The Money Drop: your weekly wallop of financial fun

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Bovril and the Money Drop - nothing beats it
"British Gas revealed that its electricity prices would be going up by 12.5% as of 15 September. Time to make a switch?"
  • | by Kristian Dando

Settle down with a mug of steaming Bovril/yeast extract-based drink and have a slurp on the choicest money stories of the week.

Bong!

We’re in the midst of an identity theft epidemic according to fraud prevention group Cifas, with 89,000 cases reported in the UK in the first six months of the year alone. That’s a rate of nearly 500 a day. Find out how you can stay safe online.

Bong!

If you’re hankering after a new car, now might be the time to land a bargain. Ford has announced a scrappage scheme for pre-2010 cars, with thumping discounts of £2,000 for car drivers and up to £7,000 for commercial vehicles.

Bong!

Owners of lawnmowers, mobility scooters, farming quad bikes or golf buggies might have to buy at least third-party insurance for them soon, even if they’re just used on private land.

That’s on account of a ruling by the European Court of Justice in 2014 which said that a Slovenian worker who was injured by a tractor should have had compensation paid out by insurance.

The Association of British Insurers is “calling for clarity” on the matter and a consultation is taking place until 20 October, 2017.

Bong!

Consumers went positively potty for plastic during the late spring and early summer months, with credit, debit and charge card usage up by 12% from the start of the year according to trade organisation UK Finance.

The Money Drop would like to wager an academic opinion that this phenomenon can be explained by an outbreak of “another cheeky round? Be rude not to” behaviour while the weather was nice.

Is it time you went cashless? Or is going cash-only well and truly a nightmare?

Bong!

Hands up if you’re putting lots of money away in a savings account! Oh.

That’s right – the savings rate, which is the amount households save out of their income, fell to just 1.7% in the first quarter of 2017, according to the Office for National Statistics. That’s the lowest it’s ever been.

Perhaps they've decided to ditch their savings accounts and make money...

Bong!

A woman from Massachusetts won nearly $800m on the US Powerball lottery and to the surprise of absolutely no-one, immediately quit her job.

That’s your lot for this week – join us next time for another financial finger buffet.