The Salary Calculator

Choosing the right bank for you

by Madaline Dunn

Whether you’re opening a bank account for the first time, heading off to university or just looking to switch things up, when it comes to choosing the right bank for you, there’s a lot to weigh up.

At The Salary Calculator, we’ll guide you through the process. In this week’s article, we’ll explore:

• Reasons to switch banks
• Banks’ ESG and CSR considerations
• Which banks offer the best digital services
• How to make the switch

Why you might be thinking of changing banks

According to recent statistics, the number of people with current accounts switching banks has surged as of late, increasing by more than 70% in the first three months of 2023. In fact, 341,075 switches occurred between January and March 2023. So, why are so many choosing to switch banks? Well, reasons vary. Many are looking for better deals, stronger customer service, sign-on bonuses, and increasingly more environmentally and socially conscious organisations.

According to a survey conducted by MoneySuperMarket, one of the main reasons people switch is to access higher interest; the survey showed that 41% of customers made the change to boost savings. Following behind this were cashback and benefits (20%), overdrafts (14%), and finally, customer service (5%).

Of course, there are also some people to whom switching banks hasn’t occurred to and those who don’t know that there are alternative routes to take. Indeed, a Frost Bank survey found that only 11% felt a sense of ‘financial belonging’ with their current banks, and yet, nearly half (44%) said they wouldn’t change banks. So, let’s break that down.

The ESG and CSR considerations

There’s no denying that conscious consumers are on the rise. Never before have so many people put so much thought into how their purchasing decisions affect others, animals and the planet. This extends to where people house their money, too, with more and more people waking up to the reality of how banks operate.

Research shows that these days, 82% of consumers want a brand’s views to align with their own, 76% won’t give their money to those brands that don’t, and a quarter of people having a zero-tolerance policy for ‘unethical behaviour.’ Further to this, recent data has revealed that 75% of banking customers now want more information about their bank’s carbon impact; 48% want a bank that helps them in making more environmentally-friendly purchasing decisions.

Barclays has been found to be one of the largest investors in fossil fuels, investing over $144.9 billion in fossil fuels in 2020. Triodos, on the other hand, has been identified as one of the leading banks for lower carbon emissions, as have Monzo and Starling. Indeed, research from MotherTree found that moving £5,767 from Barclays to Triodos can cut your carbon footprint by a massive 1.7 tonnes per year!

Digital banks with features that give them an edge

While banking is becoming more and more digitalised, not every bank is on the same level just yet. These days the majority of apps offer basic digital services, but some are still catching up when it comes to smartphone apps, digital wallets, personal financial planning, security notifications and face and voice biometrics.

Some of the top digital banks include Revolut, which provides smart budgeting tools, with built-in analytical tools. Monzo is another, which equips customers with real-time notifications, virtual cards, spending budgets and saving pots. Starling similarly gives customers spending insights and assists with savings goals.

Of course, this all comes down to preference and you may prefer brick-and-mortar banks, although, as we’ll discuss in our next section, these days, they’re few and far between.

Branch locations

Digital features might add a bit of pizazz to your banking experience, but maybe you prefer dealing with your finances face-to-face. Indeed, a third of Brits still prefer to do banking in person. In this case, it’s likely your switch will be informed by the proximity of your closest bank.

Interestingly, it’s not just older customers who prefer to visit a branch; although 44% do choose in-person interaction, a fifth of 18-34-year-olds also prefer to do all their banking in person.

Unfortunately, despite this preference, bank branches are dropping like flies. The recent figures show that 5,162 bank and building society branches have closed since January 2015. Further, according to Which? an additional 206 branches are set to close by the end of the year. So, this may not be as pertinent a consideration as it once was for customers.

How to make the switch

The hardest part of the switch is finding a bank that aligns with your ethics, gives you the rates you’re looking for and offers the features you need. In this decision-making process: compare, compare, compare.

Here, the following might be useful:

• MoneySuperMarket
• USwitch
• GoCompare

It’s also important to make sure that you don’t miss the small print and that you’re up to date with all the Ts and Cs.

Once you’ve decided to make sure you have a smooth transition, make a note of all your automatic payments and deposits, and prepare them for the switch, so you don’t end up missing any payments.

Finally, enrol, and be sure not to close your old account until your new account is active and ready to use.

