their finances organised ready for the new university year.

University can be an expensive time for students, who not only have to pay tuition fees but also find the money for day-to-day living costs. A recent survey by Save the Students found that 79% of students worry about money while at university, with 57% saying this worry impacted their mental health, which highlights the need for students to have a good grasp of their finances before they begin their degree.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Today the Office for National Statistics revealed that the Retail Prices Index (RPI) inflation measures for July have risen to 2.8%, which as a result, means commuters will be hit by a rise in train fares this January.

Commuters will be facing higher train fares from 2 January 2020 due to train companies calculating their ticket prices, including season tickets, based on July’s RPI inflation figures. This means commuters could find themselves having to pay over £100 more for an annual train ticket.

Many campaigners argue that train companies should instead calculate the price of tickets based on the Government’s preferred measure of inflation, the Consumer Prices Index (CPI), which increased to 2.1%.