I don’t usually reflect too much on my career so far. I have no regrets – I love to write and talk about everything I do and there’s no point rueing past missed chances or anything of that nature.

But there was one really clear point at which my career (which began in 2012 as a freelance journalist) could have gone quite differently.

That is because, for the briefest of moments, I considered doing a masters degree.

It was 2012 and my undergraduate degree was wrapping up. I had studied History and Spanish and was really not that clear on what I wanted to do next.

Unlike many of my (now very successful!) peers, I didn’t try to get on any graduate programs – seemed like too much paperwork and box ticking for my liking.

Instead, I kind of just drifted until effectively an opportunity punched me in the mouth. The rest, as they say, is history – and here I am now 13 or so years into a career in journalism.

But for a moment during that drift – I seriously looked at the idea of doing a masters. I wanted to do international relations, vaguely attracted to the idea and (self-conceived) notions of life as an international diplomat.

One thing really stood in my way though, I had no idea how to pay for it. It was that stumbling block, more than anything else, that stopped me from pursuing it.

At this time, the Government’s own postgraduate loan system had yet to be created – only arriving in 2016.

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Return on investment

The job market for graduates in 2012 was pretty tough. In 2025, it is by all accounts absolutely dreadful.

With so many people now getting undergraduate degrees the need to stand out is rising constantly, making masters and even doctoral degrees more attractive.

In the latest Mouthy Money podcast, we met with Rishi Zaveri, one of the founders of higher education lender Lendwise to discuss. Rishi was emphatic – masters degrees make a huge difference to lifetime earnings. It represents a considerable and valuable investment in onself and one’s career.

This is fairly evident through Government figures on it: the average graduate salary is £26,000, while for a masters grad this goes up to £29,500 – a cool 13.5% difference.

Scale that up over a 40-year career and the potential for long-term earnings and pension savings – cannot be understated.

The return on your personal educational investment could be invaluable – even if you have to take on some debt to do it.

That being said, I don’t regret that I never took a masters, I am grateful for the career I have had so far. But my pension might not be so grateful day, although I guess we’ll never really know!

Photo credits: Pexels

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With financial independence a life essential, students from GCSE through to university are increasingly taking on part-time jobs.

Balancing work with studies, hobbies, and social life isn’t easy. Regional differences make it even more challenging, students in the South might earn more but face higher living costs, while students in the North may struggle with fewer job options but enjoy lower expenses.

As I get ready to start my own part-time job, I’ve gathered tips to help students across the UK manage these challenges while staying on top of their studies and well-being.

College student Leo from London shared his take on juggling work and study. He believes discipline is key: “It’s definitely not for the faint-hearted, and I’m still figuring it out myself. But with strong time management and discipline, it’s more manageable than people think.

“I still make time for hobbies like the gym, gaming, and basketball, but the trade-off is a reduced social life, just part of the grind.”

In the North, students like Malachi face a different reality as they balance work, A-Levels, and extracurriculars. Fewer job opportunities mean greater competition, while lower living costs ease the pressure.

Here are some practical strategies to help students across the country manage their finances without compromising on school or social life.

1. How much should you work?

Balancing income with academics can be tough. Here’s a look at what’s manageable for students at different stages:

• GCSE Students: A 5–10 hour work week is often best for GCSE students. Weekend shifts are ideal, keeping evenings free for homework and rest. Try to find a job close to home to cut down on travel time.
  
• A-Level Students: A-Level students, who face a demanding study load, may find 10–15 hours per week manageable. Evening or weekend shifts are best for flexibility. In the South, students might need more hours to keep up with higher living costs.
  
• University students: With more flexible schedules, university students can handle 15–20 hours a week. Southern students may hit financial goals with fewer hours due to higher wages, while Northern students should seek stable hours to maintain consistent income.

Tip: In the South, you might need longer shifts to meet higher expenses, while Northern students could aim for steady shifts to ease competition for fewer jobs.

2. Budgeting time and money together

Balancing work and study involves planning time and money effectively. Here’s how:

• Tracking spending and hours Worked: monitor both spending and hours worked. Budgeting apps can help you track both time and finances, giving you a clearer picture of where your earnings and hours go.
  