Tags: bank account, banking, banks, current account, esg

Navigating saving accounts in 2023

by Madaline Dunn

Interest rates are going up again, with the Bank of England (BoE) taking its base interest rate to the highest level in more than a decade; this is the twelfth time it’s been hiked. While this means higher mortgage rates and borrowing costs, it should be good for savers, however, UK banks are being accused of short-changing customers.

This week at The Salary Calculator, we’ll walk through how to navigate savings accounts amid the hullabaloo and cover the following:

• Where can savers get better returns?
• Can savers get better returns?
• Should you lock your money in a savings account?
• Is it time to go flexible?

What’s going on with interest rates?

Back in February, the chief executives of the four biggest banks in the UK – Lloyds, NatWest, HSBC and Barclays – came before the Treasury Committee to discuss their low rates. Harriett Baldwin, who chairs the committee, concluded that the nation’s biggest banks need to “up their game and encourage saving.”

Baldwin noted that while other products are available to those who hunt, these banks are offering “measly easy access rates” and further noted that loyal customers are being squeezed to “bolster bank profit margins.” Elderly and vulnerable customers who rely on High Street bank branches were identified as those most vulnerable to what she called the “loyalty penalty.”

Indeed, Which? recently published data from its analysis of three years’ worth of savings rates and found that despite the base rate rising, many high street banks are still offering less than 1% on instant-access accounts.

Indeed, the City watchdog, the Financial Conduct Authority, recently warned banks that it would consider taking “onerous intervention” if savers don’t start to benefit from interest rates.

Can savers get better returns?

According to MoneySavingExpert, anyone with a savings account should not be earning less than 3% interest “at the very minimum.” And, when it comes to rates, Saffron’s new product has been deemed market-leading, offering a fixed 9% interest rate.

However, while this is a great deal, it’s only available to those who have been with the bank for a year or more – ruling out a lot of people. Similarly, Skipton building society is not far behind with its rate of 7.5%. But, again, this deal is only up for grabs to those who joined before May 31st, and allows customers to save up to £3000 a year.

Plus, while these regular savings accounts look attractive, it’s important to note that not all that glitters is gold; there will be restrictions on how much you can pay in, plus, the headline rate is only paid on the first month. After this, you’ll typically end up with just over half the advertised rate.

Should you lock your money in a savings account?

When criticised by the Treasury Committee over easy access rates, Nationwide BS and Virgin Money said the reason banks are more comfortable with higher rates for fixed-term products is that they provide more “certainty and stability.” This is, of course, the attraction of fixed-term rates, you can get more bang for your buck, so to say. Indeed, fixed-term rates are now almost double what they were this time last year. This explains why savers invested nearly £40bn into fixed-term savings accounts in the first quarter of 2023. Plus, by preventing you from accessing your money, you won’t be tempted to dip in.

Some of the best rates right now – at the time of writing – include Tandem Bank’s 5.35% rate, paid over a five-year term, accessible with just £1; National Bank of Egypt, meanwhile, offers 5.25% if you lock up your money for a year, however while you’ll have access to your money sooner, you’ll need to save a minimum of £10,000.

With a global recession looming, however, some suggest that, for the short-term at least, fixed-term deals could be more secure, especially if you’re saving for something in particular that requires a deposit or the like.

Of course, you’ll need to weigh up some of the disadvantages of being locked in. Alongside not having access to your money for a set period of time, when better deals crop up, you won’t be able to switch and make the most of them.

Is it time to go flexible?

Flexible rates have the advantage of letting you take out money when you want to, but you will pay for this benefit with lower rates. Plus, rates are variable, which means that they can either go up or down.

Right now, the top two rates on the market are delivered by West Brom Building Society and Principality Building Society, offering 4% and 3.88%, respectively. However, both only allow two withdrawals a year, so while technically flexible, they are more restrictive than, say, Secure Trust Bank, which offers 3.85% and unlimited withdrawals. Tesco Bank, meanwhile, offers 3.45% with a bonus of 2.45% for 12 months.

Ultimately, your decision should be informed by your circumstances, and you should think about whether you’ll need more flexibility in terms of access.

In an article for The Guardian, a UK Finance spokesperson said that the instant rate market is more competitive, “with a range of fixed and variable rate products available and encouraged customers to shop around for the product and interest rate.”

Tags: banking, inflation, interest rates, saving account, savings

Financial prepping for summer holidays

by Madaline Dunn

As the sun finally begins to emerge from behind the clouds, summer is on its way. So, it’s likely that you’ll be thinking ahead to possible getaways, whether that’s relaxing by the beach, cocktail in hand, exploring ancient city ruins, or hiking up a mountain.

