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Passenger Focus, the independent rail consumer watchdog, has conducted a survey of more than 30,000 British rail passengers, and found that 54% aren’t satisfied with the cost of their tickets. This is up from 51% a year ago.

84% said they were satisfied with their overall journey, but the Association of Train Operating Companies has accepted that costs need to be reduced and services improved.

Anthony Smith, chief executive of Passenger Focus, said the results of the national survey would provide an impetus for the rail industry and the government to “focus resources and effort where passenger satisfaction remains in the doldrums.”

30,590 passengers were surveyed between 1 September and 18 November 2011, before ticket prices increased by an average of 5.9% (and up to 11%), and new unregulated fares were introduced.

Michael Roberts, chief executive of the Association of Train Operating Companies, acknowledged that “the whole industry needs to focus on tackling costs as well as improving services” and apologised for letting passengers down.

Tim Shoveller, MD at South West Trains, said that above-inflation fare rises had been sought by successive governments looking to reduce the tax-funded subsidy for the industry and ensure investment in the railways continued.

He pointed out that plans have already been set out by the industry to cut costs by £1.3 billion a year by 2019. If this is achieved, fares would not continue rising at such a fast rate.

Passenger satisfaction varied significantly depending on the area. Satisfaction scores for specific routes operated by different companies varied from 72% to 95%.

The lowest overall satisfaction scores were for National Express East Anglia (NXEA), with an average of 77%, whilst the best performing operator was Grand Central, with a 95% satisfaction rating.

Across the UK, satisfaction with punctuality has dropped from 82% last year to 81% now.

Do you travel by train? Let us know what you think of ticket prices and the overall experience.

The Association of Graduate Recruiters (AGR) has surveyed over 200 blue chip companies, and found that the average starting salary for graduates is likely to rise to £26,000 this year – a 4% increase on 2011. However, a 1.2% drop in the number of graduate vacancies is also predicted.

The salary increase represents the biggest rise since pre-recession levels – the average graduate starting salary has stayed fixed at £25,000 since 2009.

In 2010-11, investment banks offered the highest starting salaries, averaging £38,250. This year, however, a 41.7% reduction in the number of graduate vacancies is expected in this sector.

As data was only gathered from blue chip companies – the likes of Accenture, M&S and UBS – the AGR report isn’t an accurate reflection of the overall situation for graduates. Data collected by the Higher Education Careers Services Unit (HECSU) indicates that full-time salaries for new graduates are between £17,720 and £23,335.

Some employers are set to buck the trend of falling recruitment rates; companies in the IT and telecommunications sectors anticipate the biggest increase in the number of graduate vacancies this year, with the figure expected to increase by 32.5%. Similar increases are also predicted in the construction sector, the public sector, and amongst consultancy firms.

Although cost-cutting and restructuring is resulting in redundancies in many areas, industry leaders maintain that graduates are still regarded as an important source of fresh talent.

Are you still at university? Make sure you check out our student finance guide.

The Resolution Foundation, an independent think tank committed to improving the lives of people on low and modest incomes, has published the findings of a new study entitled The Essential Guide to Squeezed Britain.

The study analyses the situation of 10 million adults, not heavily reliant on means-tested benefits, and their 5.2 million children.

The report says that millions of families aren’t likely to see their incomes return to pre-recession levels until 2020 at the earliest, whilst the wealthy will see their earnings continue to rise (by between 4% and 10% by 2020).

Researchers used the Office for Budget Responsibility’s latest forecasts to show that if sluggish growth continues for another 8 years, the average annual disposable income of these low-to-middle earning families would be £20,200 in 2020 (a £1,700 drop from 2007).

In order for the ‘squeezed middle’ to see their incomes return to pre-recession levels by 2020, the economy would need to grow at rates not seen for nearly a decade.

Matthew Whittaker, author of the report, described a “growing inequality of earnings” and warned “it may not be just those on low and middle incomes finding themselves left behind in the next decade, but rather the majority of society.”

Liam Byrne, Labour’s welfare spokesman, will debate the implications of the report with Lib Dem MP David Laws on Monday at the Resolution Foundation offices in London.

LSL Property Services have published the findings of their latest survey into rental prices in England and Wales. The data suggests that the cost of renting fell for 2 consecutive months in November and December, after rising constantly for 10 months before that.