• Time-blocking techniques: Reserve blocks of time for studying, working, and downtime. For example, schedule weekday evenings for study, weekends for work, and keep one day for relaxation or hobbies. Adjust your schedule as needed for exam season or social plans, and tailor your approach based on where you live—Southern students may need more flexibility, while Northern students could aim for a more consistent weekly pattern.

Tip: By tracking both money and hours, you can adjust your schedule to avoid burnout while still reaching your financial goals.

More from Joel Davies

3. Setting boundaries and saying no

It’s important to set boundaries with work and social commitments. Here’s how to handle it:

• Setting boundaries with employers: Be clear about your availability with your employer, especially during exams. If you’re balancing A-Levels with work, let your manager know your availability each week.
  
• Managing social invitations: It’s tempting to say yes to every invite, but it’s essential to take time for yourself. Politely declining with, “I’ve got a lot on this week with work and studying, but let’s catch up soon,” lets friends know you still care.

Sample scripts for saying no:

To your employer: “Thanks for offering me more hours, but my study load’s pretty intense right now. I’ll let you know if my availability opens up.”

To friends: “I’d love to join, but I’ve got a busy week with work and studying. Let’s plan something for next week.”

Tip: Boundaries help prevent burnout and keep you performing well in both work and studies.

4. Maximising perks and stretching your income

Make every pound count by taking advantage of job perks:

• Employee benefits: Many jobs offer perks like discounts, free meals, or help with travel costs. Take advantage of these to cut down on expenses. Retail jobs, for instance, often come with discounts, which can be especially helpful in high-cost areas like the South.
  
• Jobs that build experience: Look for jobs that relate to your future goals. For instance, a job as a social media assistant is useful if you’re interested in marketing. Northern students may want to choose stable jobs with experience-building potential, even if the pay isn’t as high.

Tip: Choosing flexible jobs with added benefits lets you build skills for the future and still meet your financial needs.

Balancing a part-time job with studies can be a challenge, but with these strategies, it’s possible to handle work, school, and personal life without sacrificing success in any area.

Wherever you’re studying in the UK, these tips can help you make the most of your time and income as a student. Remember, finding balance is different for everyone, but with some planning and discipline, you can find an approach that works best for you.

Photo credits: Pexels

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Starting a emergency fund is one of those things we might not think about while we’re still living at home.

But most of us in sixth form and college are starting to manage our own money, whether it’s from a part-time job, an allowance, or birthday cash. It feels good to have a bit of extra money.

But how many of us are actually ready for financial surprises? Saving up for a new phone or a holiday is great, but here’s the reality: what happens when your phone breaks or you suddenly need to pay for something unexpected?

That’s where an emergency fund steps in, and it’s something most of us forget about. 

I asked three of my friends: Bing, Abbie, and Valentine, about their savings habits, and none of them had a dedicated emergency fund.

Bing said, “I’ve got a savings account, but it’s more for fun stuff, not emergencies.”

Abbie added: “If something happened, I’d probably just ask my parents for help.”

Valentine shared a similar view: “I don’t have a separate fund for emergencies, but I try to save a bit from my pay check.” 

This got me thinking: how prepared was I? A couple of months ago, I had a wake-up call when my laptop suddenly broke down just before an important deadline.

I didn’t have enough savings to cover the repair, so I had to borrow money from my mum and talk about stressful!

It was a real reminder of how unexpected costs can throw everything off. After that, I decided to set up my own emergency fund. 

An emergency fund is basically money you save just for those ‘oh no’ moments. It covers things like replacing a broken phone, fixing a laptop, or even paying for last-minute travel. It doesn’t need to be a huge amount either.

For us young students, setting aside £100 or £200 can cover most minor emergencies. And you don’t have to save it all at once. By putting away £10 a month, you can build it up slowly without feeling like you’re missing out on fun things. 

So why don’t more of us do it? 

Well, for starters, emergency funds don’t sound as exciting as saving for a concert ticket or new shoes.

