It’s well documented that on average, women generally earn less than men. But did you know that women also typically pay more total interest than men when borrowing? New research from credit management platform Credit Karma has revealed a gender credit gap with women paying thousands of pounds more to borrow over their lifetime. 

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What is the gender credit gap and how big is it?

According to Credit Karma, women could end up paying close to £17,000 more than men over their lifetime when they borrow money.

That is mainly because of lower credit scores, which means that women have to pay more in interest for a wide variety of financial products, including credit cards, mortgages, and unsecured loans.

Credit Karma found that women have lower credit scores on average than men (652 vs 705).

In addition, a larger percentage of women (19.5%) have a credit score … Read more

The UK State Pension is a regular payment from the government to people who’ve reached a certain age.

It’s a vital source of retirement income for many, but not everyone can access it. So, who is eligible and who isn’t? Let’s find out.

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Am I eligible for the UK State Pension?

In order to be eligible for the State Pension, you have to meet certain criteria set by the government.

You must have reached the State Pension age and made a minimum number of National Insurance contributions (NICs) throughout your working lifetime.

There are several classes of National Insurance contributions:

  • Class 1 contributions – paid by employees
  • Class 2 contributions – paid by self-employed people earning profits of £6,515 or more a year
  • Class 3 contributions – voluntary contributions to fill or avoid gaps in your NICs record
  • Class 4 contributions – paid by self-employed people earning profits of
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The decisions you make about your money can have a huge impact on your life. But a recent survey of 2,000 UK adults by investment app Freetrade found that nearly half of them lacked basic financial literacy and couldn’t answer simple questions about personal finance. Here’s what else the Freetrade study found.   

How financially literate are British adults?

The survey covered savings, investments, ISAs and retirement – topics that most of us will come across at some point in our lives. 

Amongst the questions asked, adults were quizzed about what the letters APR and ISA stood for. Just 48% of respondents passed the test overall.

The topic with the highest number of right answers was ISAs with 68% passing this section. Worryingly, retirement was the area where people knew the least with a staggering 80% failing to answer correctly. 

Knowledge was also split down gender and age groups with … Read more

Coinbase, the US crypto exchange that has become a household name in the crypto space, is set to make its stock market debut on Wednesday 14 April via a direct listing. We look at what this means for UK investors, including whether you can buy shares in Coinbase.

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What is Coinbase?

Coinbase is a leading cryptocurrency exchange that enables people to trade digital assets like Bitcoin.

The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. It currently has over 56 million verified customers from 32 countries, including the UK.

Coinbase has become a very popular exchange among fans of crypto because of its simplicity, which often makes it the first option for beginners. It’s also very secure.

Ahead of the share listing, the company’s value currently stands at $91.5 billion (£67 billion).

How is Coinbase going public?

Coinbase’s listing comes in the wake of a … Read more

Were you one of the few who hit the pub as soon as the clocks turned midnight? Or were you in the queue to hit Primark as soon as its doors opened? After months of lockdown, England is reopening for business.

We have all got used to having nowhere to go and nowhere to spend our cash. But as things start to reopen, have we thought about what this means for our finances going forward?

What businesses are reopening?

We’ve reached the next step of the roadmap out of lockdown. Some major parts of the economy are now allowed to reopen, meaning that town centres and high streets will be buzzing once again.

At the time of writing, the following businesses are reopening:

  • Pubs, restaurants and cafés for outdoor table service
  • Outdoor settings like zoos and theme parks
  • Non-essential shops, hairdressers and public buildings
  • Swimming pools and gyms
  • Self-contained
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