The average monthly rent in December was £711 – a drop of 0.8% compared with the previous month. When compared with December 2010, however, average rents had increased by 4%.

LSL also found that the number of tenants falling behind with rent had gone up as a result of festive spending – 10.7% of all rent was paid late or not paid at all by the end of December, up from 9.3% in November.

Difficulties facing landlords have also been cited by Tim Hyatt, president of the Association of Residential Letting Agents (Arla). He said:

“It is more critical than ever to take references and conduct thorough research before signing a tenancy agreement,” adding “seeking advice from a professional, licensed letting agent is the best way to ensure tenants and landlords’ rights are protected.”

Matt Hutchinson, director at Spareroom.co.uk, said that talk of a peak in rental costs may be premature, instead describing the latest data as a “temporary blip.” He stressed that “demand is still significantly outstripping supply of new rental stock,” adding that “while December was a quieter month for the rental market, January and February are typically two of the busiest months.”

Are debts making it hard to pay your rent or find a property you can afford? Contact us today for free debt management advice.

In an interview with the Daily Telegraph, Labour leader Ed Miliband has talked of a “rip-off consumer culture” that exists in Britain, and urged the Prime Minister to put a stop to ‘predatory’ practices that leave customers with a raw deal.

Miliband reserved particular criticism for companies levying disproportionate surcharges for things like holidays, banking and parking. He also suggested breaking up the big 6 energy firms and making pricing more transparent.

He has proposed that a new consumer watchdog should be setup, with responsibility for limiting fees levied on pensions, air travel and other services.

Miliband said: “In every area, you have to call time on the surcharge culture.

“Making a fair profit is important but it can’t be done in an underhand and predatory way.

“This is about power in relation to private services and how government can be on the consumer’s side. Lots of businesses recognise this. It’s part of how you build a competitive economy in the world.”
He continued: “It’s about the rules that government sets. This is a specific argument about a number of private services to the public…we’re not proposing to go back on taking the railways into private ownership but maybe in transition not enough was done to protect the public.”

Miliband said that we should follow the example of robust consumer legislation that exists in the US, and said that his proposals would actually encourage businesses to be more competitive. He added that, in the current economic climate, it is vital that all possible steps are taken to “relieve the burden” for consumers.

If the rising cost of living has put you in financial difficulties, our debt management specialists may be able to help. Give us a call or fill out our enquiry form and we’ll get back to you.

After EDF increased its tariff by more than 15% in November, in line with other major suppliers, the latest move may come as a surprise to many.

However, there has been a 9.2% decline in the wholesale price of gas, so they are only passing on around half of that saving to consumers.

Over the weekend, there was speculation that rival company Centrica (which owns British Gas) was planning to roll out a 10% reduction in household energy prices, but no announcement has been made as yet.

EDF has stressed that it was the last big energy supplier to increase its tariffs in the autumn, and that it was announcing a cut before any of its competitors.

Vincent de Rivaz, chief executive at EDF, said customers want “fair, clear and transparent prices.” He added customers want action rather than words, and highlighted the company’s record on pricing.

But are their customers happy with the service? A flood of complaints following the recent introduction of a new billing system suggests not.

Additionally, consumer champions Which? have just published their annual energy company satisfaction survey – EDF are ranked 5th out of the big 6 energy suppliers, with less than half of customers saying they were satisfied with the company or likely to recommend them to others.

Do you get your gas from EDF? Would you recommend them to others? Let us know.

The Post Office has published its 5th annual Consumer Credit Report, which suggests that more than 12 million people will be using credit cards to pay for essential living costs this month.

This is a 2% increase from the January 2011 figures, and accounts for 36% of all credit card holders. The Post Office also found that 42% of people with credit cards plan to pay for groceries using plastic, whilst 38% expect to spend an extra £200.

10% of people relying on credit cards this month still have debts to pay off from Christmas, and 7% will be forced to pay utility bills using credit cards.

Additionally, 21% accepted they will need take better control of their finances this year if they intend to pay off their credit cards, and 6% expect their debts will leave them seriously overstretched.

Nevertheless, a third of respondents admitted planning to use credit cards to make purchases in the January sales, and nearly 25% will book a holiday on their card in an effort to beat the January blues.