But think of it this way: having that financial safety net gives you peace of mind. You won’t have to scramble to ask for help or dip into savings meant for something else. And when emergencies do happen, and they will, you’ll be glad you’re prepared. 

It’s easy to see why most of us don’t think about it. Some of us don’t feel like we earn enough to save, and others believe emergencies won’t happen to them. But life is unpredictable, and it’s better to be ready.

Bing commented: “I always think I won’t need an emergency fund because my parents would help me.”

Relying on family might seem like a backup plan, but having your own fund makes you more independent and responsible. And trust me, the sense of freedom that comes with it is worth it. 

More from Joel Davies

How to Start Your Emergency Fund 

The best part is that setting up an emergency fund is easy. You don’t need to stash away loads of cash right away. Even putting aside a fiver or tenner each month can make a big difference over time.

To avoid temptation, keep it separate from your regular savings. Whether it’s in a different bank account or a jar at home, the key is to make sure you won’t dip into it unless you really need it. 

In the end, having an emergency fund as a sixth former is about taking control of your money. It’s not about planning for the worst, but about being ready for whatever life throws at you.

As I found out the hard way, being unprepared can cause a lot of stress, and setting up a fund now will save you from scrambling later on.

So, whether you’re saving for your next adventure or that must-have gadget, make sure to put a little aside for those ‘just in case’ moments. 

Trust me: you’ll thank yourself when you do. 

Photo credits: Pexels

The post Why every sixth former needs an emergency fund (and how to start one)  appeared first on Mouthy Money.

Graduation days beautifully celebrate your hard work as a student, marking the beginning of a new chapter in your life. Then comes the post-graduation transition – which is difficult because no one really prepares you with money lessons for embracing the changes brought by adulthood.

As someone who very recently underwent this transition, I realised that we (students) know much more about quadratic equations than we know about personal finance. 

Being a business graduate, I presumed (wrongfully!) that I knew enough about money management, investments and savings. It wasn’t until I started earning and managing my own money that I realised that the most crucial personal finance aspects were never taught to us. Instead, you are expected to know it all right from the beginning of your career!

So, here are some of the many money lessons I wish I learned in school.

Read more from Richa Ved on Mouthy Money

Budgeting

While budgeting is introduced as a concept at a basic level in school, it gets far more complicated when you’re trying to spend appropriately, pay off debts, and save more – all at the same time.

And while most budgeting skills are taught for when you HAVE money, not much is taught about how it works when you don’t have a lot of it.

Budgeting at a personal level is step 1 of learning how to manage our money. We must calculate our respective disposable incomes, understand our spending patterns, and learn to prioritise our needs (rent, utilities, food, transport) over our wants (luxuries, travel, gifts, entertainment and other activities).

The 50/30/20 Budget Rule is a good thumb rule I started with – allocating 50% of my disposable income towards my needs, 30% towards my wants and 20% towards saving.

The taxation system

The taxation system was certainly an eye-opener for me in my adult years. Growing up I always understood what ‘tax’ meant but as I navigated through the entire tax system, I realised I didn’t know much about it.

From learning how to calculate my taxes and understanding the various tax bands to accounting for my personal allowance (or other benefits) and learning how to file year-end tax returns – it was a whole different world.

How to save right

Yes, savings are important and yes, we need to save some of the money we earn – But how? What’s the right amount? Where do I save? And why?

Sometimes it’s too late till we realise we should not just be saving towards our short-term pleasures (like Christmas gifts, a new gaming console, or a swanky car) but also towards long-term goals such as childcare and retirement.

A good tip is to automate your savings for your various financial goals to prevent yourself from overspending it right now.

The basics of individual investing

While saving your money is crucial, it’s most important to learn how to multiply it from the very beginning. Remember, the earlier you start investing, the larger your pot will grow.

Set a realistic timeline to achieve your financial milestones – like building your career, becoming financially independent, buying a house etc. – and find the best avenues for investing and growing your money as per your requirements.

Avoid any quick money-making scams and frauds and be sure to do your due diligence before putting your money anywhere.

The ins and outs of credit and debt

Loans and credit cards are wired into the system as common earning and spending methods. 

