Money Box

Paying for care in later life is something many of us will face. Unlike other NHS services, social care is not free at the point of use, the average annual care home cost is £60,000, if additional care is needed that price will go up. After a recent special Money Box Live from Grange Care Residential Home in Sheffield we received so many questions that we simply couldn't get through them all on air, so we've raided the inbox and brought in the experts to return to the topic to answer as many was we can.From how to plan to pay for care, what your money pays for, and how to challenge fees, Felicity Hannah, is joined by Tish Hanifan, the Founder of the Society of Later Life Advisors and Vic Rayner, CEO of the National Care Forum and Chair of the Care Providers Alliance.Presenter: Felicity Hannah Producer: Catherine Lund/Sarah Rogers Editor: Sarah Rogers(This programme was first broadcast at 3pm on Wednesday the 5th of February, 2025).

Backbilling is causing distress among energy customers, with many facing unexpected charges despite regulations aimed to protect them. The discussion reveals the emotional and financial toll of these practices. The Lifetime ISA is under scrutiny, particularly its effectiveness for first-time homebuyers in a soaring property market. With water bills set to rise steeply, the financial strain on households is highlighted. Additionally, the impact of Storm Éowyn on power outages in Northern Ireland raises concerns about compensation and support for affected residents.

Research from charity Scope suggests that disabled households have to find an extra £1,000 pounds a month to have the same standard of living as non-disabled households. Extra costs include, heating, equipment and transport. Having a disability can also mean navigating the benefits system - a system that Chancellor Rachel Reeves said today would undergo reform by the spring, as the government struggles to manage the rising cost of claims.Felicity Hannah is joined by Dan White from Disability Rights UK and Sarah Coles, Head of Personal Finance at Hargreaves Lansdown.Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle(First broadcast 3pm Wednesday 29th January 2025)

Over 1.4 million pensioners received unexpected tax bills last year, highlighting the importance of understanding state pension tax implications. Many retirees were caught off guard, with some facing new tax liabilities for the first time. Meanwhile, debt relief orders have surged, providing an alternative to bankruptcy for those overwhelmed by debt. The conversation also covers the vast amount of savings sitting in low-interest accounts and new regulations preventing mid-contract telecom price hikes, aiming for transparency for consumers.

Car, home, travel and life insurance are just some of the policies we might take out to protect ourselves if the worst happens.This year we've already seen floods followed by freezing temperatures and property claim pay outs hit £4.1 billion last year according to industry figures.So this week we look at whether insurance companies step up when we need them, and more widely at the rising costs of insurance, particularly for motorists.Felicity Hannah is joined by experts Mark Shepherd from the Association of British Insurers, and Sam Richardson, Deputy Editor of Which? Money.Presenter: Felicity Hannah Producer: Sarah Rogers and Craig Henderson Editor: Jess Quayle(This programme was first broadcast at 3p.m. on Wednesday 22nd of January 2025)

Discover the hidden world of Child Trust Funds! A senior MP advocates for automatic payouts, potentially unlocking millions for unaware young adults. Delve into the realm of gilts—UK government bonds—understanding their reliability and investment perks. Learn about bridging gaps in National Insurance to maximize retirement income and hear a couple's success story on boosting their weekly earnings after tuning in. It's a treasure trove of financial insights!

Jo Thurston, a parenting coach from Action for Children, shares valuable insights into the rising costs parents face when sending their kids to school. Neil Renton, Headteacher of Harrogate Grammar School, provides a school leader's perspective on these challenges. They discuss the burden of uniforms, school trips, and meals, alongside potential government initiatives aimed at easing financial pressures. Advocacy for community support and better communication between schools and families is highlighted, emphasizing the need for dignity and equality among students.

The new government initiative promises free breakfast clubs in all primary schools across England, aiming to improve child behavior and attendance. Meanwhile, the housing crisis looms large as many face sleepless nights over high rents and eviction fears, with personal stories highlighting the struggle. Additionally, with the self-assessment tax deadline approaching, tips are shared for navigating the complexities of filing, especially for the self-employed. Critical discussions on funding and support emphasize the urgent need for solutions in education and housing.

Vic Rayner, Chair of the Care Providers Alliance and CEO of the National Care Forum, discusses the financial challenges of social care in England. He highlights the average annual cost of residential care homes, emotional tales from families navigating care fees, and the disparities between self-funded and council-funded services. The conversation also delves into the complexities of financing care, particularly with dementia, stressing the urgent need for improved funding and community support to tackle these rising costs.

Rudolf Eliott Lockhart, CEO of the Independent Schools Association, discusses the significant impact of a new 20% VAT on private school fees. He highlights how schools are responding with fee increases between 13% and 20%, which adds financial stress for parents already grappling with rising energy costs this winter. With typical household energy bills set to rise slightly, Lockhart examines coping strategies families are employing amid these financial pressures, while also touching on the broader implications for the education sector.