If you are struggling to keep on top of credit cards and other payments, there are a number of debt management options available. Our advisors can talk you through the best solution based on your circumstances – get in touch to discuss the way forward.

Since the collapse of Northern Rock in 2007, businesses and individuals have found obtaining credit far more difficult than it was before. After the mess that was created by the sub-prime mortgage crisis in the US, banks have become a lot stricter about who they lend to, making credit less easily available.

This year, the situation may be about to get even worse, according to the Bank of England; lenders are more concerned about the eurozone now than they were about the failure of Lehman Brothers in 2008.

The crisis in the eurozone may force banks into a more cautious position, making it harder for companies and households to borrow money.

Just this week, the European Central Bank had to take steps to support banks that have been reluctant to lend to one another.

The Bank of England has warned that: “Developments in the euro area and their impact on banks’ funding conditions would be a key determinant of credit availability over the coming quarter.”

Lenders have already reported that, in the final months of 2011, demand for loans from SMEs fell sharply. Banks anticipate this trend will continue over the next few months. In the final quarter of 2011, demand for loans amongst bigger companies remained steady, but a drop is expected in 2012 Q1.

One area where credit availability may improve is mortgages, thanks to schemes which allow lenders to offer higher loan-to-value mortgages with support from house builders. If house prices fall or the economic outlook gets worse, however, this will have an impact on mortgages.

Families will suffer more than any other group as a result of changes to the tax and benefits systems, according to a report published by the Institute for Fiscal Studies (IFS) this week.

The Government began making changes to tax and benefits in January 2011, and reforms will continue until April 2014. This will include the new universal credit, which amalgamates benefits and tax credits.

– By 2015, a family with 2 children will have their annual income reduced by £1,250, the IFS claims. That’s a drop of 4.2%.

– Families with 3 children will see their incomes fall by 6.8%.

– Families without children, on the other hand, will only lose 0.9% of their income (£215).

It looks like the people that will suffer most will be families with children under the age of 5, families with more than 2 children, and unemployed single parents. This last group will lose over 12% of their annual income (£2,000 a year) on average, according to the report.

It is estimated that, by 2015-16, half a million families with children under 5 will fall into absolute poverty.

The IFS warns that whilst the universal credit makes employment more attractive for the majority of individuals, it diminishes the incentive for a second earner in a couple to get into work.

Groups such as the Family and Parenting Institute have also expressed concern that families and children are set to take the biggest hit as a result of the Government’s austerity measures.

Are you worried about changes to your tax and benefits entitlements? If you think you may encounter debt problems as a result of the reforms, get in touch for some confidential advice.

debt managementIt’s the New Year and for many people that means one thing – New Year’s resolutions. Generally when you think of New Year’s resolutions you’ll think of something health related; be it signing up to the gym or organising a healthy eating regime. However, more and more people are opting to take on resolutions that will have a positive impact on their personal finances.

In the current economic climate, it seems like a great idea for people to take action to rectify their poor financial situations and what better time to start than at the beginning of the year? Christmas is an expensive time of year for many of us, so January seems as good a time as any to start changing those bad financial habits. We’ve listed a few things that you can do in order to make a start with your financial New Year’s resolution.

First and foremost, you should consider drawing up a budget plan. Calculate exactly how much disposable cash you have after all of your essential outgoings have been deducted from your income. With this calculation in mind, you should be able to start living within your means, which is essential if you wish to avoid worsening your financial situation. At first you may find that sticking to your budget is demanding and you will have to make some sacrifices, but this will get easier over time.

If you have a bit of extra cash at the end of the month, perhaps you could put it towards paying off any debts. Don’t just stick to minimum monthly repayments if you can afford to. The quicker you can pay off your debts, the less you’ll be paying in interest and the quicker you can start earning interest on savings.

It might sound obvious but saving is the key to financial success. It is recommended that you save 10% of your income. Once you are debt-free, this can be done with little effort. The money that was being spent on repaying credit cards, loans etc. could be put into a savings account and actually earn you interest! Furthermore, you could carry out some research into investing your money, which could help your savings grow at a quicker rate.

The first port of call is to clear any outstanding debts and then you can start thinking about planning your finances for the future. If you want to clear your debts, you might want to consider a debt management plan or an IVA. Contact Money Solve today to find out more about your options.

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