Financial prepping is key for ensuring you have enough saved up to really enjoy wherever you’re visiting, and get the most out of your holiday.

This week, at The Salary Calculator, we’ll run through:

• Helpful budgeting tips to get you ready for your break
• Weighing up holidaying at home or abroad
• Holiday homes, hotel rooms and camping
• Finding free and discounted activities

Helpful budgeting tips

While inflation is currently at a high point (10.1 per cent) and causing continued financial concern for many, predictions are that it’s due to fall below double digits. Likewise, energy prices are also predicted to drop by July. Considering those in the UK have been hammered with high prices as of late, the gradual ease could leave you with more in your pocket than expected, which could go toward your holiday budget.

According to research, over 70% of the UK’s adult population currently do not have a budget plan, regardless of whether for a holiday or more long-term goals. However, budgeting can help you figure out how much you spend each month, areas you can cut back, and, crucially, help you can realistically save.

There are plenty of apps that can do the hard work for you, too. As outlined in our previous article, apps like Money Dashboard can help you pinpoint overspending and categorise spending, while Hyperjar provides you with specific jars for different savings purposes.

To put that into real terms, the former, in collaboration with the University of Edinburgh and Harvard Business School, found that new Money Dashboard users typically saved 14% of their discretionary spend in the first month.

Once you’ve identified key areas where perhaps you’re overspending and you’re looking to increase your holiday savings further, some of the below tips could help you cut back in ways you hadn’t thought of:

• Meal prep: planning your weekly meals ahead of time means that not only do you shop with purpose and better consider brand prices, but you’re also less likely to be tempted by takeaways and eating food out.
• Invite friends and family over to your home rather than going out for drinks. Research shows that it’s far cheaper to drink in rather than out; in fact, statistics from the Office of National Statistics show that alcohol is three times cheaper in supermarkets, so there are lots of savings to be made.
• Switch supermarkets: There is a huge range of supermarkets in the UK and plenty of fantastic budget choices. Aldi and Asda have both stolen the crown for the top-budget supermarket multiple times.
• See whether or not you can pay less on bills and subscriptions. With regard to bills, price comparison sites are your friend, and once equipped with the figures, advocate for yourself by negotiating with your supplier.

More and more people are employing this approach, too. A 2022 report by GlobalData, for example, found that 40% of UK adults planned to cut back on shopping in order to go on holiday this summer.

Holidaying at home or abroad?

A key decision that will hugely impact your financial preparation for your summer holiday is whether or not you’ll stay at home or travel abroad.

If holidaying abroad and travelling to Europe via the Eurotunnel can save you a big chunk of money, it’s also far more environmentally friendly. Eurostar, for example, estimates that taking the train from London to Paris saves more than 90% of the carbon emissions per economy-class passenger produced by flying. By travelling via the Eurotunnel, you also don’t need to worry about paying extra for luggage – so there are even more savings to be had there.

If flying is the only option, it’s likely you’ll be feeling a little concerned about the price of flights; after all, a number of factors have sent them skyrocketing, including high demand following the pandemic, as well as high inflation and fuel prices.

When you are looking for flights, though, make sure you clear your cookies. Many airline sites use cookies to monitor what kind of flights you’re searching for and then, through dynamic pricing, hike the prices up. Clearing your cookies means that they don’t have this data to inflate flight prices.

It’s also worth looking at what apps are active in the area you’re visiting. BlaBlaCar, for example, allows you to book into a carpool, which can be great for solo travel from a social aspect and can help with savings too. The same goes for EatWith, through which you can eat with locals as part of groups and can help with saving on eating out.

Holiday homes, hotel rooms and camping

Another factor bound to impact your holiday financial prepping and planning is where you plan on staying, whether a holiday home booked through a site like Airbnb, a hotel or a campsite.

Research from TripAdvisor shows that holiday rental properties can be up to 64% cheaper for a one-week stay when compared with hotels. This is especially true if you’re travelling in a group. One of the most popular sites to access such properties is Airbnb, for which there are also discounts and promo codes.

With regard to the price of hotels, data from Hopper shows that prices in the US averaged $212 per night in January 2023, 54% higher than the previous year, and summer is likely only to push prices further. While prices will vary widely depending on where you visit, globally, inflation and supply chain problems mean that hotels are, across the board, more expensive. So, it’s something worth bearing in mind when financially planning for your summer holiday.