But the term ‘debt spiral’ isn’t heard as often. No one teaches you what it is, how to prevent it, or (god forbid!) how to deal with it. The same goes for student loans. So many students get into these without having a clear idea of the repercussions and potential impact. 

All these credit methods eventually count towards your credit score – an important indicator of your creditworthiness (ability to repay your debts) that companies use to offer you a mortgage, insurance, credit cards, or business loan.

Photo credits: Pexels

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The practice of maintaining a good credit score is (annoyingly) rarely taught but is more important than you might think.

If you’re unsure of how to build your credit score or what a credit score even is – don’t worry, you’re not alone! And while you might not have any credit history as a student, now is the ideal time to start building one.

You’ll soon look to buy your own house, take out a personal loan, or insurance, or get a credit card. Lenders will need to run a check to review your creditworthiness, and that’s when your credit score comes in.

Your credit report is a detailed record of your credit history and financial behaviour used to calculate your score. A high score is proof of responsible financial habits, while a poor score might mean you pose a financial risk to lenders.

To know more, check out the Money Word of the Week – ‘Credit Score’.

Tips to build and improve your credit score

Be on top of your bills

One of the fundamental steps you can observe early on is to make regular monthly payments and prevent any accumulation of debt. Adopting good credit habits by regularly paying off your rent, utility bills (like water, electricity or WiFi) and mobile SIM plans, will reflect positively on your score.

Avoid procrastinating on payments and steer clear of frequent overdrafts as they discourage lenders from trusting you with their money. 

Get on the electoral roll

Most people don’t realise that registering to vote at your current address helps boost your credit score. It provides lenders with a verification of your identity and home address.

It’s easy to forget to sign up after you move away from home and it might seem like a hassle, but with the online registration service, it’ll take about five minutes of your day. If you cannot register for any reason, such as your immigration status, promptly send a Notice of Correction to a credit reference agency to rectify your score.

Keep in mind that moving homes too much or switching contracts such as mobile plans, banks or rental agreements often might adversely affect your score.

Manage your credit

If you have proof of income and can make regular payments, get yourself a credit card (or a student or secured credit card). However, if you lack proof of income, becoming an authorised user on a parent or guardian’s credit card is an option.

Frequent use and on-time repayments of these bills will demonstrate good credit management during future checks. However, if you’re rejected for any reason, don’t keep reapplying as several hard credit checks in a short period might tamper your score.

Don’t have several cards or unused accounts open simultaneously, as consistently using fewer accounts for longer durations might make you more appealing to lenders. Plus, ensure your expenditures remain below 25% of your borrowing limit.

Avoid cosigning

Cosigning for your friends or family’s accounts might reflect badly on your score if they fail to make payments.

Similarly, if you have financial associations, such as joint mortgages or bank accounts, with anyone, their credit history will also influence your score. Future lenders might examine their records too. So, be mindful of who you financially associate yourself with!

Monitor your credit report

It’s very important to keep track of your credit accounts and check your report at regular intervals. If you come across any errors or any suspicious activity, you should raise a dispute with a Notice of Correction. Remember that having no credit history is as detrimental as having a poor one.

In the UK, your score is tracked by credit reference agencies such as Experian, Equifax, and TransUnion, and you can check your score for free once a year. Every agency has its own defined standard of a good score. For example, Experian rates a good credit score as 880 out of 999.

Use your education loan wisely

While your student loan is not reflected in your credit report, consistently repaying it after your graduation will demonstrate early adoption of good credit habits.

Your student loan is limited, so use it primarily to fund education-related expenses and avoid overspending on other matters. Taking on any additional forms of credit during your student years will affect your credit score and add debt to your record. 

It’s important to be careful from the very beginning and inculcate discipline. A good credit score will minimise debt costs for you in the future and give you access to better financial opportunities.

Photo credits: Pexels

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Q. I think I’ve overpaid my student loan, and I could really use this money elsewhere, how can I get it back?

A. Most people will repay their student loan through their salary, with their employer automatically deducting the money from their pay each month. It means that you don’t need to think about making the payments – however, it also means that it’s quite easy to repay too much money.

