The Halifax has reported that the amount of pocket money given to children has fallen compared with last year. In 2007 the weekly amount was just over GBP8, though this has fallen to a little over GBP6 this year.
Parents will no doubt be feeling the pinch said a Halifax spokesperson, though in their defence they do still buy items such as mobile phones and ipods for their children. The best place for children to be is London, where the average pocket money is GBP8.47, followed by Scotland where they receive GBP8.20.
The lowest paying parents are found in the East Midlands, where GBP4.46 is the norm, closely followed by the south west of England where children receive an average of GBP4.58 according to the Halifax figures.
With the cost of living in the UK rising at a higher rate than it has for some considerable time the people of the UK are feeling the need to cut back on their spending.
A survey carried out by the Alliance and Leicester found that over half of those surveyed had already started cutting back on spending. One of the most popular steps taken to save money has been to change gas and electric suppliers. Around 20 percent of those surveyed have done this already. Behind that comes sourcing low or zero interest credit cards, enabling people to cut the amount they pay on their borrowings.
There will be more and more people looking at ways to cut back on their spending as costs keep rising, so being aware of areas where savings can be made can only be helpful. As an Alliance and Leicester spokesperson commented, it is sensible to look for the best offer in all areas of living, since a saving is a saving.
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Tesco Finance is understood to be aiming for a full retail bank status, offering the full range of bank products and services to customers.
The 50 percent stake RBS hold in Tesco Finance is to be bought back by Tesco itself, at a cost of GBP950 million. The initial plan appears to be an expansion of the current product range offered, with home insurance the first to receive the extra attention. After that Tesco Finance are expected to start offering basic bank accounts, placing themselves in direct competition with the high street banks.
The position of Tesco Finance, using its core Tesco brand to win customers through supermarket retailing, is a strong one. Most people in the UK use Tesco at some time, so the chance to promote a full bank operation via the stores and online could prove an excellent opportunity.