While so-called ‘staycations’ have typically been the cheaper holiday option, in recent years, they have increased in price. According to Travelodge, shorter multi-location trips can help make things more affordable.

Camping is another option for those who want a stripped-back low-cost holiday in nature. ‘Glamping’ alternatively can offer the same, albeit with a few more frills.

Making the most of free and discounted activities

According to research by Staysure, UK holidaymakers in 2022 budgeted for £420 per person to spend while on a one-week holiday, which included money for activities. In the current climate, that’s quite a bit to save, and while it’s likely that you’ll want to spend some money on activities, doing your research ahead of time can mean that you unlock a whole range of free and discounted activities.

Festivals, museums, craft fairs and outdoor concerts are all great options that often cost little or no money. Likewise, make sure to utilise your concession status if you have one. There are also plenty of apps that can help you along the way, including:

• Roadtrippers,
• Fatsoma,
• Meetup.

Tags: abroad, holiday, holiday money, holiday travel, savings

A rundown of the best budgeting apps 

by Madaline Dunn

As we enter a new financial year, it’s always worth doing a spring clean of your finances to see where you’re at, plan ahead, and save – if that’s on your agenda. This is where budgeting apps come in. These days, there are so many to choose from, with each offering a range of different features perfect for accommodating people’s varying needs.

This week, at The Salary Calculator, we’ll walk you through the following:

• How to find the best budgeting app for you,
• How a budgeting app can benefit you,
• Some of the best apps on the market right now.

How to evaluate which is the best budgeting app for you

When you’re determining the best budgeting app for you, there are a number of factors that you’ll want to consider; for example, first and foremost, it’s important to check that the app is available on your device – so check whether it’s available on App Store (for iOS) or Google Play (for Android).

Another consideration is whether or not the app is free, or offers a free trial. Luckily, the majority of the best apps on the market are entirely free and offer a wide range of features. However, there are apps that are tiered and only offer users certain features based on their subscription level.

An incredibly important feature of an app, especially when you’re providing personal information and, in some cases, access and syncing to your bank accounts, is security. In such situations, assurance that your data is protected is of utmost importance. Check to see if the app is FCA regulated, whether there’s multi-factor authentication to prove your identity, and encryption.

Customisability is also a key consideration, and having the option to make a budgeting app work for you, and add your own spending, budgeting, and saving categories can really help you get in control of your finances.

How can budgeting apps benefit you?

Budgeting has a whole raft of benefits, including giving you insight into your spending habits. This is especially true with apps that have a more visual element and include graphs and charts. Seeing this data organised into clear categories can really help break down the numbers.

Once you have a snapshot of your spending habits, this can give you the power to identify areas where you could be overspending and, subsequently, help you create a savings plan. Savings plans can have a wide range of different applications, whether it’s wanting to save for a holiday, a new course, or even more long-term goals, like saving for the deposit on your first house, or creating a retirement fund.

Another element of this could be creating an emergency fund, which can act as a parachute when facing financially difficult times.

What are some of the best budgeting apps?

Below, we’ll walk you through some of the best budgeting apps on offer.

Money Dashboard – This app is award-winning and stole the title of ‘best personal finance app” in 2017, 2018, 2020 and 2021. It allows you to categorise your transactions automatically and is also highly customisable and comprehensive. Another plus is that it is very visual, with graphs and charts that help break down your income and expenditure easily. It also has an income and expenditure prediction function and is totally free with no premium features.

Some of the drawbacks are that it’s not the easiest budgeting app to set up, and it takes a fair bit of input to personalise and categorise.

Plum – Plum is similar to Money Dashboard, but instead utilises its AI function to calculate how much you can afford to save, based on your previous spending habits. Further to this, based on its analysis of your data, it also makes recommendations for how to save.

It does, however, have tiered membership, all offering different features, which are as follows:

• Plum Basic – free
• Plum Plus – £2.99 a month
• Plum Pro – £4.99 a month
• Plum Premium – £9.99 a month

With all premium tiers, customers also have the option of a free 30-day trial.

It’s also important to note that there are different pockets where you keep your funds. The primary pocket offers instant access to your funds but does not pay any interest and is also not protected by the Financial Services Compensation Scheme (FSCS). Easy Access pockets are FSCS protected, but also require you to give one day’s notice for withdrawal of funds and pay interest. With premium accounts, you can also access higher interest.