A recent freedom of information request from MoneySavingExpert found that one million graduates had paid more than they owed on their student loans.

This could be for a number of reasons, either because you’ve made a repayment on your student loan when you don’t actually earn enough to need to do so, you’ve been put on the wrong repayment plan, or you have wiped out your student loan debt but carried on repaying.

If you think you might have overpaid you should check your online account with the Student Loans Company to see if you have made an overpayment.

You can then complete their online refund form to request your money back. You’ll have to provide some basic details, like your National Insurance number and customer number. Alternatively you can contact them on the phone, if you need more help trying to work out if you’ve overpaid or more assistance with processing your refund.

One thing to bear in mind is whether the overpayment is a bad thing. If you’ve paid off your loan but carried on paying, then it’s a cut and dry case that you’d want to reclaim the money.

However, if you’ve overpaid in a situation where you should have been below the earnings threshold, it might not be bad to have paid the extra money. If you’re likely to pay off the loan before it’s wiped out after 30 years (or 40 years for new loans) then the overpayment means you’ll just do that sooner. However, if you think that you’ll never pay off the loan then you’ll probably want to claim that overpayment back.

A final thing to note is that if you’ve deliberately overpaid, you won’t be able to reclaim that money. Often people will decide to make a lump sum repayment in order to pay off the loan sooner – if this was the case, you can’t get the money back.

Laura Suter is head of personal finance at AJ Bell. She is a multi-award winning former financial journalist, having specialised in investments. Laura joined AJ Bell from the Daily Telegraph, where she was investment editor. She has previously worked for adviser publications Money Marketing and Money Management, and has worked for an investment publication in New York. She has a degree in Journalism Studies from University of Sheffield.

Photo Credits: Pexels

The post Can I get a refund for a student loan overpayment? appeared first on Mouthy Money.

Today I’m highlighting an opportunity to make money from home without any particular training or experience (though if you do have some it will help and open up a wider range of opportunities). 

In today’s inter-connected world, the demand for English language proficiency is higher than ever. As globalisation continues to shape the job market, the ability to speak good English has become a valuable skill. And students worldwide are willing to pay good money to achieve this.

This rising demand has created the opportunity for individuals to earn a useful sideline (or even full-time) income teaching English online. This is a flexible, decently paid opportunity, which can offer great personal satisfaction as well.

Most people starting out in this field find work via one of the many online English teaching platforms (see below), so in this article I will focus on that. 

Getting started

Your first step as a prospective online English teacher will be to assess your strengths and areas of expertise and identify your niche. 

Different teaching platforms cater to different demographics, from children to adults, beginners to advanced learners. Identifying your best niche will help you tailor your teaching approach and materials to meet the needs of your target audience.

• While there are no specific educational requirements to teach English online, if you have no prior experience you might benefit from taking an introductory course on online teaching, e.g. this one from The Open University.

Choose the right platform

As mentioned, a wide range of online platforms connect English teachers with students around the globe. Popular options include VIPKid, TeachAway, and Cambly. 

Research each platform to find the one that best aligns with your experience, personal preferences, and schedule. Take into account factors such as pay rates, lesson formats, and support provided to teachers, as well as any reviews (from students and teachers) about the platform in question..

Setting up your work space

To teach English online from home, you’ll need to create a professional environment. Your teaching space should be well-lit, quiet, and free from distractions.

This will create a positive impression on students and enhance their learning experience. Invest in good-quality equipment, including a reliable computer, headset and webcam, to ensure clear communication during lessons.

Make good use of teaching resources

Just talking to students the whole time won’t cut it, especially if their current English skills are limited. So try to enhance your lessons with engaging materials and resources. 

Many online platforms provide lesson plans and materials, but you can also create your own or use resources available online. Incorporate multimedia elements such as videos and interactive activities such as quizzes, to keep your students motivated and interested.

This will also impress your supervisor, and hopefully lead to good reviews of your teaching skills (see below).

Build your profile

Whatever platform (or platforms) you sign up with, you will be invited to create an online profile.

