Families going abroad this summer are being warned that they could lose hundreds of pounds exchanging their money at the airport bureau de change.

Currency prices can be up to 9% more expensive at Gatwick, Heathrow and Stansted compared with other foreign exchange outlets, a survey by leading foreign exchange firm Currencies Direct has revealed.

This means a family changing £1000 for a European holiday are £104 worse off buying euros at the last minute, rather than ordering in advance from a specialist firm which can find the best available rate.  Read more... (695 words, estimated 2:47 mins reading time)

New research has shown that a fifth of people over the age of 55 are expecting to have to work past their 70th birthday. Many of these are continuing their working lives because they have a large mortgage and/or no savings or private pension. Many will opt for ‘part-tirement’ and will switch from working full-time to part-time work.

Aviva interviewed over 1,400 people over the age of 55. More than half said they intend to retire between the ages of 66 and 74. Indeed, 18 per cent said they expect to retire between 71 and 74. The most common reason for continuing work was to improve their finances, although other reasons included to stop getting under their partner’s feet or to help keep their mind active.  Read more... (268 words, 1 image, estimated 1:04 mins reading time)

Check you wallet carefully for £20 notes as the old style £20 note will no longer be considered legal tender as of June 30 meaning shops will no longer accept them and it is up to banks whether they are swapped for the newer notes or not.

From 1st July, £20 noted with the image of Adam Smith, the Scottish economist, will be the only £20 notes considered legal tender. These notes were first put into circulation in March 2007.  Read more... (222 words, 1 image, estimated 53 secs reading time)

According to the latest research, millions of people who are set to retire in the next few years have unrealistic views of their pensions and are living in denial about their finances. Many still have hefty mortgages on their properties and have little or no savings.

Pension advisors are concerned that many people are looking to their properties to provide for their pension – however many people have large mortgages on their properties still and are also not looking to move in their retirement.  Read more... (212 words, 1 image, estimated 51 secs reading time)

Mortgage lenders have warned that there may be a shortage of credit in the coming months, leading to many first time buyers unable to secure mortgages.

The Council of Mortgage lenders has said that government schemes to keep mortgage lending afloat end in 2014, leaving a funding gap of £300 billion.

Before all the economic problems of the last few months, the gap between what the banks took in savings versus what they lent out was covered my the wholesale market in mortgage debt. However when the world financial markets were hit in 2007, the UK government was forced to plug this gap with the special liquidity scheme and credit guaranteed scheme.  Read more... (173 words, 1 image, estimated 42 secs reading time)

No-win no-fee lawyers are said to be the main cause of increasing car insurance premiums this year. Research shows that the average car insurance premium is set to rise 15 percent this year.

According to Consumer Intelligence, the average annual premium is £564.19, almost 20 percent higher than the same time last year – and is predicted to rise by 15 percent to £648.82 by January 2011.

There are two main factors contributing to the rise – the first are no-win no-fee solicitors whose ads on TV have seen many more people deciding to pursue personal injury claims after crashes, pushing up the amounts insurance companies have to pay out and therefore increasing premiums.  Read more... (143 words, 1 image, estimated 34 secs reading time)

With all the BA strike talk at the moment, if you’ve booked a flight and your airline goes on strike, what sort of comeback do you have?

If your flight is cancelled due to industrial action (aka a strike) EU regulations state that you should either be provided with an alternative flight to your destination or your plane ticket should be refunded in full within seven days of the cancellation.

If you have bought a flexible or refundable ticket, you can cancel the ticket ahead of the strike action and rebook your flight. If your plane ticket is non refundable, you should not cancel the ticket until strike action is fully confirmed as you will not receive a refund.  Read more... (327 words, 1 image, estimated 1:18 mins reading time)