Hyperjar – This app is often highlighted as a go-to for couples and families and is a budgeting app with a twist. With this app, you use a prepaid card, which you load your money onto. From there, via the app, you assign money to different jars which you label. A useful feature is that you can even auto-link shops to the jars and use those jars to pay when you visit a particular store.

When abroad, you can use this for purchasing goods and services with no foreign transaction fees applied.

Any money that you load onto your cards is managed by Modulr FS Limited, an authorised Electronic Money Institution which is regulated by the Financial Conduct Authority, but your money is not covered by the FSCS. Another drawback is that you can’t make ATM withdrawals with this app.

Cleo – Cleo targets the younger generation and has been dubbed the Gen Z super app. It’s a money management app that uses an AI chatbot as a financial assistant. It tracks your spending patterns, helps you manage your budget, and recommends amounts to save in your Cleo Wallet.

Unlike some of the other apps on our list, it’s simple and straightforward to set up; that said, the free version of the app is considerably more limited than some of the other free apps on our list.

Its premium versions include:

• Cleo+ which costs £5.99 and comes with an overdraft service that’s interest-free and must be paid back within 3 to 28 days and also offers cashback.
• Cleo Builder, on the other hand, is a much pricier version, at £14.99 per month, and primarily functions to improve your credit score.

Emma – Like some of the other apps we’ve listed, Emma uses open banking to connect and combine all your bank accounts, investments and credit cards. This means that you can get a snapshot of all your spending in one place. One of the key free features of Emma is that it allows you to identify all of your different subscriptions, even the ones that you’ve forgotten about.

You can also enter your payday date and set a monthly budget and it offers a fee tracker and savings advice. This is another app which is easy to set up and navigate, which is a huge plus for those who don’t feel particularly tech-savvy, but there are some drawbacks. The Emma app doesn’t work with all banks, for example; compatible banks include:

• American Express,
• Barclays,
• First Direct,
• Lloyds,
• Nationwide,
• NatWest,
• TSB,
• Revolut,
• Starling Bank,
• Monzo.

Additionally, the app doesn’t offer users a day-by-day or month-by-month comparison, so it isn’t as comprehensive as other apps.

Likewise, as with some of the other apps on our list, you won’t be able to access some of the features without premium subscriptions:

• Emma Basic is free,
• Emma Plus is £4.99 per month,
• Emma Pro is £9.99 per month,
• Emma Ultimate is £14.99 per month.

Tags: 2023, apps, budgetting, Personal finances, savings

Personal finances in the digital age

by Madaline Dunn

There’s no escaping the fact that technology has revolutionised personal finances. We’re currently in the depths of the digital era, where almost everything finance-related has a tech element. It’s helped people streamline everything from bills to budgeting, with mobile phones acting as a personal finance hub in people’s pockets.

This week, at The Salary Calculator, we’ll explore the different ways tech and digital have transformed our personal finances for the better…and worse, including:

• Automation in personal finances
• How your phone can act as a personal finances hub
• How people are learning about finances through new mediums
• What the future holds for digital personal finances

Automating personal finances

Gone are the days of bankbooks, paper bill bank statements and cheques (for the most part). These days, with an internet connection, you can access a wide range of automated personal finance services. This has led to a significant reduction in the number of bank branches across the UK; recent figures show that, since January 2015, the number of banks and building society branches that have closed, or have scheduled to close, is 5,579.

Automation comes in a range of forms, including:

• Automatic bill payments,
• Automatic fraud alerts,
• Bookkeeping: What began with Excel has morphed into more modern accounting tools such as Xero, QuickBooks, FreshBooks and Zoho Books, which streamline and simplify bookkeeping.
• Automatic savings and emergency funds,
• Automatic retirement and investment contributions.

That said, it’s important to note that automation is not without its downsides, and some warn against the increasingly popular “set it and forget it,” approach arguing that “out of sight” becomes “out of mind,” and that when you’re not required to engage with your spending habits, you may forget about a monthly service you’ve signed up for. However, in the digital age, there’s an app for that too; Emma, for example, allows you to see all your subscriptions in one place, and get rid of the ones that are no longer useful to you. There are other risks though, too; for example, automated finances can lead to you becoming overdrawn and incurring fees; it’s also true that you can miss potential errors and signs of scams.