Highlight any relevant qualifications and experience here. Include a friendly and professional photo to make a good first impression on potential students (and their parents in the case of younger ones)..

Set a competitive rate

When starting out you may not have much flexibility about the rate you charge. Some platforms do, however, allow you to adjust your rate based on your experience and student feedback. Research what others are charging, therefore, and try to ensure you receive a competitive and fair hourly rate for your services. 

Market yourself

Leverage social media platforms to market your services. Join relevant groups and communities, share success stories, and offer tips for language learners. Establishing an online presence can help you attract students and build a network within the online teaching community.

Request student reviews

Positive reviews and testimonials can significantly enhance your credibility and attract more students. Encourage satisfied students to leave reviews on the platform and/or share feedback via your social media profiles.

Final thoughts

Teaching English online offers an opportunity to share your language skills, connect with interesting individuals worldwide, and earn a decent sideline (or even full-time) income. 

You will not only have the satisfaction of improving your students’ language skills, you will also enjoy the benefits of a flexible and rewarding sideline you can fit in around other work and family commitments. And all this from the comfort of your own home, wherever in the UK (or the world) that might be!

If you have any comments or questions about this article, as ever, please do post them below.

Photo Credits: Pexels

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If you’re a full-time student, your day is most likely consumed with your academics and extracurriculars. But despite an already-packed schedule, it shouldn’t be all-that-hard to earn an extra buck.

So, whether you’re looking to pay off your student loan quicker or save for something special, it’s important to establish reliable income streams while maintaining a good work-life-school balance.

While the usual choices of bartending, waitressing, working at stores, or baby/petsitting are always an option, here are some underrated side hustles or passive income ideas – especially for students.

Tutoring

• Earning Potential: From £15 to £30 / hour 
• Flexibility: Medium

If you have a particular subject, skill or language that’s your strong suit, tutoring should be a go-to for you. 

Leverage your pre-existing skills and turn them into a reliable side hustle – coding if you’re a tech geek, mathematics if you love numbers, or karate if you’re a black belt. You can choose to tutor others in your degree, tutor batches of younger children, or even become a sports coach in your local sports hub!

A current student or graduate can expect to earn between £15 to £30 an hour, but depending on your subject qualifications your hourly pay will automatically increase.

While the job does require you to be consistent, you get to pre-decide your working hours according to your schedule. With virtual tutoring being the popular choice nowadays, you can sign up for sites like MyTutor, FirstTutors, Elevate Education, or Ringle (which offers English tutoring for international students). 

Participate in research

• Earning Potential: £5 to £50 for one to two hours
• Flexibility: High

Most universities have an in-house research facility to conduct research via experiments or surveys on various subjects. The good news is that they are always looking for keen students to participate in such research projects. 

During my time at university, I participated in several behavioural research projects, student-run projects, in-person logic and game-based tests, and online surveys. The best way to find out about these is via university-managed portals, student unions or societies, and psychology or such departments.

Most have a minimum participation fee of £5 to £10, which can go up to £50 depending on the type of research, hours and effort required. Plus, you’re flexible in choosing which projects you want to participate in.

Sign up for campus-based roles

• Earning Potential: £10 to £20 / hour
• Flexibility: Medium to High 

Campus-based roles such as freshers’ week representatives, open day event volunteers or university ambassadors are well-paid and flexible options.

Jobs can range from distributing flyers and goodies to freshers to managing student union stalls, or conducting walking campus tours for prospective students.

You can also earn from blogging for your department about topics such as your experience of the degree or life on campus.

Other long-term roles include Library, Teaching or Research Assistants, or Dorm RAs. However, keep your eyes peeled as positions fill up quickly!

Sign up to be a campus brand representative

• Earning Potential: Starts around £5 to £10 – and then performance-based
• Flexibility: High

Brands are often looking to hire students to use their networks and promote themselves on various campuses.

Popular ones include recruiting agencies such as RateMyPlacement or Sanctuary Graduates, or brands looking to target student subscriptions such as Amazon Prime or Adobe.

