Money Box

More than half a million young people are yet to claim their Child Trust Fund which could be worth up to £2,200 according to the government, but how do you know if your child has one or even how to get it?

Plus with the Chancellor's budget on the way, we know parents are topping up Junior ISAs and giving away monetary gifts ahead of any changes she might make.

So, today we're looking at how to build a solid financial future for the children in your life and how to help get them get engaged when it comes to their finances.

Felicity Hannah is joined by Stephanie Fitzgerald, Head of Young People at the Money Charity and Sarah Coles, personal finance analyst at Hargreaves Lansdown.

Presenter: Felicity Hannah

(This programme was first broadcast at 3pm on Wednesday the 23rd of October 2024)

It was a big week for carers as the Government announced an independent review into Carer's Allowance overpayments after families were told to pay back thousands of pounds, often pushing them into debt.

The review will look at what happened, but in the meantime the Department for Work and Pensions has told Money Box it will continue to collect almost quarter of a billion pounds it says it's owed from more than a hundred thousand carers. We hear from Karina who cares for her 22-year-old daughter and ended up in £11,000 worth of debt. The DWP said it is committed to working with anyone struggling with repayment terms.

A major investment firm has said it will review its Child Trust Fund accounts after Money Box revealed one young man's £250 investment had all but disappeared when he claimed it at 18 due to high administration charges.

In the run up to the Chancellor's budget we look at fuel duty and whether the 5p cut could be scrapped.

Presenter: Paul Lewis

Each year it’s estimated that £23 billion worth of help and support – from housing benefits to pension credit – goes unclaimed according to Policy in Practice.

We look at the kind of help that is available, and hear from listeners on their experiences trying to claim the benefits they’re entitled to, as well as who might be able to get money off their childcare or broadband bills.

Presenter Felicity Hannah is joined by a panel of experts who answer your questions on how to make the best of the available support: Rachael Walker, research and policy director at Policy In Practice; Sam Hubbard, Head of Core Services at Citizens Advice in Staffordshire North and Stoke On Trent and David Samson, a benefits expert at Turn2Us.

And we hear from a range of people with their own experiences of trying to secure benefits – sometimes during life-changing moments. Gary from Lincolnshire tells us how he had to become a carer for his poorly wife. But during a difficult journey to obtain benefits, it was only by chance that he discovered certain types of support he was entitled to. Meanwhile, Esther from London tells us how she wasn’t aware she could be entitled to a carer’s allowance for her children – two of whom have complex needs .

Presenter: Felicity Hannah

(This episode was first broadcast on Wednesday 16th October 2024).

The Government is writing to 120,000 people aged 66 or more encouraging them to claim the means-tested benefit pension credit, which will also entitle them to the winter fuel payment. The letters will go out from next month to people the Department for Work and Pensions has identified as likely to be entitled following a targeted trial scheme last year.

Also on the programme, a leading debt charity calls for the way council tax debt is collected to be reformed, and why do millions of renters not insure their belongings?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 12th October 2024)

Buying a home is legendarily one of the most stressful events in life so today on Money Box Live we're going to try to take some of the pressure off by talking you through how it should work.

Obviously there's much more to it than finding your dream house and a lot that can happen between viewing a property and getting the keys.

We talk to first-time buyers on the property hunt in Stockport in Greater Manchester, and our panel of experts, Simon Gammon, Head of Finance at Knight Frank and Beth Rudolf from the Conveyancing Association joins Felicity Hannah to take questions from listeners.

Presenter: Felicity Hannah

This episode was first broadcast on Weds 9th October 2024.

In a special programme broadcast live from the Atrium in Quay House at MediaCityUK, Paul Lewis discusses a momentous change in the way banks treat customers who have money stolen from their bank accounts by what is called Authorised Push Payment Fraud.

In 2023 a record number of people lost hundreds of millions of pounds to thieves who tricked them, manipulated them and then drained their bank accounts.

On October 7th new rules will come into force which mean nearly all transfers will be covered, so that victims will be refunded in the vast majority of cases up to a limit of £85,000.

Money Box gets hundreds of emails from people who've lost money to scams and frauds and this will be life changing for those who find themselves a victim of this kind of crime.

To mark this change, the team will be joined by a panel of experts and people who've lost thousands of pounds in these sort of scams.

Presenter: Paul Lewis

(First broadcast 12pm Saturday 5th October 2024)

This month the new government will reveal its plans for the nation's finances in the Budget.

We've been told 'difficult decisions' lie ahead as the Chancellor Rachel Reeves seeks to plug what she says is a £22bn black hole left by the previous government.

There's been plenty of speculation around Capital Gains Tax, Inheritance Tax and pensions tax relief - but what are they and who pays them?

Our email inbox has been full of questions from listeners - so on this weeks Money Box Live we will be answering as many as we can.

Felicity Hannah is joined by Elsa Littlewood, Tax partner at accountancy and business advisory firm BDO and Kirsty Stone a financial planner at The Private Office.

We also have a new way to get in touch, WhatsApp Money Box on 03306 783183.

Presenter: Felicity Hannah

(This episode was first broadcast on Wednesday the 2nd of October 2024)

A new report given exclusively to Money Box is calling for more help for working families on Universal Credit. The University of Bath’s Institute for Policy Research wants the government to raise earning thresholds for extra help like free school meals, NHS prescriptions, council tax support and NHS dental help. The government says it's committed to supporting low-income families by extending the Household Support Fund by £421 million. It also told us its commitment to reviewing Universal Credit so people receive the support they need, saying it is taking "bold action" to help people into work so they can gain financial independence and break down the barriers to opportunity.

Banking Hubs should start offering more help for customers with advice on scams, getting online and creating Power of Attorneys according to the former chair of the watchdog, the Financial Conduct Authority. Charles Randell, who’s now a member of the Financial Inclusion Committee, says banks need to invest more in the hubs as bank branch closures continue to hit communities with more than 6,000 having closed since 2015. UK Finance, which represents banks, says significant ongoing investment is being made to support customers with access to cash and day to day banking needs.

What changes could the Chancellor make to ISAs and Dividends in her October Budget?

And energy prices go up next week - what does it mean for you and how does it work?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 28th September 2024)

Across the UK freshers are heading off to university, many leaving home for the first time and most of them are paying for at least some of that with their student loans.

Graduates in England leave university with average debts of around £48,500 according to the Student Loans Company.

Tuition fees vary depending on where you live in the UK. Last year students in England were told they'd be paying back their loans longer than the graduates who came before them.

So, this week we're looking at how much a degree really costs. Felicity Hannah will be joined by Tom Allingham from Save the Student and Kellie McAlonan, Chair of the charity the National Association of Student Money Advisers.

Presenter: Felicity Hannah

(This episode was first broadcast 3pm on Wednesday 25th September 2024)

People are missing out on nearly two billion pounds' worth of discounts on water bills and broadband, according to Citizen's Advice. Social tariffs give lower prices to people on low incomes, but the charity says there's a "postcode lottery" when it comes to what people can get. The government says more than 1.3 million households in England and Wales benefitted from £200m worth of help with water bills in 2022/23 and that it's working with broadband providers to raise awareness of social tariffs.

How might the Chancellor change tax relief on pensions in the upcoming budget?

More than 11 million people used Open Banking in July - that figure was up by 12 percent on the month before. We'll discuss how it works.

And, have you been affected by a scam? Ahead of a special programme on October 5th we'd like to know your experiences - email [email protected].

Presenter: Paul Lewis

(First broadcast 12pm Saturday 21st September 2024)