Your phone as a personal finances hub

In 2023, phones are more advanced than they’ve ever been, and it’s no wonder, considering that technology has been growing exponentially, doubling every one and a half to two years since the 1960s. Of course, the technology’s evolution has come with a raft of apps to simplify day-to-day life, and give you more control over and confidence in your finances.

Research from Plaid found that these days, people in Britain use an average of three fintech apps to manage 67% of their money online. According to the study, the majority of those using the apps feel confident in their usage of technology to manage their money, perhaps explaining why the number of online services usage is set to increase by 25% in the coming six months.

Some of the most popular personal finance apps include:

• Money Dashboard – This app is considered a bit of a pioneer in the personal finance management world. It’s a free app which helps you keep track of your personal finances and spending by pulling in information from your online banking accounts, keeping it all in one place. It allows you to view and categorise your spending, review your spending activity, set budgets and pay cycles, and track your subscriptions. It’s also FCA regulated.
• Splitwise – Perfect for household finances; if you live in shared accommodation, are planning a holiday trip, or dining out with a group, this app allows you to add different bills, keep track of money-owed, do the number-crunching, and make sure bills are settled – which will be a relief for those who hate excel spreadsheets.
• Chip – If you’re looking for a stress-free way to save, Chip is often highlighted as a good go-to. It utilises AI to gauge how much you can affordably save based on your typical spending habits. It also doubles up as an investment app, and allows access to a curated selection of funds from some of the world’s biggest asset managers. This brings us on to our next point…

Not only do phones allow you to keep track of purchases, spending, and budgeting, you can now access investing on the go. Research shows that, at this stage, people even prefer to invest via their phones. Brokerchooser.com research, for example, revealed that 53% of people in Britain now choose to invest this way; although it also highlighted that the majority of mobile investors are beginner investors. The Royal Mint, which recently conducted a study into the investment habits of young people, has also found that around 80% of young people are now investing. Nutmeg, InvestEngine, and eToro are cited as some of the most popular investment apps in 2023.

TikTok as a math teacher

As recession looms, the cost of living crisis cripples, and inflation and interest rates balloon, it’s never been more important to be in-the-know about personal finances; and considering that finance education is still lagging behind in traditional education settings, more and more people are turning to the internet for financial education and advice.

With around two-thirds of young people citing a “lack of financial education” as one of the primary reasons that led them into debt, it’s no wonder that more people are trying to enhance their financial literacy. Research from Tommys Tax even shows that currently, as many as 60 per cent of people choose social media, specifically, as their primary tool for accessing financial advice and information. Right now, one of the popular social media platforms for this comes in the form of “FinTok,” the financial side of TikTok, populated by so-called ‘Fin-fluencers.’

It’s important to note that while this is undoubtedly a great starting point for equipping yourself with the tools you need to take control of your finances, it shouldn’t be your only source, and not all information you find on “FinTok,” and the like will be reliable, or, indeed, advisable. There are no educational or professional requirements when it comes to wearing the ‘Fin-fluencer’ hat, and views are profitable, meaning that while it can be a great source for personal finance information, there are also a lot of sensationalist videos.

Some helpful FinTok content creators include:

• Humphrey Yang of @humphreytalks
• Taylor Price of @pricelesstay
• Seth Godwin of @seth.godwin

It’s also worth noting that around 14 million people in the UK have a low digital capability, and a staggering two million households are struggling to pay their internet bills; so digital access is still not at the level it should be.

Taking digital one step further

While the personal finance world is nearly unrecognisable from the one that existed just ten years ago, more change is afoot, and digitalisation and evolving technology will continue to change the landscape. Experts predict that AI and blockchain will have more of a presence in finance automation and organisation. Further, with continued inflation and the rising cost of living, which unfortunately, shows no sign of slowing, predictions are that more people will seek out additional revenue streams through digital currencies. Brands are also increasingly adapting their payment processes to these digital currencies, too and some commentators predict the further merging of cash and crypto.

Likewise, a recent study by Link, predicted that cash payments are likely to fall to as little as 10 per cent of all UK transactions in the next 15 years. That said, recent research has also shown that paper cash reached a 13-year high amidst the cost of living crisis, so it appears paper money is here to stay, at least for the time being.

Elsewhere, some believe that, despite the MetaVerse being in its infancy and experiencing a number of challenges and failures, it will eventually have more of an impact on personal finances. For example, we are already seeing digital “property” ownership, and metaverse cryptocurrencies.

Tags: Financial education, fintech, investment, Pensions, savings