While there’s usually a flat fee, most of your income is performance-based from around £1 to £5 per link clicks or sign-ups.

Sell old items

• Earning Potential: Variable 
• Flexibility: High 

An obvious, but underused and underrated way to earn a one-time lumpsum is selling your old items. You can sell old textbooks, lecture notes, clothing, electronics, or household items. 

The best time for this is at the start of the academic year during the freshers’ week, but student unions do hold year-round pop-ups. You can also advertise on student Facebook pages (of university societies or incoming freshers’ pages) or Whatsapp groups.

Freelancing 

• Earning Potential: Variable
• Flexibility: High

One of the best ways to generate passive income is freelancing. You can sell your creativity online on sites like Shutterstock and Pexels for photos, or Etsy for artwork.

If you’re able to put in more effort, you can find high-demand freelancing roles like writing, coding, graphic designing, or transcribing from sites like Freelancer.com and Upwork. Plus, there’s always a way to find on-campus freelancing jobs with student unions or societies looking for photographers, blog writers, video editors and more!

Remember, such income should be obtained with minimal effort and sufficient flexibility to ensure this complements your academics, not entirely replaces it.

Photo Credits: Pexels

The post Six ways to earn income as a student appeared first on Mouthy Money.

From peak levels of student debt to energy saving and retirement pension – here are our favourite must know money stories this week to help you get your head around your personal finances.

Student debt surpasses £200bn for first time

Outstanding student debt in England has surpassed £200bn for the first time, reports Richard Adams for The Guardian.

This figure has doubles in just six years, 20 years earlier than previous government forecasts, as the number of students at universities continues to outstrip expectations. Student loans crossed the £100bn mark in 2016-17 after the coalition government increased undergraduate tuition fees from £3,600 a year to £9,000 in 2012.

The Student Loan Company revealed that England graduates now owe an average debt just under £45,000, in contrast to students in Scotland, Wales and Northern Ireland who owe lower amounts.

More recent forecasts by the House of Commons library predict the total will reach £460bn by the mid-2040s.

With student finance already expected to be a battleground in next year’s election, Labour, if elected, has pledged to reverse changes made by the government accusing them of “hammering the next generation of nurses, teachers and social workers.”

Energy saving to return to prevent winter blackouts

Discount offers for households to use less electricity at peak times will return this winter as part of plans to minimise the risk of power cuts, reports Michael Race for BBC News.

National Grid ESO said it is taking steps to “minimise the potential impact to electricity customers” in the UK if supplies were to be disrupted again during the winter. While it is expected to have sufficient capacity to meet demand, it says it would be “prudent” to maintain the energy-saving scheme.

A typical property will have to pay £2,074 a year for gas and electricity from July, far above the £1,277 average bill in winter 2021.

National Grid ESO said the Ukraine war posed risks and uncertainties to gas supplies across Europe, and the “tight days” on the UK energy grid would most likely be in January. “There will be cold snaps in the winter and therefore we do expect to use our normal operational tools,” said a spokesman for National Grid ESO.

The amount of energy saved during the scheme last winter was enough to power almost 10 million homes, but the amount earned by each household is still to be known.

How much pension do I need for retirement?

As a general rule of thumb, people tend to retire on two-thirds of their annual salary, writes Nicole Garcia Merida for MoneyWeek.

While everyone might have a different ‘right’ amount for retirement – as per this rule, with an average salary of £33,000, the earner is placed between the Pensions and Lifetime Savings Association’s (PLSA) moderate and minimum categories.

A report by Now: Pensions and the Pensions Policy Institute found that ‘underpensioned’ groups, have private pension incomes 18-64% lower than the average UK person, reaching retirement with as low as £2,850. These groups primarily include single mothers, the self-employed, carers, people with disabilities, and ethnic minorities.

Merida looks at the below steps to plan your retirement better:

1. Sit down and crunch numbers
2. Boost your pension when you get a pay rise
3. Keep track of old pension pots
4. The longer you invest for, the more compound interest you will benefit from

You can save better for your retirement outside a pension by investing with ISAs, property and maintaining a long-term focused investment portfolio.

Photo credits: Pexels

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