Money Box

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.

Dr. Elizabeth Mullineaux, a veterinarian and president of the British Veterinary Association, shines a light on the staggering costs of pet ownership in the UK, where there are 36 million pets. She discusses the burden of veterinary bills and the recent investigation into pricing practices. The conversation also touches on the financial impact of trends in pet care, the importance of responsible breeding, and the emotional toll of unexpected expenses. Listeners hear heartwarming stories from a rescue center and insights into the festive inclusion of pets.

Ellen Fraser from Boringa, a management consultancy focused on energy issues, discusses the soaring energy costs this winter and the available support for struggling customers. She emphasizes the importance of communication with suppliers to navigate debt. The conversation also touches on inspiring recovery stories from scams and guidance for navigating universal credit. Additionally, insights into the property market reveal challenges faced by first-time buyers against a backdrop of rising mortgage rates. The festive spirit is also reflected as listeners share their experiences.

Almost half of us are making money from side hustles according to the comparison site, Finder.But how do they work, what do you need to do if you have one and when do you need to tell the tax office?We will be meeting those using their hobbies to boost their bank balances this Christmas as well as clearing up the rules around selling on online platforms.Joining Felicity Hannah is Helen Thornley from the Association of Tax Technicians and Vicks Rodwell of IPSE, the association for self-employed people. Presenter: Felicity Hannah Producers: Sarah Rogers and Neil Morrow Production Coordinator: Emma Smith Editor: Jess Quayle(This episode was first broadcast at 3pm on Wednesday 18th December 2024)

Local councils in England are stepping up to provide financial aid to pensioners facing cuts in Winter Fuel Payments. Discussions reveal the critical importance of applying for Pension Credit to ensure support during tough times. The outdated family law regarding asset division post-divorce is also under scrutiny, prompting potential reformation. Furthermore, young homeowners share their struggles with managing finances amid rising living costs and the emotional toll that financial stress can take on personal relationships.